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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 | 257 | 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 | 373.52M |
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TIDMUSY
Unisys Announces First-Quarter Results; Completes U.S. Federal Sale; Strong
Balance Sheet and Liquidity Position
BLUE BELL, Pa., April 28, 2020 -- Beginning January 1, 2020, the historical
results of the company's U.S. Federal business have been reflected in the
company's consolidated financial statements as discontinued operations.
Prior-period financial statements have been reclassified to reflect the
company's U.S. Federal business as discontinued operations. Throughout this
release we will only refer to the company's continuing operations.
* Closed sale of U.S. Federal business on March 13, 2020; $1.2 billion of
proceeds
+ Net Leverage(10) reduced from 4.3x as of December 31, 2019 to 2.7x as
of March 31, 2020
* Technology revenue growth of 11.2% year over year, ahead of internal
expectations
* Operating profit margin of 3.9%, relative to 4.5% in prior-year period, due
to restructuring charges
+ Non-GAAP operating profit(3) margin up 70 basis points year over year
to 5.5%, relative to 4.8% in prior-year period
* Loss per share from continuing operations of $0.85 versus $0.64 in
prior-year period, due to higher cost-reduction and other charges in 1Q20
+ Non-GAAP diluted earnings per share(7) from continuing operations of
$0.01 versus a loss of $0.11 in prior-year period
* Company withdraws guidance in light of the current COVID-19 pandemic
Unisys Corporation (NYSE: UIS) today reported first-quarter 2020 financial
results. "The world has changed dramatically in a few short weeks, and I am
proud of how our company and associates have responded to these
unprecedented times. Our Unisys Stealth® security offerings, including
Unisys Always-On AccessT powered by StealthT which is a next-generation
solution that has advantages over many VPN options, and our InteliServeT
digital workplace solution and its ability to remotely manage operations,
address many client needs arising out of this situation," said Unisys
Chairman and CEO Peter A. Altabef. "We also closed the sale of our U.S.
Federal business on March 13, 2020, which significantly strengthened our
balance sheet and increased capital structure flexibility."
First-Quarter 2020 Highlights
Revenue Growth Profitability
Revenue Services Technology Operating Net Adj. Diluted
Growth Revenue Revenue Profit Income EBITDA EPS
Growth Growth Margin Margin Margin
GAAP (7.1%) (10.1%) 11.2% GAAP 3.9% (10.3%) ($0.85)
Constant-Currency (5.3%) (8.5%) 13.2% YoY (60) bps (440) (32.8%)
(GAAP) Change bps
Non-GAAP (6.9%) (10.0%) N/A Non-GAAP 5.5% 0.1% 13.9% $0.01
YoY 70 bps 110 bps 220 N/M
Change bps
Note: Throughout this release we will only refer to the company's continuing
operations.
Summary of First-Quarter 2020 Business Results
Company:
First-quarter revenue was $515.4 million, versus $554.5 million in the
prior-year period down 7.1% year over year (down 5.3% on a constant-currency(1)
basis). Non-GAAP adjusted revenue(2) was $514.5 million, relative to $552.5
million in the prior-year period. Revenue results were slightly ahead of the
company's internal expectations, with several Technology contracts being
renewed sooner than expected, helping offset anticipated declines in the
company's check-processing business. COVID-19 had a negative impact on revenue
in March, largely resulting from decreased demand for field services and
declines in volume-based contracts.
First-quarter total company operating profit was $20.1 million, versus $25.2
million in the prior-year period, and operating profit margin was 3.9%, versus
4.5% in the first quarter of 2019, in both cases due to higher cost-reduction
and other charges in the first quarter 2020. Total company non-GAAP operating
profit increased 7.1% year over year to $28.5 million, versus $26.6 million in
the prior-year period, and non-GAAP operating profit margin increased 70 basis
points year over year to 5.5%, versus 4.8% in the first quarter of 2019.
Net loss for the first quarter was $53.2 million versus $32.7 million in the
prior-year period, driven by cost-reduction and other charges being $26.7
million higher in the first quarter of 2020, relative to the prior-year period.
Similarly, the loss per share was $0.85, compared to loss per share of $0.64 in
the prior-year period, driven by those same cost-reduction and other charges.
Non-GAAP net income for the first quarter was $0.7 million, versus a net loss
of $5.5 million in the prior-year period. Non-GAAP diluted earnings per share
was $0.01, versus a net loss per share of $0.11 in the prior-year period.
Adjusted EBITDA(6) was up 10.4% year over year to $71.4 million, relative to
$64.7 million in the prior-year period. Net income margin was (10.3)%, compared
to (5.9)% in the prior-year period, driven by the charges noted above. Adjusted
EBITDA margin increased 220 basis points in the first quarter to 13.9%,
relative to 11.7% in the prior-year period.
First-quarter cash used in operations and free cash flow were impacted by
approximately $300 million of voluntary pension contributions to the U.S.
pension plans from the proceeds of the sale of the U.S. Federal business.
First-quarter cash used in operations was $377.9 million, versus $70.4 million
in the prior-year period. Free cash flow(8) was $(405.6) million, compared to $
(128.5) million in the prior-year period. Adjusted free cash flow(9) was $
(68.1) million, versus $(95.9) million in the prior-year period. At March 31,
2020, the company had $789.6 million in cash and cash equivalents. This does
not include an additional $487.3 million in restricted cash that was earmarked
for the redemption of the company's $440 million senior secured notes that took
place on April 15, 2020.
In light of the macroeconomic uncertainty due to the COVID-19 crisis, the
company is withdrawing its previously-provided full-year 2020 financial
guidance.
Services:
Services revenue in the first quarter was $425.9 million, relative to $474.0
million in the prior-year period, down 10.1% year over year (down 8.5% in
constant-currency). First-quarter Services non-GAAP adjusted revenue was $425.0
million, relative to $472.0 million in the prior-year period. Both
year-over-year declines were directionally in line with internal expectations.
Revenue at the company's check-processing JV declined as expected, foreign
currency was unfavorable and revenue was impacted by the COVID-19-related items
noted above. First-quarter Services gross profit margin was 12.9%, versus 15.1%
in the first quarter of 2019, and first-quarter Services operating profit
margin was (3.3)%, versus (0.3)% in the first quarter of 2019. First-quarter
non-GAAP adjusted Services gross profit(4) margin was 12.7%, versus 14.7% in
the prior-year period, and first-quarter non-GAAP adjusted Services operating
profit(5) margin was (3.5)%, versus (0.7)% in the prior-year period. The
year-over-year margin declines were largely due to the flow-through impact of
decreased demand for field services and declines in volume-based contracts, as
well as delays in implementation of cost-saving initiatives that were expected
to be undertaken early in the year. Services backlog was $3.7 billion, relative
to $3.8 billion at year-end 2019 and up 1% versus year-end 2019 on a
constant-currency basis.
Technology:
First-quarter Technology revenue was up 11.2% year over year to $89.5 million,
relative to $80.5 million in the prior-year period (13.2% growth in constant
currency), due to several ClearPath Forward® contracts being renewed sooner
than expected. First-quarter Technology gross profit margin was 68.4%, up 1030
basis points compared to 58.1% in the prior-year period. Technology operating
profit margin was 45.9%, up 1180 basis points versus 34.1% in the prior-year
period.
Select First-Quarter Contract Signings:
In the first quarter, the company entered into several noteworthy contracts:
* Focus on InteliServeT: A large, global frozen-food company - a new client
for Unisys - signed a contract for digital workplace services powered by
InteliServeT. Under the agreement, Unisys will optimize, modernize and
provide greater transparency into technology operations. InteliServe will
enhance the user experience within traditional services such as service
desk or field services, as well as enable greater productivity and
collaboration across business unit applications and processes such as human
resources, compliance and finance.
* Focus on CloudForte®: Unisys expanded a contract with the California State
University (CSU) for CloudForte® and Managed Security Services to support
CSU's hybrid-cloud environment with new CloudForte capabilities to help CSU
integrate its hybrid cloud information resources to deliver more
educational and administrative services across all 23 campuses. The
services are designed to provide a better user experience to more than
484,000 students and 52,000 faculty, while enhancing operational
efficiencies and reducing costs.
* Focus on Security Services: Unisys signed a $140 million contract with a
major commercial defense contractor - also a new client for Unisys - to
provide comprehensive cross-functional IT services including Unisys Stealth
® security software to protect data across unclassified and classified IT
environments. The services and software will help the client optimize how
they deliver services to their business partners.
Conference Call
Unisys will hold a conference call today at 5:00 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) 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 revenue and charges that the
company believes are not indicative of its ongoing operations and that can
make its revenue, profitability and liquidity results difficult to compare
to prior periods, anticipated future periods, or to its competitors'
results. These items consist of certain portions of revenue,
post-retirement, debt exchange and cost-reduction and other expenses.
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.
(2) Non-GAAP adjusted revenue - In 2019 and 2020, the company's non-GAAP
results reflect adjustments to exclude certain revenue and related profit
relating to reimbursements from the company's check-processing JV partners
for restructuring expenses included as part of the company's restructuring
program.
(3) Non-GAAP operating profit - The company recorded pretax post-retirement
expense and pretax charges in connection with cost-reduction activities,
debt exchange 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. During 2019 and 2020,
the company included the non-GAAP adjustments discussed in (2) herein.
(4) Non-GAAP adjusted Services gross profit - During 2019 and 2020, the
company included the adjustments discussed in (2) herein.
(5) Non-GAAP adjusted Services operating profit - During 2019 and 2020,
the company included the adjustments discussed in (2) herein.
(6) EBITDA & adjusted EBITDA - Earnings before interest, taxes,
depreciation and amortization ("EBITDA") is calculated by starting with net
income (loss) from continuing operations 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 post-retirement, debt
exchange, and cost-reduction and other expenses, 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. During
2019 and 2020, the company included the adjustments discussed in (2)
herein.
(7) Non-GAAP diluted earnings per share - The company has recorded
post-retirement expense and charges in connection with debt exchange and
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. During 2019 and 2020, the company included the adjustments
discussed in (2) herein.
(8) 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 used for reinvestment.
(9) Adjusted free cash flow - Because inclusion of the company's
post-retirement contributions and cost-reduction charges/reimbursements 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. This liquidity measure was provided to analysts and
investors in the form of external guidance and is used by management to
measure operating liquidity.
(10) Net Leverage - Includes pension deficit based on 12/31/19 valuation,
pro forma for $300 million of voluntary pension contributions made as of 3/
31/20. 12/31/19 LTM Adj. EBITDA based on total company reported Adj.
EBITDA. 3/31/20 LTM Adj. EBITDA pro forma for sale of U.S. Federal for full
LTM period.
About Unisys
Unisys is a global information technology company that builds
high-performance, security-centric solutions for the most demanding
businesses and governments. Unisys offerings include security software and
services; digital transformation and workplace services; industry
applications and services; and innovative software operating environments
for high-intensity enterprise computing. For more information on how Unisys
builds better outcomes securely for its clients across the government,
financial services and commercial markets, 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, annual contract value, total
contract value, new business ACV or TCV, backlog 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 annual and total contract value are
based, in part, on the assumption that each of those contracts will
continue for their full contracted term. Risks and uncertainties that could
affect the company's future results include, but are not limited to, the
following: our business and results of operations will be, and our
financial condition may be, impacted by the outbreak of COVID-19 and such
impact could be materially adverse, our ability to improve revenue and
margins in our services business; our ability to maintain our installed
base and sell new solutions; the potential adverse effects of aggressive
competition in the information services and technology marketplace; our
significant pension obligations and required cash contributions and
requirements to make additional significant cash contributions to our
defined benefit pension plans; our ability to effectively anticipate and
respond to volatility and rapid technological innovation in our industry;
our ability to retain significant clients; our contracts may not be as
profitable as expected or provide the expected level of revenues; the risks
of doing business internationally when a significant portion of our revenue
is derived from international operations; our ability to access financing
markets; the adverse effects of a reduction in our credit rating;
cybersecurity breaches could result in significant costs and could harm our
business and reputation; we may not achieve the operational and financial
results that we anticipate from the sale of our U.S. Federal business; the
business and financial risk in implementing future acquisitions or
dispositions; the adverse effects of global economic conditions, acts of
war, terrorism, natural disasters or the widespread outbreak of infectious
diseases; the impact of Brexit could adversely affect the company's
operations in the United Kingdom as well as the funded status of the
company's U.K. pension plans; our ability to attract, motivate and retain
experienced and knowledgeable personnel in key positions; a significant
disruption in our IT systems could adversely affect our business and
reputation; we may face damage to our reputation or legal liability if our
clients are not satisfied with our services or products; the performance
and capabilities of third parties with whom we have commercial
relationships; our ability to use our net operating loss carryforwards and
certain other tax attributes may be limited; an involuntary termination of
the company's U.S. qualified defined benefit pension plans; the potential
for intellectual property infringement claims to be asserted against us or
our clients; the possibility that legal proceedings could affect our
results of operations or cash flow or may adversely affect our business or
reputation; 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.: 0428/9765
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
March 31,
2020 2019
Revenue
Services $ $ 474.0
425.9
Technology 89.5 80.5
515.4 554.5
Costs and expenses
Cost of revenue:
Services 375.7 396.8
Technology 26.6 32.6
402.3 429.4
Selling, general and administrative 86.8 90.9
Research and development 6.2 9.0
495.3 529.3
Operating profit 20.1 25.2
Interest expense 13.9 15.5
Other income (expense), net (48.1) (30.4)
Loss from continuing operations before income taxes (41.9) (20.7)
Provision for income taxes 10.8 9.4
Consolidated net loss from continuing operations (52.7) (30.1)
Net income attributable to noncontrolling interests 0.5 2.6
Net loss from continuing operations attributable to (53.2) (32.7)
Unisys Corporation
Income from discontinued operations, net of tax 1,068.5 13.3
Net income (loss) attributable to Unisys Corporation $ $
1,015.3 (19.4)
Earnings (loss) per share attributable to Unisys
Corporation
Basic
Continuing operations $ $
(0.85) (0.64)
Discontinuing operations 17.06 0.26
Total $ $
16.21 0.38
Diluted
Continuing operations $ $
(0.85) (0.64)
Discontinuing operations 17.06 0.26
Total $ $
16.21 (0.38)
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total Eliminations Services Technology
Three Months Ended March
31, 2020
Customer revenue $ $ $ $
515.4 - 425.9 89.5
Intersegment - (2.5) - 2.5
Total revenue $ $ $ $
515.4 (2.5) 425.9 92.0
Gross profit percent 21.9 % 12.9 % 68.4 %
Operating profit (loss) 3.9 % (3.3)% 45.9 %
percent
Three Months Ended March
31, 2019
Customer revenue $ $ $ $
554.5 - 474.0 80.5
Intersegment - (2.4) - 2.4
Total revenue $ $ $ $
554.5 (2.4) 474.0 82.9
Gross profit percent 22.6 % 15.1 % 58.1 %
Operating profit (loss) 4.5 % (0.3)% 34.1 %
percent
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
March 31, 2020 December 31, 2019
Assets
Current assets:
Cash and cash equivalents $ $
789.6 538.8
Restricted cash 487.3 -
Accounts receivable, net 421.3 417.7
Contract assets 40.9 38.4
Inventories:
Parts and finished equipment 3.9 10.8
Work in process and materials 6.5 5.6
Prepaid expenses and other current 133.8 100.7
assets
Current assets of discontinued - 109.3
operations
Total current assets 1,883.3 1,221.3
Properties 759.4 784.0
Less-Accumulated depreciation and 648.0 668.0
amortization
Properties, net 111.4 116.0
Outsourcing assets, net 184.1 202.1
Marketable software, net 190.5 186.8
Operating lease right-of-use assets 71.3 71.4
Prepaid postretirement assets 132.8 136.2
Deferred income taxes 107.7 114.0
Goodwill 108.6 110.4
Restricted cash 10.6 13.0
Other long-term assets 171.3 198.9
Long-term assets of discontinued - 133.9
operations
Total assets $ $
2,971.6 2,504.0
Liabilities and deficit
Current liabilities:
Notes payable $ $
59.5 -
Current maturities of long-term-debt 530.1 13.5
Accounts payable 201.1 204.3
Deferred revenue 224.2 246.4
Other accrued liabilities 296.0 316.7
Current liabilities of discontinued - 146.4
operations
Total current liabilities 1,310.9 927.3
Long-term debt 47.1 565.9
Long-term postretirement liabilities 1,593.9 1,960.2
Long-term deferred revenue 134.9 147.0
Long-term operating lease 53.5 56.0
liabilities
Other long-term liabilities 40.7 47.6
Long-term liabilities of - 28.3
discontinued operations
Commitments and contingencies - -
Total Unisys Corporation (244.7) (1,265.4)
stockholders' deficit
Noncontrolling interests 35.3 37.1
Total deficit (209.4) (1,228.3)
Total liabilities and deficit $ $
2,971.6 2,504.0
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Three Months Ended
March 31,
2020 2019
Cash flows from operating activities
Consolidated net loss from continuing operations $ $
(52.7) (30.1)
Income from discontinued operations, net of tax 1,068.5 13.3
Adjustments to reconcile consolidated net income (loss) to
net cash used for
operating activities:
Gain on sale of U.S. Federal business (1,059.5) -
Foreign currency translation losses 15.8 4.8
Non-cash interest expense 1.5 2.7
Employee stock compensation 5.1 4.7
Depreciation and amortization of properties 8.2 9.2
Depreciation and amortization of outsourcing assets 16.0 15.8
Amortization of marketable software 13.6 9.5
Other non-cash operating activities 0.2 (0.6)
Loss on disposal of capital assets 0.8 1.2
Postretirement contributions (327.7) (23.1)
Postretirement expense 23.5 23.5
Decrease in deferred income taxes, net (5.6) (3.1)
Changes in operating assets and liabilities:
Receivables, net (18.6) 5.5
Inventories 5.6 2.6
Accounts payable and other accrued liabilities (58.0) (121.0)
Other liabilities (0.4) 14.8
Other assets (14.2) (0.1)
Net cash used for operating activities (377.9) (70.4)
Cash flows from investing activities
Net proceeds from sale of U.S. Federal business 1,164.7 -
Proceeds from investments 828.8 893.9
Purchases of investments (870.5) (887.2)
Investment in marketable software (17.3) (18.0)
Capital additions of properties (5.6) (10.7)
Capital additions of outsourcing assets (4.8) (29.4)
Net proceeds from sale of properties - (0.1)
Other (1.5) (0.4)
Net cash provided by (used for) investing activities 1,093.8 (51.9)
Cash flows from financing activities
Net proceeds from the issuance of short-term debt 59.5 -
Proceeds from issuance of long-term debt 2.1 27.7
Payments of long-term debt (6.1) (8.7)
Other (4.7) (4.4)
Net cash provided by financing activities 50.8 14.6
Effect of exchange rate changes on cash, cash equivalents (31.0) 0.4
and restricted cash
Increase (decrease) in cash, cash equivalents and 735.7 (107.3)
restricted cash
Cash, cash equivalents and restricted cash, beginning of 551.8 624.1
period
Cash, cash equivalents and restricted cash, end of period $ $
1,287.5 516.8
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Ended
March 31,
2020 2019
GAAP net loss from continuing operations attributable to $ $
Unisys Corporation (53.2) (32.7)
Postretirement expense: pretax 23.5 23.5
tax 0.3 (0.1)
net of tax 23.2 23.6
Cost reduction and other pretax 30.9 3.6
expenses:
tax 0.6 0.7
net of tax 30.3 2.9
minority interest 0.4 0.7
net of minority 30.7 3.6
interest
Non-GAAP net income (loss) from continuing operations 0.7 (5.5)
attributable to Unisys
Corporation
Add interest expense on convertible notes - -
Non-GAAP net income (loss) attributable to Unisys $ $
Corporation for diluted 0.7 (5.5)
earnings per share
Weighted average shares (thousands) 62,650 51,418
Plus incremental shares from assumed conversion:
Employee stock plans 522 -
Convertible notes - -
Non-GAAP adjusted weighted average shares 63,172 51,418
Diluted earnings (loss) per share from continuing
operations
GAAP basis
GAAP net loss from continuing operations attributable to $ $
Unisys Corporation (53.2) (32.7)
for diluted earnings per share
Divided by weighted average shares 62,650 51,418
GAAP diluted loss per share $ $
(0.85) (0.64)
Non-GAAP basis
Non-GAAP net income (loss) from continuing operations $ $
attributable to Unisys 0.7 (5.5)
Corporation for diluted earnings per share
Divided by Non-GAAP adjusted weighted average shares 63,172 51,418
Non-GAAP diluted earnings (loss) per share $ $
0.01 (0.11)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Ended
March 31,
2020 2019
Cash used for operations $ (377.9) $ (70.4)
Additions to marketable software (17.3) (18.0)
Additions to properties (5.6) (10.7)
Additions to outsourcing assets (4.8) (29.4)
Free cash flow (405.6) (128.5)
Postretirement funding 327.7 23.1
Cost reduction and other payments, net of 9.8 9.5
reimbursements
Adjusted free cash flow $ (68.1) $ (95.9)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Ended
March 31,
2020 2019
Net loss from continuing operations attributable $ (53.2) $ (32.7)
to Unisys
Corporation
Net income attributable to noncontrolling 0.5 2.6
interests
Interest expense, net of interest income of $2.4, 11.5 12.6
$2.9, respectively*
Provision for income taxes 10.8 9.4
Depreciation 24.2 25.0
Amortization 13.6 9.5
EBITDA $ 7.4 $ 26.4
Postretirement expense 23.5 23.5
Cost reduction and other expenses** 30.9 2.5
Non-cash share based expense 5.1 4.7
Other (income) expense adjustment*** 4.5 7.6
Adjusted EBITDA $ 71.4 $ 64.7
*Included in other (income) expense, net on the consolidated statements of
income
**Reduced for depreciation and amortization included above
***Other (income) expense, net as reported on the consolidated statements of
income less postretirement expense, interest
income and items included in cost reduction and other expenses
Three Months Ended
March 31,
2020 2019
Revenue $ 515.4 $ 554.5
Non-GAAP revenue $ 514.5 $ 552.5
Net loss from continuing operations attributable (10.3)% (5.9)%
to Unisys Corporation as a percentage
of revenue
Non-GAAP net income (loss) from continuing 0.1 % (1.0)%
operations attributable to Unisys
Corporation as a percentage of Non-GAAP revenue
Adjusted EBITDA as a percentage of Non-GAAP 13.9 % 11.7 %
revenue
UNISYS CORPORATION
RECONCILIATION OF GAAP SEGMENT REPORTING TO NON-GAAP SEGMENT REPORTING
(Unaudited)
(Millions)
Three Months Ended
Services Segment March 31,
2020 2019
GAAP total revenue $ 425.9 $ 474.0
Restructuring reimbursement (0.9) (2.0)
Non-GAAP revenue $ 425.0 $ 472.0
GAAP gross margin $ 54.8 $ 71.5
Restructuring reimbursement (0.9) (2.0)
Non-GAAP gross margin $ 53.9 $ 69.5
GAAP operating profit $ (14.0) $ (1.4)
Restructuring reimbursement (0.9) (2.0)
Non-GAAP operating profit $ (14.9) $ (3.4)
GAAP gross margin % 12.9% 15.1%
Non-GAAP gross margin % 12.7% 14.7%
GAAP operating profit % (3.3%) (0.3%)
Non-GAAP operating profit % (3.5%) (0.7%)
Three Months Ended
Total Unisys March 31,
2020 2019
GAAP total revenue $ 515.4 $ 554.5
Restructuring reimbursement (0.9) (2.0)
Non-GAAP revenue $ 514.5 $ 552.5
GAAP gross margin $ 113.10 $ 125.10
Restructuring reimbursement (0.9) (2.0)
Postretirement expense - -
Cost reduction expense 5.9 (3.7)
Non-GAAP gross margin $ 118.1 $ 119.4
GAAP operating profit $ 20.1 $ 25.2
Restructuring reimbursement (0.9) (2.0)
Postretirement expense 0.8 0.8
Cost reduction and other expense 8.5 2.6
Non-GAAP operating profit $ 28.5 $ 26.6
GAAP gross margin % 21.9% 22.6%
Non-GAAP gross margin % 23.0% 21.6%
GAAP operating profit % 3.9% 4.5%
Non-GAAP operating profit % 5.5% 4.8%
CONTACT: Investors: Courtney Holben, Unisys, 215-986-3379,
courtney.holben@unisys.com or
Media: John Clendening, Unisys, 214-403-1981, john.clendening@unisys.com
END
(END) Dow Jones Newswires
April 29, 2020 02:00 ET (06:00 GMT)
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