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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 | 2 | 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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Unisys Announces 3Q19 Results; Revenue Growth and Margin Expansion Continue;
Company Increases Full-Year Non-GAAP Adjusted Revenue Guidance
BLUE BELL, Pa., Oct. 29, 2019 /PRNewswire/ --
* Total revenue grew 10.1% year over year (11.8% on a constant-currency(1)
basis)
+ Total non-GAAP adjusted revenue(3) grew 9.6% year over year,
representing the sixth-consecutive quarter of year-over-year growth
* Operating profit margin expanded 130 basis points year over year to 9.4%
+ Non-GAAP operating profit(4) margin expanded 100 basis points year over
year to 8.7%
* EPS was a loss of $0.23 per share relative to a gain of $0.12 per share in
the prior-year period (current period includes a $20.2 million or $0.35 per
share charge related to the convertible note transaction)
+ Non-GAAP diluted EPS(10) was up 25.6% year over year to $0.49 per share
* Operating cash flow grew $33.2 million year over year to $17.7 million
+ Adjusted free cash flow(12) grew $41.9 million year over year to $35.5
million
* Company increases full-year 2019 non-GAAP adjusted revenue guidance from 2
to 5%, to 3 to 7% year-over-year growth and reaffirms full-year guidance
for non-GAAP operating profit margin and adjusted EBITDA margin
Unisys Corporation (NYSE: UIS) today reported third-quarter 2019 financial
results, increased full-year non-GAAP adjusted revenue guidance from 2 to 5%
year-over-year growth, to 3 to 7% year-over-year growth and reaffirmed
full-year guidance for non-GAAP operating profit margin and adjusted EBITDA
margin. "We are pleased to see continued revenue growth and margin expansion
for the company overall this quarter," said Unisys Chairman and CEO Peter A.
Altabef. "Our U.S. Federal business saw strong revenue growth, and our
Enterprise Solutions business helped drive our profitability expansion year
over year."
Third-Quarter Highlights
Revenue Growth Profitability
Revenue Services Technology Operating Net Adj. Diluted
Growth Revenue Revenue Profit Income EBITDA EPS
Growth Growth Margin Margin Margin
GAAP 10.1% 8.0% 25.2% GAAP 9.4% (1.7%) ($0.23)
Constant-Currency 11.8% 9.9% 26.0% YoY 130 bps (260) bps N/A
(GAAP) Change
Non-GAAP 9.6% 7.4% Non-GAAP 8.7% 4.3% 14.1% $0.49
YoY 100 bps 80 bps 10 bps 25.6%
Change
U.S. Federal 53.6%
Sector
Summary of Third-Quarter 2019 Business Results
Company:
Third-quarter 2019 revenue grew 10.1% year over year to $757.6 million versus
$688.3 million in the prior-year period (11.8% growth on a constant-currency
basis). Non-GAAP adjusted revenue grew 9.6% to $750.8 million, representing the
sixth-consecutive quarter of year-over-year non-GAAP adjusted revenue growth.
U.S. Federal sector revenue grew 53.6% year over year, the highest quarterly
rate in over 15 years.
Operating profit margin in the third quarter expanded 130 basis points year
over year to 9.4%, versus 8.1% in the prior-year period. Non-GAAP operating
profit margin expanded 100 basis points year over year to 8.7%.
Net loss for the third quarter 2019 was $13.2 million versus net income of $6.1
million in the prior-year period (current period includes a $20.2 million
charge related to the convertible note transaction). As a result of this
charge, which had a $0.35 per share impact, the loss per share was $0.23,
compared to earnings per share of $0.12 in the prior-year period. Non-GAAP
diluted earnings per share was up 25.6% year over year to $0.49 per share
versus $0.39 per share in the prior-year period.
Adjusted EBITDA(9) increased 10.5% year over year to $106.2 million. Net income
margin was (1.7)%, compared to 0.9% in the prior-year period, with the
year-over-year decline due to the charge related to the convertible note
transaction. Adjusted EBITDA margin expanded 10 basis points year over year to
14.1%, versus 14.0% in the prior-year period.
Operating cash flow in the third quarter was up $33.2 million year over year to
$17.7 million, versus a use of cash of $15.5 million in the prior-year period.
Free cash flow(11) was up $48.9 million year over year to $(14.3) million,
compared to $(63.2) million in the prior-year period. Adjusted free cash flow
was up $41.9 million year over year to $35.5 million, versus a use of cash of
$6.4 million in the prior-year period. At September 30, 2019, the company had
$425.4 million in cash and cash equivalents.
Services:
Services revenue grew 8.0% year over year in the third quarter (or 9.9% in
constant-currency) to $654.1 million, representing the sixth-consecutive
quarter of year-over-year growth for the segment. Services non-GAAP adjusted
revenue grew 7.4% year over year to $647.3 million. Services gross profit
margin was up 170 basis points year over year to 17.6%, and Services operating
profit margin was up 240 basis points year over year to 5.5%. Non-GAAP adjusted
Services gross profit(5) margin was up 140 basis points year over year to
16.8%, and non-GAAP adjusted Services operating profit(6) margin was up 190
basis points year over year to 4.5%. Services backlog(2) was $4.2 billion,
relative to $4.9 billion in the prior-year period. The growth rate in the
prior-year period represented the highest growth in this metric since 1999.
Inclusive of the unfunded portion of U.S. Federal Services backlog, Services
backlog was up year over year.
Technology:
Technology revenue was up 25.2% year over year to $103.5 million (up 26.0% in
constant currency). During the quarter, there was a large Technology contract
in the U.S. Federal sector that had a significant third-party component, which
impacted margins for the segment. As a result, Technology gross profit margin
was 51.1% compared to 62.4% in the prior-year period, while Technology
operating profit margin was 33.0% versus 39.7% in the prior-year period. There
were no non-GAAP adjustments in the Technology segment in the current or
prior-year quarter.
Select Third-Quarter Contract Signings:
In the third quarter, the company entered into several contracts in each of its
sectors including the following:
* U.S. Federal: In the third quarter, U.S. Defense Information Systems Agency
(DISA), the agency that provides enterprise IT supporting the full spectrum
of military operations, selected Unisys for the 4th Estate Global Service
Center contract to optimize, modernize and consolidate service desk and
field services for U.S. Department of Defense agencies in the U.S. and
overseas. Under the contract, Unisys will deliver capabilities of its
InteliServeT platform of service desk managed services. The contract, worth
up to $214 million, will serve 19 of the Defense Department's "4th Estate"
organizations, a group of agencies and field activities that reside outside
of the military branches and provide support functions critical to military
services.
* Public: The Queensland Department of Transport and Main Roads (TMR) in
Australia has expanded its contract with Unisys to provide facial image
processing technology and services for the state's smart card driver
license. Unisys will provide TMR's new Facial Signature Image Processing
system based on the Unisys Stealth(identity)T multi-factor identity
management and authentication solution. Stealth(identity) automates the
process of biometric enrollment - capturing biometric data used to
authenticate identities - and provides configurable application programming
interfaces to integrate biometric authentication across physical and
digital channels, including mobile devices.
* Commercial: Unisys signed a contract in the third quarter to help MAB Kargo
Sdn Bhd (MASkargo), the cargo division of Malaysia Airlines, expand its
range of cargo booking options with a new online booking service allowing
all types of customers to conveniently access the airline's cargo services,
anytime and anywhere, via the airline's website. Unisys will provide
Digi-Connect systems integration services to link the airline's website to
the core Unisys DigisticsT air cargo digital logistics management solution.
This will enable real-time access to MASkargo's cargo capacity, rates and
tracking via XML/API connectivity to ensure an omnichannel experience
regardless of which online method is used.
* Financial Services: Bancolombia signed a contract with Unisys, including
using our InteliServeT offering, to provide a wide range of secure digital
workplace services, help desk and field services.
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.
(2) Services Backlog - Services Backlog is the balance of contracted services
revenue not yet recognized, including only the funded portion of services
contracts with the U.S. Federal government.
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.
(3) Non-GAAP adjusted revenue - In 2018 and 2019, the company's non-GAAP
results reflect adjustments to exclude certain revenue. In 2018, this includes
revenue from software license extensions and renewals, which were contracted
for in 2017 and properly recorded as revenue at that time under the revenue
recognition rules then in effect (ASC 605). Upon adoption of the new revenue
recognition rules (ASC 606) on January 1, 2018, and since the company adopted
ASC 606 under the modified retrospective method whereby prior periods were not
restated, the company was required to include $53 million in the cumulative
effect adjustment to retained earnings on January 1, 2018. ASC 606 requires
revenue related to software license renewals or extensions to be recorded when
the new license term begins, which in the case of the $53 million was January
1, 2018. The company has excluded revenue and related profit for these software
licenses in its non-GAAP results since it has been previously reported in 2017.
This is a one-time adjustment and it will not reoccur in future periods.
Additionally, the company's non-GAAP results include 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.
(4) 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 2018 and 2019, the company included the
non-GAAP adjustments discussed in (3) herein.
(5) Non-GAAP adjusted Services gross profit - During 2018 and 2019, the
company included the adjustments discussed in (3) herein.
(6) Non-GAAP adjusted Services operating profit - During 2018 and 2019, the
company included the adjustments discussed in (3) herein.
(7) Non-GAAP adjusted Technology gross profit - In the first quarter of 2018,
the company included the ASC 606 adjustment discussed in (3) herein.
(8) Non-GAAP adjusted Technology operating profit - In the first quarter of
2018, the company included the ASC 606 adjustment discussed in (3) herein.
(9) 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
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 2018
and 2019, the company included the adjustments discussed in (3) herein.
(10) 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 2018 and 2019, the company included the adjustments discussed
in (3) herein.
(11) 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.
(12) 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.
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 all options of the contracts (Federal only) 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, but are not limited to, the
following: our ability to improve revenue and margins in our services business;
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 access financing markets; 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; cybersecurity breaches could result in significant costs and could
harm our business and reputation; the potential adverse effects of a U.S.
Federal government shutdown; 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; the business and financial risk in implementing
future acquisitions or dispositions; 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; contracts
with U.S. governmental agencies may subject us to audits, criminal penalties,
sanctions and other expenses and fines; 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; 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; the
adverse effects of global economic conditions, acts of war, terrorism or
natural disasters 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.: 1029/9721
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 Nine Months Ended
Ended September 30,
September 30,
2019 2018 2019 2018
Revenue
Services $ $ $ $
654.1 605.6 1,919.6 1,760.8
Technology 103.5 82.7 287.6 303.3
757.6 688.3 2,207.2 2,064.1
Costs and expenses
Cost of revenue:
Services 536.1 504.9 1,582.8 1,460.0
Technology 49.1 29.6 108.2 96.2
585.2 534.5 1,691.0 1,556.2
Selling, general and administrative 95.6 90.9 293.3 274.5
Research and development 5.9 7.1 22.1 21.8
686.7 632.5 2,006.4 1,852.5
Operating profit 70.9 55.8 200.8 211.6
Interest expense 15.2 15.9 46.9 48.2
Other income (expense), net (49.2) (17.7) (108.5) (58.3)
Income before income taxes 6.5 22.2 45.4 105.1
Provision for income taxes 15.9 15.2 41.8 50.4
Consolidated net income (loss) (9.4) 7.0 3.6 54.7
Net income attributable to noncontrolling 3.8 0.9 10.0 4.2
interests
Net income (loss) attributable to Unisys $ $ (6.4) $
Corporation common shareholders (13.2) 6.1 50.5
Earnings (loss) per share attributable to
Unisys Corporation
Basic $ $ $ $
(0.23) 0.12 (0.12) 0.99
Diluted $ $ $ $
(0.23) 0.12 (0.12) 0.89
Shares used in the per share computations
(in thousands):
Basic 58,245 51,021 53,815 50,918
Diluted 58,245 51,718 53,815 73,265
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total Eliminations Services Technology
Three Months Ended September
30, 2019
Customer revenue $ $ $ $
757.6 - 654.1 103.5
Intersegment - (2.3) - 2.3
Total revenue $ $ $ $
757.6 (2.3) 654.1 105.8
Gross profit percent 22.8 % 17.6 % 51.1 %
Operating profit percent 9.4 % 5.5 % 33.0 %
Three Months Ended September
30, 2018
Customer revenue $ $ $ $
688.3 - 605.6 82.7
Intersegment - (4.3) - 4.3
Total revenue $ $ $ $
688.3 (4.3) 605.6 87.0
Gross profit percent 22.3 % 15.9 % 62.4 %
Operating profit percent 8.1 % 3.1 % 39.7 %
Total Eliminations Services Technology
Nine Months Ended September
30, 2019
Customer revenue $ $ $ $
2,207.2 - 1,919.6 287.6
Intersegment - (6.8) - 6.8
Total revenue $ $ $ $
2,207.2 (6.8) 1,919.6 294.4
Gross profit percent 23.4 % 17.0 % 60.9 %
Operating profit percent 9.1 % 4.7 % 40.6 %
Nine Months Ended September
30, 2018
Customer revenue $ $ $ $
2,064.1 - 1,760.8 303.3
Intersegment - (18.3) - 18.3
Total revenue $ $ $ $
2,064.1 (18.3) 1,760.8 321.6
Gross profit percent 24.6 % 16.3 % 66.7 %
Operating profit percent 10.3 % 3.1 % 48.1 %
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
September 30, December 31,
2019 2018
Assets
Current assets:
Cash and cash equivalents $ $
425.4 605.0
Accounts receivable, net 504.4 509.2
Contract assets 38.3 29.7
Inventories:
Parts and finished equipment 15.0 14.0
Work in process and materials 13.2 13.3
Prepaid expenses and other current 122.7 130.2
assets
Total current assets 1,119.0 1,301.4
Properties 799.0 800.2
Less-Accumulated depreciation and 676.6 678.9
amortization
Properties, net 122.4 121.3
Outsourcing assets, net 208.3 216.4
Marketable software, net 183.3 162.1
Operating lease right-of-use assets 126.8 -
Prepaid postretirement assets 150.4 147.6
Deferred income taxes 102.0 109.3
Goodwill 176.2 177.8
Restricted cash 7.9 19.1
Other long-term assets 209.5 202.6
Total assets $ $
2,405.8 2,457.6
Liabilities and deficit
Current liabilities:
Current maturities of long-term-debt $ $
13.4 10.0
Accounts payable 240.6 268.9
Deferred revenue 236.0 294.4
Other accrued liabilities 362.9 350.0
Total current liabilities 852.9 923.3
Long-term debt 563.6 642.8
Long-term postretirement liabilities 1,830.5 1,956.5
Long-term deferred revenue 142.4 157.2
Long-term operating lease liabilities 83.8 -
Other long-term liabilities 50.0 77.4
Commitments and contingencies
Total deficit (1,117.4) (1,299.6)
Total liabilities and deficit $ $
2,405.8 2,457.6
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Nine Months Ended
September 30,
2019 2018
Cash flows from operating activities
Consolidated net income $ $
3.6 54.7
Adjustments to reconcile consolidated net income to net
cash used for operating activities:
Foreign currency transaction losses 7.2 1.1
Non-cash interest expense 7.5 7.8
Loss on debt exchange 20.2 -
Employee stock compensation 10.1 10.0
Depreciation and amortization of properties 26.7 31.2
Depreciation and amortization of outsourcing assets 47.3 48.7
Amortization of marketable software 35.0 42.8
Other non-cash operating activities (0.8) (2.6)
Loss on disposal of capital assets 1.3 0.6
Gain on sale of properties - (7.3)
Postretirement contributions (82.3) (124.5)
Postretirement expense 71.5 58.2
Decrease in deferred income taxes, net 1.0 9.3
Changes in operating assets and liabilities:
Receivables, net (17.4) (69.3)
Inventories (1.7) (1.3)
Accounts payable and other accrued liabilities (173.4) (144.1)
Other liabilities 33.1 (1.5)
Other assets 9.3 8.8
Net cash used for operating activities (1.8) (77.4)
Cash flows from investing activities
Proceeds from investments 2,824.9 2,889.3
Purchases of investments (2,835.8) (2,892.4)
Investment in marketable software (56.2) (61.7)
Capital additions of properties (29.1) (25.0)
Capital additions of outsourcing assets (44.4) (54.4)
Net proceeds from sale of properties (0.2) 19.2
Other (0.9) (0.9)
Net cash used for investing activities (141.7) (125.9)
Cash flows from financing activities
Cash paid in connection with debt exchange (56.3) -
Proceeds from capped call transactions 7.2 -
Proceeds from issuance of long-term debt 28.6 -
Payments of long-term debt (12.2) (2.0)
Financing fees - (0.2)
Other (4.6) (2.2)
Net cash used for financing activities (37.3) (4.4)
Effect of exchange rate changes on cash, cash equivalents (10.0) (22.5)
and restricted cash
Decrease in cash, cash equivalents and restricted cash (190.8) (230.2)
Cash, cash equivalents and restricted cash, beginning of 624.1 764.1
period
Cash, cash equivalents and restricted cash, end of period $ $
433.3 533.9
UNISYS CORPORATION
RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Nine Months
Ended Ended
September 30, September 30,
2019 2018 2019 2018
GAAP net income (loss) attributable to $ $ $ $
Unisys Corporation common shareholders (13.2) 6.1 50.5
(6.4)
Topic 606 adjustment: pretax - - - (53.0)
tax - - - 5.3
net of tax - - - (47.7)
Postretirement expense: pretax 24.4 19.7 71.5 58.2
tax 0.1 0.3 0.2 0.8
net of tax 24.5 20.0 71.7 59.0
Debt exchange, cost pretax 18.4 (4.0) 29.0 (6.2)
reduction and other
expenses:
tax (0.8) 0.1 (1.8) 0.2
net of tax 17.6 (3.9) 27.2 (6.0)
minority 3.4 1.5 6.6 1.5
interest
net of 21.0 (2.4) 33.8 (4.5)
minority
interest
Non-GAAP net income attributable to Unisys 32.3 23.7 99.1 57.3
Corporation common shareholders
Add interest expense on convertible notes 3.2 4.9 13.2 14.6
Non-GAAP net income attributable to Unisys $ $ $ $
Corporation for diluted earnings per share 35.5 28.6 112.3 71.9
Weighted average shares (thousands) 58,245 51,021 53,815 50,918
Plus incremental shares from assumed
conversion:
Employee stock 341 697 395 479
plans
Convertible 13,951 21,868 19,229 21,868
notes
Non-GAAP adjusted weighted average shares 72,537 73,586 73,439 73,265
Diluted earnings (loss) per share
GAAP basis
GAAP net income (loss) attributable to $ $ $ $
Unisys Corporation for diluted earnings per (13.2) 6.1 65.1
share (6.4)
Divided by adjusted weighted average shares 58,245 51,718 53,815 73,265
GAAP diluted earnings (loss) per share $ $ $ $
(0.23) 0.12 (0.12) 0.89
Non-GAAP basis
Non-GAAP net income attributable to Unisys $ $ $ $
Corporation for diluted earnings per share 35.5 28.6 112.3 71.9
Divided by Non-GAAP adjusted weighted 72,537 73,586 73,439 73,265
average shares
Non-GAAP diluted earnings per share $ $ $ $
0.49 0.39 1.53 0.98
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Ended Nine Months Ended
September 30, September 30,
2019 2018 2019 2018
Cash provided by (used for) $ $ $ $
operations 17.7 (15.5) (1.8) (77.4)
Additions to marketable (19.0) (20.6) (56.2) (61.7)
software
Additions to properties (8.3) (15.1) (29.1) (25.0)
Additions to outsourcing assets (4.7) (12.0) (44.4) (54.4)
Free cash flow (14.3) (63.2) (131.5) (218.5)
Postretirement funding 34.6 51.6 82.3 124.5
Cost reduction and other 15.2 5.2 37.1 32.2
payments, net of reimbursements
Adjusted free cash flow $ $ $ $
35.5 (6.4) (12.1) (61.8)
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Ended Nine Months Ended
September 30, September 30,
2019 2018 2019 2018
Net income (loss) attributable to $ $ $ $
Unisys Corporation common (13.2) 6.1 (6.4) 50.5
shareholders
Net income attributable to 3.8 0.9 10.0 4.2
noncontrolling interests
Interest expense, net of interest 12.4 13.2 38.3 39.2
income of $2.8, $2.7, $8.6, $9.0
respectively*
Provision for income taxes 15.9 15.2 41.8 50.4
Depreciation 24.5 26.4 74.0 79.9
Amortization 13.4 14.2 35.0 42.8
EBITDA $ $ $ $
56.8 76.0 192.7 267.0
Topic 606 adjustment $ $ $ $
- - - (53.0)
Postretirement expense 24.4 19.7 71.5 58.2
Debt exchange, cost reduction and 18.4 (4.0) 27.9 (6.2)
other expenses**
Non-cash share based expense 2.8 2.7 10.1 10.0
Other (income) expense adjustment*** 3.8 1.7 14.9 12.0
Adjusted EBITDA $ $ $ $
106.2 96.1 317.1 288.0
*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 debt
exchange, cost reduction and other expenses
Three Months Ended Nine Months Ended
September 30, September 30,
2019 2018 2019 2018
Revenue $ $ $ $
757.6 688.3 2,207.2 2,064.1
Non-GAAP revenue $ $ $ $
750.8 685.2 2,191.9 2,008.0
Net income as a percentage of (1.7)% 0.9 % (0.3)% 2.4 %
revenue
Non-GAAP net income as a percentage 4.3 % 3.5 % 4.5 % 2.9 %
of Non-GAAP revenue
Adjusted EBITDA as a percentage of 14.1 % 14.0 % 14.5 % 14.3 %
Non-GAAP revenue
UNISYS CORPORATION
RECONCILIATIONS OF GAAP SEGMENT REPORTING TO NON-GAAP SEGMENT REPORTING
(Unaudited)
(Millions)
Three Months Ended Nine Months Ended
Services Segment September 30, September 30,
2019 2018 2019 2018
GAAP total revenue $ $ $ 1,919.6 $ 1,760.8
654.1 605.6
Restructuring (6.8) (3.1) (15.3) (3.1)
reimbursement
Non-GAAP revenue $ $ $ 1,904.3 $ 1,757.7
647.3 602.5
GAAP gross margin $ $ $ $
115.4 96.1 325.9 286.9
Restructuring (6.8) (3.1) (15.3) (3.1)
reimbursement
Non-GAAP gross margin $ $ $ $
108.6 93.0 310.6 283.8
GAAP operating profit $ $ $ $
36.1 18.6 90.5 54.3
Restructuring (6.8) (3.1) (15.3) (3.1)
reimbursement
Non-GAAP operating profit $ $ $ $
29.3 15.5 75.2 51.2
GAAP gross margin % 17.6% 15.9% 17.0% 16.3%
Non-GAAP gross margin % 16.8% 15.4% 16.3% 16.1%
GAAP operating profit % 5.5% 3.1% 4.7% 3.1%
Non-GAAP operating profit % 4.5% 2.6% 3.9% 2.9%
Three Months Ended Nine Months Ended
Technology Segment September 30, September 30,
2019 2018 2019 2018
GAAP total revenue $ $ $ $
105.8 87.0 294.4 321.6
Topic 606 adjustment - - - (53.0)
Non-GAAP revenue $ $ $ $
105.8 87.0 294.4 268.6
GAAP gross margin $ $ $ $
54.1 54.3 179.4 214.4
Topic 606 adjustment - - - (53.0)
Non-GAAP gross margin $ $ $ $
54.1 54.3 179.4 161.4
GAAP operating profit $ $ $ $
34.9 34.5 119.4 154.7
Topic 606 adjustment - - - (53.0)
Non-GAAP operating profit $ $ $ $
34.9 34.5 119.4 101.7
GAAP gross margin % 51.1% 62.4% 60.9% 66.7%
Non-GAAP gross margin % 51.1% 62.4% 60.9% 60.1%
GAAP operating profit % 33.0% 39.7% 40.6% 48.1%
Non-GAAP operating profit % 33.0% 39.7% 40.6% 37.9%
UNISYS CORPORATION
RECONCILIATIONS OF GAAP SEGMENT REPORTING TO NON-GAAP SEGMENT REPORTING
(Unaudited)
(Millions)
Three Months Ended Nine Months Ended
Total Unisys September 30, September 30,
2019 2018 2019 2018
GAAP total revenue $ $ $ 2,207.2 $ 2,064.1
757.6 688.3
Topic 606 adjustment - - - (53.0)
Restructuring (6.8) (3.1) (15.3) (3.1)
reimbursement
Non-GAAP revenue $ $ $ 2,191.9 $ 2,008.0
750.8 685.2
GAAP gross margin $ $ $ $
172.4 153.8 516.2 507.9
Topic 606 adjustment - - - (53.0)
Restructuring (6.8) (3.1) (15.3) (3.1)
reimbursement
Cost reduction expense (1.9) (0.7) (6.7) (4.2)
Non-GAAP gross margin $ $ $ $
163.7 150.0 494.2 447.6
GAAP operating profit $ $ $ $
70.9 55.8 200.8 211.6
Topic 606 adjustment - - - (53.0)
Restructuring (6.8) (3.1) (15.3) (3.1)
reimbursement
Postretirement expense 0.9 1.0 2.5 2.9
Cost reduction and other 0.5 (0.9) 11.1 (3.1)
expense
Non-GAAP operating profit $ $ $ $
65.5 52.8 199.1 155.3
GAAP gross margin % 22.8% 22.3% 23.4% 24.6%
Non-GAAP gross margin % 21.8% 21.9% 22.5% 22.3%
GAAP operating profit % 9.4% 8.1% 9.1% 10.3%
Non-GAAP operating profit % 8.7% 7.7% 9.1% 7.7%
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
October 30, 2019 03:00 ET (07:00 GMT)
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