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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Unisys Corporation | LSE:USY | London | Ordinary Share | COM STK US$0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.51 | 369 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Cmp Integrated Sys Design | 2.02B | -430.7M | -6.2958 | -0.87 | 374.89M |
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Unisys Announces Second-Quarter 2017 Financial Results and Reaffirms Full-Year
Financial Guidance
BLUE BELL, Pennsylvania, Aug. 2, 2017 --
Full-Year Guidance
* Unisys reaffirms full-year 2017 guidance for revenue of $2.65-2.75 billion,
non-GAAP operating profit margin of 7.25-8.25 percent and adjusted free
cash flow of $130-170 million
1H 17
* Services gross margin up 70 basis points year over year, Services operating
profit margin up 20 basis points year over year
* Services segment revenue decline of 4 percent year over year, an
improvement of 300 basis points versus rate in prior-year period (3 percent
year-over-year decline in constant currency(2))
* Total revenue of $1,331 million, a 6 percent decline year over year (5
percent decline year over year in constant currency)
* Operating profit margin of (2) percent; Non-GAAP operating profit(4) margin
of 5 percent
* New business TCV(1) up 65 percent year over year
2Q 17
* Total revenue of $666 million, versus $749 million in the prior-year
period, impacted in part as expected by lower Technology revenues year over
year
* Operating profit margin of (4) percent; Non-GAAP operating profit margin of
4 percent
* New business TCV up 74 percent year over year
* Services backlog relatively flat sequentially at $3.7 billion
* Successfully closed $440 million Senior Secured Notes offering
Unisys Corporation (NYSE: UIS) today reported second-quarter and first-half
2017 financial results. The company's Services segment saw year-to-date gross
and operating margin expansion of 70 basis points and 20 basis points,
respectively, year over year. Services revenue for the first half was down 4
percent year over year (3 percent on a constant-currency basis), an improvement
of 300 basis points versus the prior-year period. Total TCV, which includes
renewals and extensions that can vary period to period, was down 12 percent
year over year for the first half. However, excluding U.S. Federal (which faced
a difficult year-over-year comparison due to a large renewal in the second
quarter 2016) TCV was up 7 percent year over year for the first half. New
business TCV was up 65 percent year over year for the first half. For the
second quarter 2017, total TCV was down 31 percent year over year, impacted by
the U.S. Federal renewal and Technology renewal timing. Excluding these
impacts, TCV was up 5 percent year over year in the second quarter. New
business TCV was up 74 percent year over year in the second quarter. The
entirety of the year-over-year decline in U.S. Federal TCV for the first half
was due to a single large renewal in the prior-year period, which also was
almost entirely responsible for the year-over-year decline in the second
quarter 2017 U.S. Federal TCV. Services backlog was roughly flat sequentially
at $3.7 billion.
"For our first half, our results continued to indicate progress against our key
strategic and financial goals," said Unisys President and CEO Peter Altabef.
"While we saw some year-over-year variability during the second quarter, in
part due to a very difficult compare for our Technology segment, we continue to
see improvement in our go-to-market efforts."
Summary of First-Half 2017 Business Results
Company:
As expected, results for the second quarter and first half of 2017 were
impacted in part by a difficult year-over-year comparison in the second quarter
2017 in the Technology segment. That segment saw growth of 31 percent in the
second quarter 2016, and was down 32 percent in the second quarter 2017, which
impacted total company revenue and margin year-over-year compares, both for the
second quarter and first half.
Revenue year to date of $1,331 million was down 6 percent versus the first half
2016, down 5 percent year over year on a constant-currency basis. First-half
2017 operating profit margin was (2) percent, which includes cost-reduction and
other charges and pension expense, relative to 2 percent in the prior-year
period. Non-GAAP operating profit margin was 5 percent, versus 7 percent in the
first half 2016. Both revenue and margin year-over-year comparisons were
impacted by the difficult second quarter Technology compare.
Net loss attributable to Unisys Corporation common shareholders for the first
half was $75 million, relative to a loss of $18 million in the prior-year
period. Adjusted EBITDA(5) for the first half was $150 million, versus $184
million in the first half of 2016. Adjusted EBITDA margin for the first half
was 11 percent, relative to 13 percent in the prior-year period.
In the first half 2017, operating cash flow was $(90) million, relative to $57
million in the prior-year period. The company saw free cash flow(3) of $(172)
million year to date, versus $(13) million in the first half of 2016. Adjusted
free cash flow(6) year to date was $(72) million versus $90 million in the
prior-year period. Reductions in cash flow year over year were largely due to
payment timing, including related to technology invoices sent at the end of the
second quarter 2017 which are expected to be collected in early third quarter
2017 (including a $35 million invoice related to a single contract that was
signed and expected to be collected in the second quarter 2017 but was received
in the first week of July), in addition to the lower operating profit noted
above.
At June 30, 2017, the company had $571 million in cash and cash equivalents.
Services:
Services revenue, which represented 87 percent of first-half total revenue,
declined at a more modest rate than during the prior-year period, with a
decline of 4 percent year over year as reported (a 300 basis point improvement
relative to the prior year) and a decline of 3 percent in constant currency to
$1,160 million for the first half of 2017. Services backlog ended the first
half at $3.7 billion, relatively flat sequentially. Services gross margin was
up 70 basis points year to date versus the first half 2016 to 16 percent.
Services operating profit margin was up 20 basis points to 2 percent. Margins
in the Services segment were helped by a particularly profitable transaction in
the first quarter, as previously disclosed.
Technology:
Technology year-to-date revenue, which represented 13 percent of total
first-half revenue, was down 18 percent year over year to $171 million, down 17
percent in constant currency. Technology gross margin for the first half was 53
percent, versus 60 percent in the prior-year period, and Technology operating
profit margin was 26 percent, relative to 37 percent in the prior-year period.
These comparisons were impacted by the difficult second-quarter comparison for
this segment, as mentioned above.
Summary of Second-Quarter 2017 Business Results
Company:
Revenue for the second quarter of $666 million was down 11 percent relative to
the second quarter 2016, down 10 percent year over year on a constant-currency
basis. Second-quarter 2017 operating profit margin was (4) percent, which
includes cost-reduction and other charges and pension expense, versus 7 percent
in the prior-year period. Non-GAAP operating profit margin was 4 percent,
versus 11 percent in the second quarter 2016. Both revenue and margin
comparisons were impacted by the difficult year-over-year comparison in the
Technology segment for the quarter.
Net loss attributable to Unisys Corporation common shareholders for the quarter
was $42 million, relative to earnings of $22 million in the prior-year period.
Adjusted EBITDA for the quarter was $66 million, relative to $124 million in
the second quarter 2016. Adjusted EBITDA margin for the quarter was 10 percent,
versus 17 percent in the prior-year period.
In the second quarter 2017, operating cash flow was $(49) million, versus $31
million in the second quarter 2016. The company saw free cash flow of $(96)
million for the quarter, relative to $(3) million in the prior-year period.
Adjusted free cash flow for the quarter was $(46) million, versus $51 million
in the second quarter last year. Reductions in cash flow year over year were
largely due to the timing of payments, in addition to the lower operating
profit, both noted above.
During the second quarter, the company successfully closed a $440 million
Senior Secured Notes offering, the net proceeds of which are reflected in the
closing cash balance for the quarter.
Services:
Services revenue, which represented 86 percent of second-quarter total revenue,
declined by 6 percent as reported and 5 percent in constant currency to $575
million. Services gross margin was 14 percent versus 17 percent in the second
quarter 2016, in part due to ongoing investments in the Services business,
consistent with our go-to-market strategy. Services operating profit margin was
(2) percent, versus 2 percent in the prior-year period.
Technology:
Technology revenue, which represented 14 percent of total revenue, was down 32
percent year over year to $91 million, down 30 percent in constant currency.
Technology revenue was up 31 percent year over year in the second quarter of
2016, creating a very difficult compare. Technology gross margin was 59
percent, versus 67 percent in the prior-year period. Technology operating
profit margin was 36 percent, relative to 48 percent in the prior-year period.
Both gross and operating profit margin for Technology were impacted by lower
revenues, given the fixed-cost nature of the business.
Continued Execution on Business Strategy
The company in the second quarter entered into several key contracts in each of
its sectors:
* U.S. Federal: Unisys signed a contract with a U.S. government agency to
provide a biometrics-based identity and access management solution critical
to the agency's operations.
* Public: Unisys signed a contract with The California State University (CSU)
-- the largest four-year university system in the U.S. -- for an
analytics-based hybrid-cloud solution to transform system-wide delivery of
educational and administrative services to over half a million CSU
students, faculty and staff.
* Commercial: Unisys expanded its long-standing relationship with Starbucks,
signing new multi-year agreements for infrastructure and end user support
services in both Europe and China.
* Financial Services: Signed an agreement with a leading European
private-banking institution to implement cloud-based Unisys ClearPath
Forward® software supporting the bank's digital transformation and
omni-channel banking initiatives.
Conference Call
Unisys will hold a conference call today at 5:30 p.m. Eastern Time to discuss
its results. The listen-only webcast, as well as the accompanying presentation
materials, can be accessed on the Unisys Investor website at www.unisys.com/
investor. Following the call, an audio replay of the webcast, and accompanying
presentation materials, can be accessed through the same link.
(1) Total Contract Value - TCV is the estimated total contractual revenue
related to signed contracts including option years and without regard for
cancellation. New business TCV represents TCV attributable to new scope for
existing clients and new logo contracts.
(2) Constant currency - The company refers to growth rates in constant currency
or on a constant currency basis so that the business results can be viewed
without the impact of fluctuations in foreign currency exchange rates to
facilitate comparisons of the company's business performance from one period to
another. Constant currency is calculated by retranslating current and prior
period results at a consistent rate.
Non-GAAP and Other Information
Although appropriate under generally accepted accounting principles (GAAP), the
company's results reflect charges that the company believes are not indicative
of its ongoing operations and that can make its profitability and liquidity
results difficult to compare to prior periods, anticipated future periods, or
to its competitors' results. These items consist of pension and cost-reduction
and other expense. Management believes each of these items can distort the
visibility of trends associated with the company's ongoing performance.
Management also believes that the evaluation of the company's financial
performance can be enhanced by use of supplemental presentation of its results
that exclude the impact of these items in order to enhance consistency and
comparativeness with prior or future period results. The following measures are
often provided and utilized by the company's management, analysts, and
investors to enhance comparability of year-over-year results, as well as to
compare results to other companies in our industry.
(3) Free cash flow - The company defines free cash flow as cash flow from
operations less capital expenditures. Management believes this liquidity
measure gives investors an additional perspective on cash flow from on-going
operating activities in excess of amounts required for reinvestment.
(4) Non-GAAP operating profit - The company recorded pretax pension expense and
pretax charges in connection with cost-reduction activities and other expenses.
For the company, non-GAAP operating profit excluded these items. The company
believes that this profitability measure is more indicative of the company's
operating results and aligns those results to the company's external guidance
which is used by the company's management to allocate resources and may be used
by analysts and investors to gauge the company's ongoing performance.
(5) EBITDA & adjusted EBITDA - Earnings before interest, taxes, depreciation
and amortization ("EBITDA") is calculated by starting with net income (loss)
attributable to Unisys Corporation common shareholders and adding or
subtracting the following items: net income attributable to noncontrolling
interests, interest expense (net of interest income), provision for income
taxes, depreciation and amortization. Adjusted EBITDA further excludes pension
expense, cost-reduction and other expense, non-cash share-based expense, and
other (income) expense adjustment. In order to provide investors with
additional understanding of the company's operating results, these charges are
excluded from the adjusted EBITDA calculation.
(6) Adjusted free cash flow - Because inclusion of the company's pension
contributions and cost-reduction and other payments in free cash flow may
distort the visibility of the company's ability to generate cash flow from its
operations without the impact of these non-operational costs, management
believes that investors may be interested in adjusted free cash flow, which
provides free cash flow before these payments and is more indicative of its
on-going operations. This liquidity measure was provided to analysts and
investors in the form of external guidance and is used by management to measure
operating liquidity.
(7)Non-GAAP diluted earnings per share - The company has recorded pension
expense and charges in connection with cost-reduction activities and other
expenses. Management believes that investors may have a better understanding of
the company's performance and return to shareholders by excluding these charges
from the GAAP diluted earnings/loss per share calculations. The tax amounts
presented for these items for the calculation of non-GAAP diluted earnings per
share include the current and deferred tax expense and benefits recognized
under GAAP for these amounts.
About Unisys
Unisys is a global information technology company that specializes in providing
industry-focused solutions integrated with leading-edge security to clients in
the government, financial services and commercial markets. Unisys offerings
include security solutions, advanced data analytics, cloud and infrastructure
services, application services and application and server software. For more
information, visit www.unisys.com.
Forward-Looking Statements
Any statements contained in this release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to,
any projections of earnings, revenues, total contract value or other financial
items; any statements of the company's plans, strategies or objectives for
future operations; statements regarding future economic conditions or
performance; and any statements of belief or expectation. All forward-looking
statements rely on assumptions and are subject to various risks and
uncertainties that could cause actual results to differ materially from
expectations. In particular, statements concerning total contract value are
based, in part, on the assumption that all options of the contracts included in
the calculation of such value will be exercised and that each of those
contracts will continue for their full contracted term. Risks and uncertainties
that could affect the company's future results include the company's ability to
effectively anticipate and respond to volatility and rapid technological
innovation in its industry; the company's ability to improve margins in its
services business; the company's ability to sell new products while maintaining
its installed base in its technology business; the company's ability to access
financing markets to refinance its outstanding debt; the company's ability to
realize anticipated cost savings and to successfully implement its cost
reduction initiatives to drive efficiencies across all of its operations; the
company's significant pension obligations and requirements to make significant
cash contributions to its defined benefit plans; the company's ability to
attract, motivate and retain experienced and knowledgeable personnel in key
positions; the risks of doing business internationally when a significant
portion of the company's revenue is derived from international operations; the
potential adverse effects of aggressive competition in the information services
and technology marketplace; the company's ability to retain significant
clients; the company's contracts may not be as profitable as expected or
provide the expected level of revenues; cybersecurity breaches could result in
significant costs and could harm the company's business and reputation; a
significant disruption in the company's IT systems could adversely affect the
company's business and reputation; the company may face damage to its
reputation or legal liability if its clients are not satisfied with its
services or products; the performance and capabilities of third parties with
whom the company has commercial relationships; the adverse effects of global
economic conditions, acts of war, terrorism or natural disasters; contracts
with U.S. governmental agencies may subject the company to audits, criminal
penalties, sanctions and other expenses and fines; the potential for
intellectual property infringement claims to be asserted against the company or
its clients; the possibility that pending litigation could affect the company's
results of operations or cash flow; the business and financial risk in
implementing future dispositions or acquisitions; and the company's
consideration of all available information following the end of the quarter and
before the filing of the Form 10-Q and the possible impact of this subsequent
event information on its financial statements for the reporting period.
Additional discussion of factors that could affect the company's future results
is contained in its periodic filings with the Securities and Exchange
Commission. The company assumes no obligation to update any forward-looking
statements.
RELEASE NO.: 0801/9526
Unisys and other Unisys products and services mentioned herein, as well as
their respective logos, are trademarks or registered trademarks of Unisys
Corporation. Any other brand or product referenced herein is acknowledged to be
a trademark or registered trademark of its respective holder.
UIS-Q
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Millions, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
Revenue
Services $ 574.8 $ $ $ 1,208.9
613.8 1,160.1
Technology 91.4 135.1 170.6 206.8
666.2 748.9 1,330.7 1,415.7
Costs and expenses
Cost of revenue:
Services 526.7 529.1 1,031.2 1,062.8
Technology 37.0 41.5 76.8 76.1
563.7 570.6 1,108.0 1,138.9
Selling, general 114.2 115.7 223.3 225.8
and administrative
Research and 13.1 13.1 26.9 29.1
development
691.0 699.4 1,358.2 1,393.8
Operating profit (24.8) 49.5 (27.5) 21.9
(loss)
Interest expense 14.3 7.8 20.0 12.2
Other income (3.2) 2.6 (11.6) 1.4
(expense), net
Income (loss) (42.3) 44.3 (59.1) 11.1
before income taxes
Provision (benefit) (3.8) 18.8 9.1 24.3
for income taxes
Consolidated net (38.5) 25.5 (68.2) (13.2)
income (loss)
Net income 3.5 3.9 6.5 5.1
attributable to
noncontrolling
interests
Net income (loss) $ (42.0) $ $ $
attributable to 21.6 (74.7) (18.3)
Unisys Corporation
common shareholders
Earnings (loss) per
share attributable
to Unisys
Corporation
Basic $ (0.83) $ $ $
0.43 (1.48) (0.37)
Diluted $ (0.83) $ $ $
0.36 (1.48) (0.37)
Shares used in the
per share
computations (in
thousands):
Basic 50,437 50,069 50,346 50,036
Diluted 50,437 71,786 50,346 50,036
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total Eliminations Services Technology
Three Months Ended
June 30, 2017
Customer revenue $ $ $
666.2 574.8 91.4
Intersegment $ - 5.4
(5.4)
Total revenue $ $ $ $
666.2 (5.4) 574.8 96.8
Gross profit 15.4 % 14.1 % 58.8 %
percent
Operating profit (3.7)% (1.6)% 35.5 %
(loss) percent
Three Months Ended
June 30, 2016
Customer revenue $ $ $
748.9 613.8 135.1
Intersegment $ - 5.9
(5.9)
Total revenue $ $ $ $
748.9 (5.9) 613.8 141.0
Gross profit 23.8 % 16.8 % 66.9 %
percent
Operating profit 6.6 % 2.1 % 48.0 %
percent
Total Eliminations Services Technology
Six Months Ended
June 30, 2017
Customer revenue $ $ $
1,330.7 1,160.1 170.6
Intersegment $ - 10.7
(10.7)
Total revenue $ $ $ $
1,330.7 (10.7) 1,160.1 181.3
Gross profit 16.7 % 16.2 % 53.1 %
percent
Operating profit (2.1)% 1.5 % 26.1 %
(loss) percent
Six Months Ended
June 30, 2016
Customer revenue $ $ $
1,415.7 1,208.9 206.8
Intersegment $ - 11.5
(11.5)
Total revenue $ $ $ $
1,415.7 (11.5) 1,208.9 218.3
Gross profit 19.6 % 15.5 % 60.4 %
percent
Operating profit 1.5 % 1.4 % 37.4 %
percent
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
June 30, December 31,
2017 2016
Assets
Current assets
Cash and cash equivalents $ $
571.1 370.6
Accounts and notes receivable, 573.9 505.8
net
Inventories:
Parts and finished equipment 17.1 14.0
Work in process and materials 15.3 15.0
Prepaid expenses and other 135.1 121.9
current assets
Total 1,312.5 1,027.3
Properties 908.9 886.6
Less-Accumulated depreciation and 757.5 741.3
amortization
Properties, net 151.4 145.3
Outsourcing assets, net 178.1 172.5
Marketable software, net 134.0 137.0
Prepaid postretirement assets 42.6 33.3
Deferred income taxes 149.9 146.1
Goodwill 180.0 178.6
Restricted cash 19.1 30.5 *
Other long-term assets 151.3 151.0 *
Total $ $
2,318.9 2,021.6
Liabilities and deficit
Current liabilities
Current maturities of $ $
long-term-debt 11.3 106.0
Accounts payable 199.0 189.0
Deferred revenue 346.6 337.4
Other accrued liabilities 329.1 349.2
Total 886.0 981.6
Long-term debt 629.8 194.0
Long-term postretirement 2,230.3 2,292.6
liabilities
Long-term deferred revenue 116.3 117.6
Other long-term liabilities 86.6 83.2
Commitments and contingencies
Total deficit (1,630.1) (1,647.4)
Total $ $
2,318.9 2,021.6
* Certain amounts have been reclassified to conform to the
current-year presentation.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Six Months Ended
June 30,
2017 2016
Cash flows from operating activities
Consolidated net loss $ $
(68.2) (13.2)
Adjustments to reconcile consolidated net loss to
net cash provided by (used for) operating
activities:
Foreign currency transaction losses 5.1 0.4
Non-cash interest expense 4.4 2.8
Loss on debt extinguishment 1.5 -
Employee stock compensation 6.2 5.3
Depreciation and amortization of properties 19.8 19.3
Depreciation and amortization of outsourcing 26.3 25.7
assets
Amortization of marketable software 31.8 32.4
Other non-cash operating activities 2.5 1.0
Loss on disposal of capital assets 4.2 1.6
Pension contributions (71.2) (64.1)
Pension expense 45.8 41.8
Increase in deferred income taxes, net (0.4) (9.7)
Changes in operating assets and liabilities
(Increase) decrease in receivables, net (57.4) 24.9
(Increase) decrease in inventories (2.6) 5.8
Decrease in accounts payable and other accrued (28.3) (35.6) *
liabilities
(Decrease) increase in other liabilities (8.6) 12.3
(Increase) decrease in other assets (1.1) 6.2 *
Net cash (used for) provided by operating (90.2) 56.9 *
activities
Cash flows from investing activities
Proceeds from investments 2,502.0 2,236.8
Purchases of investments (2,487.1) (2,238.0)
Investment in marketable software (28.8) (30.2)
Capital additions of properties (15.9) (11.0)
Capital additions of outsourcing assets (36.9) (28.8)
Other (0.3) (0.2) *
Net cash used for investing activities (67.0) (71.4) *
Cash flows from financing activities
Proceeds from issuance of long-term debt 445.0 213.5
Payments for capped call transactions - (27.3)
Issuance costs relating to long-term debt (11.7) (7.3)
Payments of long-term debt (97.7) (1.3)
Payments of short-term borrowings - (65.8)
Other (2.1) (0.4) *
Net cash provided by financing activities 333.5 111.4 *
Effect of exchange rate changes on cash, cash 12.8 0.1 *
equivalents and restricted cash
Increase in cash, cash equivalents and restricted 189.1 97.0 *
cash
Cash, cash equivalents and restricted cash, 401.1 396.8 *
beginning of period
Cash, cash equivalents and restricted cash, end of $ 590.2 $ 493.8 *
period
* Certain amounts have been reclassified to conform to the current-year
presentation.
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
2017 2016 2017 2016
GAAP net income (loss) attributable $ $ $ $
to Unisys (42.0) 21.6 (74.7) (18.3)
Corporation common shareholders
Cost reduction and pretax 29.0 10.2 54.4 37.1
other expense:
tax (benefit) (8.5) 0.1 (9.0) (2.1)
provision
net of tax 20.5 10.3 45.4 35.0
Pension expense: pretax 21.3 21.5 45.8 41.8
tax provision 1.6 0.3 1.8 0.6
net of tax 22.9 21.8 47.6 42.4
Non-GAAP net income attributable to 1.4 53.7 18.3 59.1
Unisys Corporation
common shareholders
Add interest expense on convertible - 4.5 - 5.2
notes
Non-GAAP net income attributable to $ $ $ $
Unisys Corporation 1.4 58.2 18.3 64.3
for diluted earnings per share
Weighted average shares (thousands) 50,437 50,069 50,346 50,036
Plus incremental shares from assumed
conversion:
Employee stock 295 167 341 150
plans
Convertible - 21,550 - 12,593
notes
Non-GAAP adjusted weighted average 50,732 71,786 50,687 62,779
shares
Diluted earnings (loss) per share
GAAP basis
GAAP net income (loss) attributable $ $ $ $
to Unisys Corporation for (42.0) 26.1 (74.7) (18.3)
diluted earnings per share
Divided by adjusted weighted average 50,437 71,786 50,346 50,036
shares
GAAP diluted earnings (loss) per $ $ $ $
share (0.83) 0.36 (1.48) (0.37)
Non-GAAP basis
Non-GAAP net income (loss) $ $ $ $
attributable to Unisys 1.4 58.2 18.3 64.3
Corporation for diluted earnings per
share
Divided by Non-GAAP adjusted weighted 50,732 71,786 50,687 62,779
average shares
Non-GAAP diluted earnings (loss) per $ $ $ $
share 0.03 0.81 0.36 1.02
UNISYS CORPORATION
RECONCILIATION OF GAAP OPERATING PROFIT TO NON-GAAP OPERATING PROFIT
(Unaudited)
(Millions)
Three Months Six Months
Ended June 30, Ended June 30,
2017 2016 2017 2016
GAAP operating $ (24.8) $ $ $
profit (loss) 49.5 (27.5) 21.9
Cost reduction and 27.8 10.2 47.9 37.1
other expense
FAS87 pension 21.3 21.5 45.8 41.8
expense
Non-GAAP operating $ 24.3 $ $ $
profit 81.2 66.2 100.8
Customer revenue $ 666.2 $ $ $
748.9 1,330.7 1,415.7
GAAP operating (3.7)% 6.6 % (2.1)% 1.5 %
profit (loss) %
Non-GAAP operating 3.6 % 10.8 % 5.0 % 7.1 %
profit %
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Six Months
Ended June 30, Ended June 30,
2017 2016 2017 2016
Cash (used for) $ $ $ $
provided by operations (49.2) 31.0 (90.2) 56.9
Additions to marketable (15.0) (15.9) (28.8) (30.2)
software
Additions to properties (7.4) (4.4) (15.9) (11.0)
Additions to (24.0) (13.7) (36.9) (28.8)
outsourcing assets
Free cash flow (95.6) (3.0) (171.8) (13.1)
Pension funding 42.3 32.5 71.2 64.1
Cost reduction and 7.6 21.2 28.8 39.2
other payments
Adjusted free cash flow $ $ $ $
(45.7) 50.7 (71.8) 90.2
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Six Months
Ended June 30, Ended June 30,
2017 2016 2017 2016
Net income (loss) attributable to $ $ $ $
Unisys Corporation (42.0) 21.6 (74.7) (18.3)
common shareholders
Net income attributable to 3.5 3.9 6.5 5.1
noncontrolling interests
Interest expense, net of interest 12.1 4.7 15.4 6.6
income of $2.2, $3.1, $4.6, $5.6,
respectively*
(Benefit) provision for income taxes (3.8) 18.8 9.1 24.3
Depreciation 23.1 24.3 46.1 45.0
Amortization 16.1 16.0 31.8 32.4
EBITDA $ $ $ $
9.0 89.3 34.2 95.1
Pension expense 21.3 21.5 45.8 41.8
Cost reduction and other expense 29.0 10.2 54.4 37.1
Non-cash share based expense 2.5 2.1 6.2 5.3
Other (income) expense adjustment** 4.1 0.5 9.6 4.2
Adjusted EBITDA $ $ $ $
65.9 123.6 150.2 183.5
* Included in Other (income) expense, net on the Consolidated Statements of
Income
** Other (income) expense, net as reported on the Consolidated Statements of
Income less Interest income and items included in cost reduction and other
expense
CONTACT: Investors: Courtney Holben, Unisys, 215-986-3379, courtney.holben@unisys.com; Media: John Clendening, Unisys, 214-403-1981, john.clendening@unisys.com END
(END) Dow Jones Newswires
August 02, 2017 02:00 ET (06:00 GMT)
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