0000746838-14-000003.txt : 20140130
0000746838-14-000003.hdr.sgml : 20140130
20140130163535
ACCESSION NUMBER: 0000746838-14-000003
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20140130
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20140130
DATE AS OF CHANGE: 20140130
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: UNISYS CORP
CENTRAL INDEX KEY: 0000746838
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
IRS NUMBER: 380387840
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08729
FILM NUMBER: 14561178
BUSINESS ADDRESS:
STREET 1: 801 LAKEVIEW DRIVE, SUITE 100
CITY: BLUE BELL
STATE: PA
ZIP: 19422
BUSINESS PHONE: 2159864011
MAIL ADDRESS:
STREET 1: 801 LAKEVIEW DRIVE, SUITE 100
CITY: BLUE BELL
STATE: PA
ZIP: 19422
FORMER COMPANY:
FORMER CONFORMED NAME: BURROUGHS CORP /DE/
DATE OF NAME CHANGE: 19861204
8-K
1
fourthqearnings.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) January 30, 2014
_________________________________________________________________________
UNISYS CORPORATION
_________________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-8729 38-0387840
_________________________________________________________________________
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
801 Lakeview Drive, Suite 100
Blue Bell, Pennsylvania 19422
_________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
(215) 986-4011
_________________________________________________________________________
(Registrant's telephone number, including area code)
N/A
_________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
\ \ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
\ \ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
\ \ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)
\ \ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On January 30, 2014, Unisys Corporation issued a news release to report
its financial results for the quarter and year ended December 31, 2013.
The release is furnished as Exhibit 99 to this Current Report.
The information in this Current Report, including the Exhibit attached
hereto shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section. The information contained herein and in the
accompanying Exhibit shall not be incorporated by reference into any
registration statement or other document filed with the Securities and
Exchange Commission by Unisys Corporation, whether before or after the
date hereof, regardless of any general incorporation language in such
filing, except as shall be expressly set forth by specific reference in
such filing.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibit is being furnished herewith:
99 News Release, dated January 30, 2014, of Unisys Corporation
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
UNISYS CORPORATION
Date: January 30, 2014 By: /s/ Janet B. Haugen
-------------------
Janet B. Haugen
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
-------------
Exhibit
No.
------
99 News Release, dated January 30, 2014, of Unisys Corporation
EX-99
2
ex99fourthq.txt
News Release
Investor Contact:
Niels Christensen, 215-986-6651
Niels.Christensen@unisys.com
Media Contact:
Jim Kerr, 215-986-5795
Jim.Kerr@unisys.com
UNISYS ANNOUNCES FOURTH-QUARTER 2013 FINANCIAL RESULTS
* Revenue grows 2 percent; technology revenue up 5 percent; services
revenue up 1 percent
* Net income of $117.4 million vs. $81.8 million in 4Q 2012
* Diluted EPS of $2.37 vs. $1.67 in 4Q 2012
* Non-GAAP diluted EPS(1) of $2.82 vs. $2.27 in 4Q 2012
* Free cash flow(2) of $93 million; free cash flow of $138 million before
pension contributions
BLUE BELL, Pa., January 30, 2014 - Unisys Corporation (NYSE: UIS) today
reported fourth-quarter 2013 net income of $117.4 million, or $2.37 per
diluted share, which included $23.2 million of pension expense. In the
fourth quarter of 2012, the company reported net income of $81.8 million,
or $1.67 per diluted share, which included $30.4 million of pension
expense. Excluding pension expense, non-GAAP diluted earnings per share
in the fourth quarter of 2013 was $2.82 compared with $2.27 in the fourth
quarter of 2012. Fourth-quarter 2013 revenue grew 2 percent to $996
million from $979 million in the fourth quarter of 2012. Foreign currency
translations had a negligible impact on revenue comparisons in the fourth
quarter.
For the full year of 2013, Unisys reported net income of $92.3 million,
or $2.08 per diluted share, which included $90.0 million of pension
expense. For the full year of 2012, the company reported net income of
$129.4 million, or $2.84 per diluted share, which included $105.4 million
of pension expense and $30.6 million of debt reduction charges. Excluding
pension expense in both years and the debt reduction charges in 2012,
non-GAAP earnings per share for the full year of 2013 was $3.87 compared
with $5.50 for the full year of 2012. Full-year 2013 revenue declined 7
percent to $3.46 billion from full-year 2012 revenue of $3.71 billion.
Foreign currency translations had a one percentage-point negative impact
on full-year 2013 revenue comparisons.
"We closed 2013 with a good fourth quarter, reporting significantly
increased profitability on higher revenue," said Unisys Chairman and CEO
Ed Coleman. "We grew both our services and technology businesses while
continuing to show good cost discipline across the business. We were
particularly pleased by the higher operating profit margins in our
services business, where we also grew orders for the third consecutive
quarter.
"As we move into 2014, we are excited by the opportunities in front of
us," Coleman said. "We are seeing growing market interest in our Stealth
cybersecurity software products, our new Forward! by Unisys fabric-based
servers, our cloud-based offerings, and other innovative solution
offerings. We are focused on continuing our fourth-quarter momentum and
driving profitable revenue growth in the year ahead."
FOURTH-QUARTER COMPANY AND BUSINESS SEGMENT HIGHLIGHTS
International revenue grew 2 percent (3 percent on a constant currency(3)
basis) in the fourth quarter as growth in Europe and Asia Pacific more
than offset declines in Latin America. U.S. revenue was flat compared to
the fourth quarter of 2012.
The company reported an overall fourth-quarter 2013 gross profit margin
of 31.7 percent, up from 29.2 percent in the year-ago quarter. Operating
expenses (SG&A and R&D expenses) decreased 7 percent from the year-ago
period, reflecting effective cost management. The company reported
fourth-quarter 2013 operating profit of $155.9 million, or 15.7 percent
of revenue, compared with fourth-quarter 2012 operating profit of $114.6
million, or 11.7 percent of revenue.
Fourth-quarter 2013 services revenue increased 1 percent (2 percent on a
constant currency basis) as growth in outsourcing and systems integration
offset declines in core maintenance. Reflecting a richer mix of higher-
margin services and solutions as well as a continued focus on cost
control, fourth-quarter 2013 services gross profit margin improved to
21.9 percent from 20.2 percent a year ago and services operating profit
margin improved to 9.8 percent from 6.6 percent a year ago.
Fourth-quarter 2013 services orders grew from the fourth quarter of 2012,
driven by higher orders for outsourcing and systems integration services.
Services backlog at December 31, 2013 was $4.8 billion, down 5 percent
from services backlog at December 31, 2012.
Fourth-quarter 2013 technology revenue grew 5 percent from the prior-year
quarter. Fourth-quarter 2013 technology gross profit margin declined to
61.4 percent from 68.1 percent in the year-ago quarter, resulting from a
higher mix of third-party product sales, and technology operating profit
margin declined to 40.6 percent from 43.9 percent in the year-ago
quarter.
CASH FLOW AND BALANCE SHEET HIGHLIGHTS
In the fourth quarter of 2013, Unisys generated $141 million of cash from
operations, which included $46 million of pension contributions. In the
fourth quarter of 2012, the company generated $154 million of cash from
operations, which included $26 million of pension contributions. Capital
expenditures in the fourth quarter of 2013 were $48 million compared with
$36 million in the year-ago quarter. The company generated $93 million of
free cash flow in the fourth quarter of 2013 compared with free cash flow
of $118 million in the fourth quarter of 2012. Free cash flow before
pension contributions was $138 million in the fourth quarter of 2013
compared with $144 million in the year-ago quarter.
Unisys made a total of $147 million in pension contributions in 2013
compared with $202 million of pension contributions in 2012. For the full
year of 2013, the company generated free cash flow of $183 million before
pension contributions compared with $330 million of free cash flow before
pension contributions in 2012.
At December 31, 2013, the company reported a cash balance of $640 million
and total debt of $210 million.
NON-GAAP INFORMATION
Unisys reports its results in accordance with Generally Accepted
Accounting Principles (GAAP) in the United States. However, in an effort
to provide investors with additional perspective regarding the company's
results as determined by GAAP, the company also discusses, in its
earnings press release and/or earnings presentation materials, non-GAAP
information which management believes provides useful information to
investors. Our management uses supplemental non-GAAP financial measures
internally to understand, manage and evaluate our business and assess
operational alternatives. These non-GAAP measures may include non-GAAP
diluted earnings per share, free cash flow, and constant currency.
Our non-GAAP measures are not intended to be considered in isolation or
as substitutes for results determined in accordance with GAAP and should
be read only in conjunction with our consolidated financial statements
prepared in accordance with GAAP. (See GAAP to non-GAAP reconciliations
attached.)
(1) Non-GAAP diluted earnings per share - For the full years of 2013 and
2012, Unisys recorded pension expense of $90.0 million and $105.4
million, respectively. In addition, for full year 2012 the company
incurred debt reduction charges of $30.6 million as a result of debt
reduction actions. In an effort to provide investors with a perspective
on the company's earnings without these charges, they are excluded from
the non-GAAP diluted earnings per share calculations.
(2) Free cash flow - To better understand the trends in our business, we
believe that it is helpful to present free cash flow, which we define as
cash flow from operations less capital expenditures. Management believes
this measure gives investors an additional perspective on cash flow from
operating activities in excess of amounts required for reinvestment.
Because of the significance of the company's pension funding obligations,
free cash flow before pension funding is also provided.
(3) Constant currency - The company refers to growth rates at constant
currency or adjusting for currency 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 for revenue is calculated
by retranslating current and prior period results at a consistent rate.
This approach is based on the pricing currency for each country which is
typically the functional currency. Generally, when the dollar either
strengthens or weakens against other currencies, the growth at constant
currency rates will be higher or lower, respectively, than growth
reported at actual exchange rates.
CONFERENCE CALL
Unisys will hold a conference call today at 5:30 p.m. Eastern Time to
discuss its results. The listen-only Webcast, as well as the accompanying
presentation materials, can be accessed on the Unisys Investor Web site
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.
ABOUT UNISYS
Unisys is a worldwide information technology company. We provide a
portfolio of IT services, software, and technology that solves critical
problems for clients. We specialize in helping clients secure their
operations, increase the efficiency and utilization of their data
centers, enhance support to their end users and constituents, and
modernize their enterprise applications. To provide these services and
solutions, we bring together offerings and capabilities in outsourcing
services, systems integration and consulting services, infrastructure
services, maintenance services, and high-end server technology. With
approximately 23,000 employees, Unisys serves commercial organizations
and government agencies throughout the world. For more information, visit
www.unisys.com.
FORWARD-LOOKING STATEMENTS
Any statements contained in this release that are not historical facts
are forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include, but
are not limited to, any projections of earnings, revenues, 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. Risks and uncertainties that could affect
the company's future results include the company's ability to drive
profitable growth in consulting and systems integration; the company's
ability to take on, successfully implement and grow outsourcing
operations; market demand for the company's high-end enterprise servers
and maintenance on those servers; the potential adverse effects of
aggressive competition in the information services and technology
marketplace; the company's ability to retain significant clients; the
company's ability to effectively anticipate and respond to volatility and
rapid technological change in its industry; the adverse effects of global
economic conditions; the company's significant pension obligations and
potential requirements to make significant cash contributions to its
defined benefit pension plans; the success of the company's program to
reduce costs, focus its global resources and simplify its business
structure; the risks that the company's contracts may not be as
profitable as expected or provide the expected level of revenues and that
contracts with U.S. governmental agencies may subject it to audits,
criminal penalties, sanctions and other expenses and fines; the risk that
the company may face damage to its reputation or legal liability if its
clients are not satisfied with its services or products; the risk that
breaches of data security could expose the company to legal liability and
could harm its business and reputation; the performance and capabilities
of third parties with whom the company has commercial relationships; the
risks of doing business internationally when more than half of the
company's revenue is derived from international operations; the company's
ability to access capital and credit markets to address its liquidity
needs; the potential for intellectual property infringement claims to be
asserted against the company or its clients; the possibility that pending
litigation could affect the company's results of operations or cash flow;
the business and financial risk in implementing future dispositions or
acquisitions; and the company's consideration of all available
information following the end of the year and before the filing of the
Form 10-K 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.: 0130/9222
Unisys is a registered trademark of Unisys Corporation. Any other brand
and products referenced herein is acknowledged to be a trademark or
registered trademark of its respective holder.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Millions, except per share data)
Three Months Year
Ended December 31 Ended December 31
------------------ ------------------
2013 2012 2013 2012
-------- -------- -------- --------
Revenue
Services $813.4 $805.7 $2,996.1 $3,192.4
Technology 182.5 173.6 460.4 514.0
-------- -------- -------- --------
995.9 979.3 3,456.5 3,706.4
Costs and expenses
Cost of revenue:
Services 608.4 640.7 2,405.5 2,567.7
Technology 72.1 52.7 202.6 165.2
-------- -------- -------- --------
680.5 693.4 2,608.1 2,732.9
Selling, general and
administrative 140.6 150.8 559.4 572.8
Research and development 18.9 20.5 69.5 81.5
-------- -------- -------- --------
840.0 864.7 3,237.0 3,387.2
-------- -------- -------- --------
Operating profit 155.9 114.6 219.5 319.2
Interest expense 2.2 2.5 9.9 27.5
Other income (expense), net (1.3) (2.7) 9.8 (37.6)
-------- -------- -------- --------
Income before
income taxes 152.4 109.4 219.4 254.1
Provision for income taxes 28.2 20.5 99.3 97.3
-------- -------- -------- --------
Consolidated net income 124.2 88.9 120.1 156.8
Net income attributable to
noncontrolling interests 2.7 3.0 11.6 11.2
-------- -------- -------- --------
Net income attributable
to Unisys Corporation 121.5 85.9 108.5 145.6
Preferred stock dividend 4.1 4.1 16.2 16.2
-------- -------- -------- --------
Net income attributable
to Unisys Corporation
common shareholders $117.4 $81.8 $92.3 $129.4
======== ======== ======== ========
Earnings per common share attributable
to Unisys Corporation
Basic $ 2.67 $ 1.86 $ 2.10 $ 2.95
======== ======== ======== ========
Diluted $ 2.37 $ 1.67 $ 2.08 $ 2.84
======== ======== ======== ========
Shares used in the per share
computations (thousands):
Basic 43,947 43,976 43,899 43,864
Diluted 51,319 51,307 44,347 51,216
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Elimi-
Total nations Services Technology
-------- -------- -------- ----------
Three Months Ended
December 31, 2013
------------------
Customer revenue $995.9 $813.4 $182.5
Intersegment ($66.0) 0.4 65.6
-------- -------- -------- --------
Total revenue $995.9 ($66.0) $813.8 $248.1
======== ======== ======== ========
Gross profit percent 31.7% 21.9% 61.4%
======== ======== ========
Operating profit
percent 15.7% 9.8% 40.6%
======== ======== ========
Three Months Ended
December 31, 2012
------------------
Customer revenue $979.3 $805.7 $173.6
Intersegment ($37.3) 1.8 35.5
-------- -------- -------- --------
Total revenue $979.3 ($37.3) $807.5 $209.1
======== ======== ======== ========
Gross profit percent 29.2% 20.2% 68.1%
======== ======== ========
Operating profit
percent 11.7% 6.6% 43.9%
======== ======== ========
Year Ended
December 31, 2013
------------------
Customer revenue $3,456.5 $2,996.1 $460.4
Intersegment ($122.5) 1.7 120.8
-------- -------- -------- --------
Total revenue $3,456.5 ($122.5) $2,997.8 $581.2
======== ======== ======== ========
Gross profit percent 24.5% 19.7% 53.9%
======== ======== ========
Operating profit
percent 6.4% 6.2% 21.1%
======== ======== ========
Year Ended
December 31, 2012
------------------
Customer revenue $3,706.4 $3,192.4 $514.0
Intersegment ($123.1) 3.8 119.3
-------- -------- -------- --------
Total revenue $3,706.4 ($123.1) $3,196.2 $633.3
======== ======== ======== ========
Gross profit percent 26.3% 20.0% 63.9%
======== ======== ========
Operating profit
percent 8.6% 6.4% 33.1%
======== ======== ========
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
December 31, December 31,
2013 2012
---------- ----------
Assets
Current assets
Cash and cash equivalents $639.8 $655.6
Accounts and notes receivable, net 683.1 670.2
Inventories
Parts and finished equipment 32.8 29.3
Work in process and materials 22.3 20.7
Deferred income taxes 24.1 21.6
Prepaid expense and other
current assets 138.7 115.0
---------- ----------
Total 1,540.8 1,512.4
---------- ----------
Properties 1,095.5 1,262.2
Less accumulated depreciation
and amortization 920.8 1,085.8
---------- ----------
Properties, net 174.7 176.4
---------- ----------
Outsourcing assets, net 115.5 126.3
Marketable software, net 129.1 124.2
Prepaid postretirement assets 83.7 3.3
Deferred income taxes 112.3 162.7
Goodwill 188.7 192.3
Other long-term assets 165.2 122.8
---------- ----------
Total $2,510.0 $2,420.4
========== ==========
Liabilities and deficit
Current liabilities
Current maturities of long-term debt $0.0 $0.3
Accounts payable 246.7 228.6
Deferred revenue 402.4 389.5
Other accrued liabilities 375.7 411.9
---------- ----------
Total 1,024.8 1,030.3
---------- ----------
Long-term debt 210.0 210.0
Long-term postretirement liabilities 1,697.2 2,553.5
Long-term deferred revenue 122.7 123.1
Other long-term liabilities 119.2 92.2
Commitments and contingencies
Total deficit (663.9) (1,588.7)
---------- ----------
Total $2,510.0 $2,420.4
========== ==========
UNISYS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Millions)
Year Ended
December 31
------------------
2013 2012 *
------- -------
Cash flows from operating activities
Consolidated net income $120.1 $156.8
Add (deduct) items to reconcile consolidated net
income to net cash provided by operating activities:
Foreign currency transaction loss 6.5 -
Loss on debt extinguishment - 30.6
Employee stock compensation 12.5 14.3
Company stock issued for U.S. 401(k) plan - 6.2
Depreciation and amortization of properties 46.7 54.7
Depreciation and amortization of
outsourcing assets 53.5 57.9
Amortization of marketable software 59.4 62.0
Disposals of capital assets 2.0 6.3
(Loss) gain on sale of business 1.5 (11.7)
Pension plans contributions (147.2) (201.5)
Decrease in deferred income taxes, net 29.4 26.3
Increase in receivables, net (63.5) (11.2)
(Increase) decrease in inventories (6.5) 14.2
Increase (decrease) in accounts payable
and other accrued liabilities 1.9 (80.7)
Change in other assets, liabilities and other 71.1 137.1
------- -------
Net cash provided by operating activities 187.4 261.3
------- -------
Cash flows from investing activities
Proceeds from investments 5,315.9 4,108.5
Purchases of investments (5,325.8) (4,107.2)
Restricted deposits (1.3) (0.6)
Investment in marketable software (64.3) (56.4)
Capital additions of properties (47.2) (40.1)
Capital additions of outsourcing assets (39.9) (36.1)
Net proceeds from sale of business (0.1) 5.2
------- -------
Net cash used for investing activities (162.7) (126.7)
------- -------
Cash flows from financing activities
Purchases of common stock (11.7) -
Payments of long-term debt - (388.9)
Dividends paid to noncontrolling interests - (4.5)
Dividends paid on preferred shares (16.2) (16.2)
Proceeds from exercise of stock options 4.9 0.4
Proceeds from issuance of long-term debt - 204.8
------- -------
Net cash used for financing activities (23.0) (204.4)
------- -------
Effect of exchange rate changes on cash
and cash equivalents (17.5) 10.5
------- -------
Decrease in cash and cash equivalents (15.8) (59.3)
Cash and cash equivalents, beginning of
period 655.6 714.9
------- -------
Cash and cash equivalents, end of period $639.8 $655.6
======= =======
*Certain components of net cash provided by operating
activities were changed to present pension contributions
separately, consistent with the 2013 presentation.
(1)
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Year
Ended December 31 Ended December 31
----------------- -----------------
2013 2012 2013 2012
-------- -------- -------- --------
GAAP net income
attributable to Unisys Corporation
common shareholders $117.4 $81.8 $92.3 $129.4
Debt reduction charges,
net of tax 0.0 0.0 0.0 30.6
FAS87 pension charges,
net of tax 23.2 30.4 90.0 105.4
-------- -------- -------- --------
Non-GAAP net income
attributable to Unisys Corporation
common shareholders 140.6 112.2 182.3 265.4
Add preferred stock dividend 4.1 4.1 16.2 16.2
-------- -------- -------- --------
Non-GAAP net income
attributable to Unisys
Corporation for diluted
earnings per share $144.7 $116.3 $198.5 $281.6
======== ======== ======== ========
Weighted average
shares (thousands) 43,947 43,976 43,899 43,864
Plus incremental shares from assumed conversion:
Employee stock plans 460 419 448 439
Preferred stock 6,913 6,913 6,913 6,913
-------- -------- -------- --------
GAAP adjusted weighted
average shares 51,319 51,307 51,260 51,216
======== ======== ======== ========
Diluted earnings per share
GAAP basis
GAAP net income
attributable to Unisys
Corporation for diluted
earnings per share $121.5 $85.9 $92.3 $145.6
Divided by adjusted weighted
average shares 51,319 51,307 44,347 51,216
GAAP net income
per diluted share $ 2.37 $ 1.67 $ 2.08 $ 2.84
======== ======== ======== ========
Non-GAAP basis
Non-GAAP net income
attributable to Unisys
Corporation for diluted
earnings per share $144.7 $116.3 $198.5 $281.6
Divided by Non-GAAP adjusted
weighted average shares 51,319 51,307 51,260 51,216
Non-GAAP net income
per diluted share $ 2.82 $ 2.27 $ 3.87 $ 5.50
======== ======== ======== ========
(2)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
--------------
Three Months Year
Ended December 31 Ended December 31
----------------- -----------------
2013 2012 2013 2012
-------- -------- -------- --------
Cash provided by operations $141.2 $153.9 $187.4 $261.3
Additions to marketable
software (17.0) (13.5) (64.3) (56.4)
Additions to properties (21.1) (14.1) (47.2) (40.1)
Additions to outsourcing
assets (10.3) (8.3) (39.9) (36.1)
-------- -------- -------- --------
Free Cash Flow 92.8 118.0 36.0 128.7
Pension funding 45.6 26.4 147.2 201.5
-------- -------- -------- --------
Free cash flow before
pension funding $138.4 $144.4 $183.2 $330.2
======== ======== ======== ========