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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 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Cmp Integrated Sys Design | 2.02B | -430.7M | -6.2094 | -1.32 | 590.28M |
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Unisys Announces 2Q21 Results
Double-digit YoY Revenue Growth; Significant YoY Operating Profit Margin and
Cash Flow Improvement; Continued Execution Against Strategic Goals
BLUE BELL, Pa., Aug. 2, 2021 --
* Revenue grew 17.9% YoY, supported by YoY growth in all segments
* Operating profit margin increased 980 bps YoY to 7.9%; non-GAAP operating
profit(5) margin increased 950 bps YoY to 9.7%, supported by YoY gross
margin improvement in all segments
* Cash from operations improved $56.1M YoY to $41.9M; Free cash flow(8)
positive, up $68.6M YoY to $19.0M; Adjusted free cash flow(9) improved
$91.6M YoY to $54.5M
* Expanded and enhanced proactive experience capabilities within Digital
Workplace Solutions with completion of Unify Square acquisition
Unisys Corporation (NYSE: UIS) today reported second-quarter 2021 financial
results. "We achieved double-digit year-over-year revenue growth and
significant year-over-year improvements to profitability and cash flow in the
second quarter," said Unisys Chair and CEO Peter A. Altabef. "We also continued
executing on the strategic goals that we described during our January investor
presentation for sustainable growth and margin expansion, including advancing
the transformation of our Digital Workplace Solutions business, broadening our
cloud capabilities, and expanding our enterprise computing solutions."
The segment formerly referred to as ClearPath Forward® (CPF) is now called
Enterprise Computing Solutions (ECS). This reflects a name change only.
Summary of Second-Quarter 2021 Results
* Revenue:
+ Revenue grew 17.9% YoY to $517.3M vs. $438.8M in 2Q20 (11.5% YoY growth
in constant currency(1))
o Revenue growth was supported by YoY growth in each of the company's
three segments
* Operating Profit:
+ Operating profit grew $49.3M YoY to $40.8M vs. $(8.5)M in 2Q20
o Non-GAAP operating profit grew $49.3M YoY to $50.1M vs. $0.8M in
2Q20
+ Operating profit margin improved 980 bps YoY to 7.9% vs. (1.9)% in 2Q20
o Non-GAAP operating profit margin improved 950 bps YoY to 9.7% vs.
0.2% in 2Q20
+ YoY operating profit margin increases were supported by YoY
improvements in gross margin for each of the company's three segments
* Adjusted EBITDA and Net Income:
+ Adjusted EBITDA(6) increased 124.8% YoY to $94.4M vs. $42.0M in 2Q20
o Adjusted EBITDA margin improved 860 bps YoY to 18.2% vs. 9.6% in
2Q20
+ The company completed its goal of $1.2B in gross pension liability
reductions during the quarter, and recognized settlement charges of
$210.7M ($2.37 per diluted share) related to its most recent pension
liability-reduction initiatives
o Net loss from continuing operations was $140.8M vs. a net loss of
$76.5M in 2Q20, with the noted settlement charges of $210.7M
exceeding the size of the net loss
o Net income margin of (27.2)% vs. (17.4)% in 2Q20 (980 bps decline)
+ Non-GAAP net income from continuing operations(7) improved $55.7M YoY
to $46.0M vs. $(9.7)M in 2Q20
o Non-GAAP net income margin improved 1110 bps to 8.9% vs. (2.2)% in
2Q20
* Earnings Per Share from Continuing Operations:
+ As noted above, the company completed its $1.2B pension
liability-reduction goal during the quarter and recognized related
settlement charges
o Loss per share from continuing operations of $2.10 vs. a loss of
$1.21 in 2Q20, with the noted settlement charges of $2.37 per
diluted share exceeding the size of the net loss per share
o Non-GAAP diluted earnings per share from continuing operations(7)
improved $0.83 to $0.68 vs. $(0.15) in 2Q20
* Cash Flow:
+ Cash from operations improved $56.1M to $41.9M vs. cash used in
operations of $14.2M in 2Q20, helped by margin improvements
+ Free cash flow improved $68.6M to $19.0M vs. $(49.6)M in 2Q20, helped
by capex being lower by 35.3% in 2Q21
+ Adjusted free cash flow improved $91.6M to $54.5M vs. $(37.1)M in 2Q20
* Backlog:
+ Total company backlog(2) of $3.3B vs. $3.4B as of 1Q21
o Sequential decline in backlog due to a delay in signing of one
large new DWS contract, which has since been signed.
Financial Highlights by Segment:
DWS:
* DWS revenue grew 9.7% YoY to $146.5M vs. $133.5M in 2Q20 (4.4% YoY growth
in constant currency)
+ YoY growth reflects increased revenue from proactive experience
solutions and improvement in businesses that were impacted by COVID-19
* DWS gross profit grew 144.9% YoY to $22.3M vs. $9.1M in 2Q20
+ DWS gross margin improved 840 bps YoY to 15.2% vs. 6.8% in 2Q20
* During 2Q21, the company signed a contract with a consortium of U.S.-based
energy companies (a new client for Unisys) to provide a full range of IT
solutions including digital workplace, application support and cloud &
infrastructure, all with security oversight and protection. The agreement
highlights the use of Unisys' IP-led solutions, including InteliServeT and
CloudForte®, to improve productivity and deliver a superior employee
experience.
C&I:
* C&I revenue grew 9.9% YoY to $124.4M vs. $113.2M in 2Q20 (5.9% YoY growth
in constant currency)
+ C&I revenue growth supported by 15.7% YoY growth in C&I revenue in the
U.S. & Canada
* C&I gross profit grew 163.2% YoY to $15.6M vs. $5.9M in 2Q20
+ C&I gross margin improved 730 bps YoY to 12.5% vs. 5.2% in 2Q20
* During 2Q21 the company signed a contract that spans both DWS and C&I with
the State of Wisconsin Department of Workforce Development, a new client,
to provide a cloud-based contact center solution that will improve the
experience of how citizens interact with government. Through this new
solution, Wisconsin citizens will be able to contact various government
programs more quickly, and all contacts they have with these programs will
be seamlessly linked across platforms to improve access and ensure better
customer service.
ECS:
* ECS revenue grew 40.2% YoY to $169.5M vs. $120.9M in 2Q20 (32.9% YoY growth
in constant currency)
+ YoY revenue growth was supported by higher license renewal revenue than
anticipated, driven by higher-volumes than expected
+ ECS services revenue also grew 2% YoY
* ECS gross profit grew 83.6% YoY to $104.2M vs. $56.8M in 2Q20
+ ECS gross margin improved 1430 bps YoY to 61.3% vs. 47.0% in 2Q20
* During 2Q21, the Company signed a contract expansion with one of the
largest financial services institutions in Brazil for consulting and
application services for their ClearPath Forward and related application
environment, including development and modernization related to the
integration of more than 90 systems to support the institution's mortgage
processing operation across different states, channels and partners in the
country. Unisys will also deploy StealthT software to secure multiple state
applications.
Conference Call
Unisys will hold a conference call August 3 at 8:00 a.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) Backlog - Represents future revenue associated with contracted work which
has not yet been delivered or performed. Although we believe this backlog is
firm, we may, for commercial reasons, allow the orders to be cancelled, with or
without penalty.
(3) Pipeline - Pipeline represents prospective sale opportunities being
pursued or for which bids have been submitted. There is no assurance that
pipeline will translate into recorded revenue.
(4) Total Contract Value - TCV is the estimated total contractual revenue
related to contracts signed in the period without regard for cancellation
terms. New business TCV represents TCV attributable to new scope for existing
clients and new logo contracts.
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 certain
portions of post-retirement, debt exchange and extinguishment 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.
(5) Non-GAAP operating profit - The company recorded pretax post-retirement
expense and pretax charges in connection with cost-reduction activities, debt
exchange/extinguishment 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.
(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/extinguishment, 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.
(7) Non-GAAP net income and non-GAAP diluted earnings per share - The company
has recorded post-retirement expense and charges in connection with debt
exchange/extinguishment 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.
(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, discontinued operations 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 IT solutions company that delivers successful outcomes for
the most demanding businesses and governments. Unisys offerings include digital
workplace solutions, cloud and infrastructure solutions, enterprise computing
solutions, business process solutions and cybersecurity solutions. For more
information on how Unisys delivers for its clients across the commercial,
financial services and government 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 or expectations 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: uncertainty of the magnitude, duration and spread of the novel
coronavirus ("COVID-19") pandemic and the impact of COVID-19 and governments'
responses to it on the global economy and our business, growth, reputation,
projections, prospects, financial condition, operations, cash flows and
liquidity, our ability to attract, motivate and retain experienced personnel in
key positions; our ability to grow revenue and expand margin in our Digital
Workplace Solutions and Cloud and Infrastructure businesses; 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 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; our ability to develop or acquire the
capabilities to enhance the company's solutions; the potential adverse effects
of the concentration of the company's business in the global commercial sector
of the information technology industry; our significant pension obligations and
required cash contributions and the possibility that we may be required to make
additional significant cash contributions to our defined benefit pension plans;
our ability to use our net operating loss carryforwards and certain other tax
attributes may be limited; 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; cybersecurity breaches could result in significant costs and
could harm our business and reputation; the performance and capabilities of
third parties with whom we have commercial relationships; a failure to meet
standards or expectations with respect to the company's environmental, social
and governance practices; our ability to access financing markets; a reduction
in our credit rating; 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; 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 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.: 0802/9843
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 (LOSS)
(Unaudited)
(Millions, except per share data)
Three Months Six Months Ended
Ended June 30,
June 30,
2021 2020 2021 2020
Revenue
Services $ $ $ $
430.5 396.0 850.9 821.9
Technology 86.8 42.8 176.2 132.3
517.3 438.8 1,027.1 954.2
Costs and expenses
Cost of revenue:
Services 337.9 340.0 676.6 715.7
Technology 37.2 23.9 69.1 50.5
375.1 363.9 745.7 766.2
Selling, general and administrative 94.6 80.2 184.6 167.0
Research and development 6.8 3.2 12.4 9.4
476.5 447.3 942.7 942.6
Operating income (loss) 40.8 (8.5) 84.4 11.6
Interest expense 8.4 4.6 18.5 18.5
Other (expense), net (227.8) (53.7) (410.4) (101.8)
Loss from continuing operations before (195.4) (66.8) (344.5) (108.7)
income taxes
Provision (benefit) for income taxes (53.1) 9.7 (44.7) 20.5
Consolidated net loss from continuing (142.3) (76.5) (299.8) (129.2)
operations
Net income (loss) attributable to (1.5) - (1.2) 0.5
noncontrolling interests
Net loss from continuing operations (140.8) (76.5) (298.6) (129.7)
attributable to Unisys Corporation
Income (loss) from discontinued - (2.1) - 1,066.4
operations, net of tax
Net income (loss) attributable to Unisys $ $ $ $
Corporation (140.8) (78.6) (298.6) 936.7
Earnings (loss) per share attributable to
Unisys Corporation
Basic
Continuing Operations $ $ $ $
(2.10) (1.21) (4.54) (2.06)
Disontinued Operations - (0.04) - 16.97
Total $ $ $ $
(2.10) (1.25) (4.54) 14.91
Diluted
Continuing Operations $ $ $ $
(2.10) (1.21) (4.54) (2.06)
Disontinued Operations - (0.04) - 16.97
Total $ $ $ $
(2.10) (1.25) (4.54) 14.91
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total DWS C&I ECS Other
Three Months Ended
June 30, 2021
Customer revenue $ $ $ $ $
517.3 146.5 124.4 169.5 76.9
Intersegment - - - 0.5 (0.5)
Total revenue $ $ $ $ $
517.3 146.5 124.4 170.0 76.4
Gross profit percent 27.5 % 15.2 % 12.5 % 61.3 %
Three Months Ended
June 30, 2020
Customer revenue $ $ $ $ $
438.8 133.5 113.2 120.9 71.2
Intersegment - - - - -
Total revenue $ $ $ $ $
438.8 133.5 113.2 120.9 71.2
Gross profit percent 17.1 % 6.8 % 5.2 % 47.0 %
Total DWS C&I ECS Other
Six Months Ended June
30, 2021
Customer revenue $ $ $ $ $
1,027.1 287.6 247.7 337.1 154.7
Intersegment - - - 1.4 (1.4)
Total revenue $ $ $ $ $
1,027.1 287.6 247.7 338.5 153.3
Gross profit percent 27.4 % 14.2 % 11.1 % 61.2 %
Six Months Ended June
30, 2020
Customer revenue $ $ $ $ $
954.2 293.7 217.2 292.6 150.7
Intersegment - - - 0.1 (0.1)
Total revenue $ $ $ $ $
954.2 293.7 217.2 292.7 150.6
Gross profit percent 19.7 % 5.5 % 1.4 % 53.6 %
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
June 30, December 31,
2021 2020
Assets
Current assets:
Cash and cash equivalents $ $
596.7 898.5
Accounts receivable, net 400.7 460.5
Contract assets 47.8 44.3
Inventories 6.1 13.4
Prepaid expenses and other current 94.9 89.3
assets
Total current assets 1,146.2 1,506.0
Properties 712.9 727.0
Less-accumulated depreciation and 605.5 616.5
amortization
Properties, net 107.4 110.5
Outsourcing assets, net 150.1 173.9
Marketable software, net 188.9 193.6
Operating lease right-of-use assets 67.5 79.3
Prepaid postretirement assets 124.1 187.5
Deferred income taxes 153.5 136.2
Goodwill 226.2 108.6
Intangible assets, net 34.0 -
Restricted cash 9.5 8.2
Other long-term assets 168.9 204.1
Total assets $ $
2,376.3 2,707.9
Liabilities and deficit
Current liabilities:
Current maturities of long-term-debt $ $
19.4 102.8
Accounts payable 131.0 223.2
Deferred revenue 242.0 257.1
Other accrued liabilities 286.5 352.0
Total current liabilities 678.9 935.1
Long-term debt 517.5 527.1
Long-term postretirement liabilities 1,195.7 1,286.1
Long-term deferred revenue 143.3 137.9
Long-term operating lease liabilities 54.1 62.4
Other long-term liabilities 50.6 71.4
Commitments and contingencies
Total Unisys Corporation stockholders' (308.8) (356.8)
deficit
Noncontrolling interests 45.0 44.7
Total deficit (263.8) (312.1)
Total liabilities and deficit $ $
2,376.3 2,707.9
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Six Months Ended
June 30,
2021 2020
Cash flows from operating activities
Consolidated net loss from continuing operations $ $
(299.8) (129.2)
Income from discontinued operations, net of tax - 1,066.4
Adjustments to reconcile consolidated net loss to net
cash used for operating activities:
Gain on sale of U.S. Federal business - (1,057.4)
Loss on debt extinguishment - 28.5
Foreign currency translation losses 1.2 15.3
Non-cash interest expense 1.2 2.7
Employee stock compensation 7.0 8.0
Depreciation and amortization of properties 15.2 15.6
Depreciation and amortization of outsourcing assets 33.2 32.7
Amortization of marketable software 34.4 36.0
Amortization of intangible assets 0.5 -
Other non-cash operating activities (0.2) 1.3
Loss on disposal of capital assets 1.2 0.5
Postretirement contributions (32.1) (333.0)
Postretirement expense 394.7 48.4
Deferred income taxes, net (65.2) (7.0)
Changes in operating assets and liabilities
Receivables, net and contract assets 96.1 39.6
Inventories 7.4 1.4
Other assets (5.5) (3.0)
Accounts payable and current liabilities (207.2) (161.5)
Other liabilities 16.9 2.6
Net cash used for operating activities (1.0) (392.1)
Cash flows from investing activities
Purchase of business (150.1) -
Net proceeds from sale of U.S. Federal business - 1,159.4
Proceeds from investments 2,261.6 1,735.3
Purchases of investments (2,262.4) (1,755.9)
Investments in marketable software (29.7) (36.7)
Capital additions of properties (12.0) (10.6)
Capital additions of outsourcing assets (8.7) (15.8)
Other (0.4) (0.2)
Net cash (used for) provided by investing activities (201.7) 1,075.5
Cash flows from financing activities
Proceeds from short-term borrowings - 60.3
Proceeds from issuance of long-term debt 1.5 4.0
Payments of long-term debt (95.4) (448.4)
Cash paid for debt extinguishment - (23.7)
Proceeds from exercise of stock options 3.7 -
Other (7.7) (4.7)
Net cash used for financing activities (97.9) (412.5)
Effect of exchange rate changes on cash, cash equivalents 0.1 (30.3)
and restricted cash
Increase (decrease) in cash, cash equivalents and (300.5) 240.6
restricted cash
Cash, cash equivalents and restricted cash, beginning of 906.7 551.8
period
Cash, cash equivalents and restricted cash, end of period $ $
606.2 792.4
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Six Months Ended
Ended
June 30, June 30,
2021 2020 2021 2020
GAAP net loss from continuing operations $ $ $ $
attributable to Unisys Corporation (140.8) (298.6) (129.7)
(76.5)
Postretirement expense: pretax 225.7 24.9 394.7 48.4
tax 52.0 0.4 52.4 0.7
net of tax 173.7 24.5 342.3 47.7
Cost reduction and pretax 13.6 42.8 32.7 74.6
other expenses:
tax 0.5 0.5 0.6 1.1
net of tax 13.1 42.3 32.1 73.5
noncontrolling - - - -
interest
net of 13.1 42.3 32.1 73.5
noncontrolling
interest
Non-GAAP net income (loss) from continuing 46.0 (9.7) 75.8 (8.5)
operations attributable to Unisys
Corporation
Add interest expense on convertible notes - - - -
Non-GAAP net income (loss) attributable to $ $ $ $
Unisys Corporation for diluted earnings per 46.0 75.8 (8.5)
share (9.7)
Weighted average shares (thousands) 67,080 63,010 65,752 62,830
Plus incremental shares from assumed
conversion:
Employee stock plans 740 - 903 -
Convertible notes - - - -
Non-GAAP adjusted weighted average shares 67,820 63,010 66,655 62,830
Diluted earnings (loss) per share from
continuing operations
GAAP basis
GAAP net loss from continuing operations $ $ $ $
attributable to Unisys Corporation for (140.8) (298.6) (129.7)
diluted earnings per share (76.5)
Divided by weighted average shares 67,080 63,010 65,752 62,830
GAAP diluted loss per share $ $ $ $
(2.10) (4.54) (2.06)
(1.21)
Non-GAAP basis
Non-GAAP net income (loss) from continuing $ $ $ $
operations attributable to Unisys 46.0 75.8 (8.5)
Corporation for diluted earnings per share (9.7)
Divided by Non-GAAP adjusted weighted 67,820 63,010 66,655 62,830
average shares
Non-GAAP diluted earnings (loss) per share $ $ $ $
0.68 1.14 (0.14)
(0.15)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Cash provided by (used for) $ $ $ $
operations 41.9 (14.2) (1.0) (392.1)
Additions to marketable (12.3) (19.4) (29.7) (36.7)
software
Additions to properties (6.9) (5.0) (12.0) (10.6)
Additions to outsourcing (3.7) (11.0) (8.7) (15.8)
assets
Free cash flow 19.0 (49.6) (51.4) (455.2)
Postretirement funding 10.5 5.3 32.1 333.0
Discontinued operations - (0.1) - (9.1)
Cost reduction and other 25.0 7.3 49.4 18.0
payments
Adjusted free cash flow $ $ $ $
54.5 (37.1) 30.1 (113.3)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Net loss from continuing operations $ $ $ $
attributable to Unisys Corporation (140.8) (76.5) (298.6) (129.7)
Net income (loss) attributable to (1.5) - (1.2) 0.5
noncontrolling interests
Interest expense, net of interest 6.5 2.2 15.1 13.8
income of $1.9, $2.4, $3.5, $4.7,
respectively*
Provision (benefit) for income taxes (53.1) 9.7 (44.7) 20.5
Depreciation 24.7 24.1 48.4 48.3
Amortization 19.4 22.4 34.9 36.0
EBITDA $ $ $ $
(144.8) (18.1) (246.1) (10.6)
Postretirement expense $ $ $ $
225.7 24.9 394.7 48.4
Debt extinguishment, cost reduction 10.1 34.6 29.2 66.4
and other expenses**
Non-cash share based expense 3.7 2.9 7.0 8.0
Other expense, net adjustment*** (0.3) (2.3) 3.5 2.2
Adjusted EBITDA $ $ $ $
94.4 42.0 188.3 114.4
*Included in other (expense), net on the consolidated statements of income
(loss)
**Reduced for depreciation and amortization included above
***Other (income) expense, net as reported on the consolidated statements of
income (loss) less postretirement expense, interest income and
items included in cost reduction and other expenses
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
Revenue $ $ $ $
517.3 438.8 1,027.1 954.2
Net loss from continuing operations (27.2)% (17.4)% (29.1)% (13.6)%
attributable to Unisys Corporation as
a percentage of revenue
Adjusted EBITDA as a percentage of 18.2 % 9.6 % 18.3 % 12.0 %
revenue
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
OPERATING PROFIT
Three Months Ended Six Months Ended
June 30, June 30,
2021 2020 2021 2020
GAAP operating income $ 40.8 $ (8.5) $ 84.4 $ 11.6
(loss) from
continuing operations
Cost reduction and 8.7 8.5 15.2 17.0
other expenses*
Postretirement 0.6 0.8 1.9 1.6
expense** Non-GAAP operating $ 50.1 $ 0.8 $ 101.5 $ 30.2 profit from continuing operations Revenue $ 517.3 $ 438.8 $ 1,027.1 $ 954.2 GAAP operating profit 7.9 % (1.9)% 8.2 % 1.2 % (loss) percent Non-GAAP operating 9.7 % 0.2 % 9.9 % 3.2 % profit percent *Included in cost of revenue, selling, general and administrative and research and development on the consolidated statements of income (loss) **Included in selling, general and administrative on the consolidated statements of income (loss) 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
August 03, 2021 02:00 ET (06:00 GMT)
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