CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code) |
( | ||
(Registrant’s telephone number, including area code) |
N/A | ||
(Former name or former address, if changed since last report) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company |
(d) | The following exhibit is being furnished herewith: |
Exhibit No. | Description | |||||||
News Release, dated November 2, 2021, of Unisys Corporation |
Exhibit No. | Description | |||||||
News Release, dated November 2, 2021, of Unisys Corporation |
Unisys Corporation | |||||||||||
Date: November 2, 2021 | By: | /s/ Michael M. Thomson | |||||||||
Michael M. Thomson | |||||||||||
Executive Vice President and Chief Financial Officer |
Contacts: | |||||
Investors: Courtney Holben, Unisys, 215-986-3379 | |||||
courtney.holben@unisys.com | |||||
Media: John Clendening, Unisys, 214-403-1981 | |||||
john.clendening@unisys.com |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Services | $ | 417.9 | $ | 426.0 | $ | 1,268.8 | $ | 1,247.9 | ||||||||||||||||||
Technology | 70.1 | 69.2 | 246.3 | 201.5 | ||||||||||||||||||||||
488.0 | 495.2 | 1,515.1 | 1,449.4 | |||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||
Services | 343.1 | 345.9 | 1,019.7 | 1,061.6 | ||||||||||||||||||||||
Technology | 18.0 | 29.4 | 87.1 | 79.9 | ||||||||||||||||||||||
361.1 | 375.3 | 1,106.8 | 1,141.5 | |||||||||||||||||||||||
Selling, general and administrative | 95.1 | 85.5 | 279.7 | 252.5 | ||||||||||||||||||||||
Research and development | 6.7 | 6.7 | 19.1 | 16.1 | ||||||||||||||||||||||
462.9 | 467.5 | 1,405.6 | 1,410.1 | |||||||||||||||||||||||
Operating income | 25.1 | 27.7 | 109.5 | 39.3 | ||||||||||||||||||||||
Interest expense | 8.5 | 2.4 | 27.0 | 20.9 | ||||||||||||||||||||||
Other (expense), net | (24.2) | (32.5) | (434.6) | (134.3) | ||||||||||||||||||||||
Loss from continuing operations before income taxes | (7.6) | (7.2) | (352.1) | (115.9) | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 10.9 | 6.1 | (33.8) | 26.6 | ||||||||||||||||||||||
Consolidated loss from continuing operations | (18.5) | (13.3) | (318.3) | (142.5) | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 0.2 | — | (1.0) | 0.5 | ||||||||||||||||||||||
Net loss from continuing operations attributable to Unisys Corporation | (18.7) | (13.3) | (317.3) | (143.0) | ||||||||||||||||||||||
Income from discontinued operations, net of tax | — | 0.4 | — | 1,066.8 | ||||||||||||||||||||||
Net (loss) income attributable to Unisys Corporation | $ | (18.7) | $ | (12.9) | $ | (317.3) | $ | 923.8 | ||||||||||||||||||
Earnings (loss) per share attributable to Unisys Corporation | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Continuing operations | $ | (0.28) | $ | (0.21) | $ | (4.79) | $ | (2.27) | ||||||||||||||||||
Discontinued operations | — | 0.01 | — | 16.96 | ||||||||||||||||||||||
Total | $ | (0.28) | $ | (0.20) | $ | (4.79) | $ | 14.69 | ||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Continuing operations | $ | (0.28) | $ | (0.21) | $ | (4.79) | $ | (2.27) | ||||||||||||||||||
Discontinued operations | — | 0.01 | — | 16.96 | ||||||||||||||||||||||
Total | $ | (0.28) | $ | (0.20) | $ | (4.79) | $ | 14.69 |
Total | DWS | C&I | ECS | Other | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Customer revenue | $ | 488.0 | $ | 141.3 | $ | 118.9 | $ | 149.2 | $ | 78.6 | ||||||||||||||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||||||||||||||
Total revenue | $ | 488.0 | $ | 141.3 | $ | 118.9 | $ | 149.2 | $ | 78.6 | ||||||||||||||||||||||
Gross profit percent | 26.0 | % | 11.9 | % | 7.8 | % | 65.0 | % | ||||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Customer revenue | $ | 495.2 | $ | 148.3 | $ | 116.9 | $ | 146.6 | $ | 83.4 | ||||||||||||||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||||||||||||||
Total revenue | $ | 495.2 | $ | 148.3 | $ | 116.9 | $ | 146.6 | $ | 83.4 | ||||||||||||||||||||||
Gross profit percent | 24.2 | % | 14.6 | % | 3.7 | % | 51.4 | % |
Total | DWS | C&I | ECS | Other | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Customer revenue | $ | 1,515.1 | $ | 428.9 | $ | 366.6 | $ | 486.3 | $ | 233.3 | ||||||||||||||||||||||
Intersegment | — | — | — | 1.4 | (1.4) | |||||||||||||||||||||||||||
Total revenue | $ | 1,515.1 | $ | 428.9 | $ | 366.6 | $ | 487.7 | $ | 231.9 | ||||||||||||||||||||||
Gross profit percent | 26.9 | % | 13.5 | % | 10.1 | % | 62.4 | % | ||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Customer revenue | $ | 1,449.4 | $ | 442.0 | $ | 334.1 | $ | 439.2 | $ | 234.1 | ||||||||||||||||||||||
Intersegment | — | — | — | 0.1 | (0.1) | |||||||||||||||||||||||||||
Total revenue | $ | 1,449.4 | $ | 442.0 | $ | 334.1 | $ | 439.3 | $ | 234.0 | ||||||||||||||||||||||
Gross profit percent | 21.2 | % | 8.6 | % | 2.2 | % | 52.9 | % |
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 615.4 | $ | 898.5 | |||||||
Accounts receivable, net | 356.0 | 460.5 | |||||||||
Contract assets | 51.3 | 44.3 | |||||||||
Inventories | 11.2 | 13.4 | |||||||||
Prepaid expenses and other current assets | 91.5 | 89.3 | |||||||||
Total current assets | 1,125.4 | 1,506.0 | |||||||||
Properties | 616.4 | 727.0 | |||||||||
Less-accumulated depreciation and amortization | 530.2 | 616.5 | |||||||||
Properties, net | 86.2 | 110.5 | |||||||||
Outsourcing assets, net | 136.8 | 173.9 | |||||||||
Marketable software, net | 184.8 | 193.6 | |||||||||
Operating lease right-of-use assets | 62.9 | 79.3 | |||||||||
Prepaid postretirement assets | 123.0 | 187.5 | |||||||||
Deferred income taxes | 147.0 | 136.2 | |||||||||
Goodwill | 242.9 | 108.6 | |||||||||
Intangible assets, net | 16.5 | — | |||||||||
Restricted cash | 9.1 | 8.2 | |||||||||
Assets held for sale | 20.0 | — | |||||||||
Other long-term assets | 166.8 | 204.1 | |||||||||
Total assets | $ | 2,321.4 | $ | 2,707.9 | |||||||
Liabilities and deficit | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term-debt | $ | 18.8 | $ | 102.8 | |||||||
Accounts payable | 119.7 | 223.2 | |||||||||
Deferred revenue | 224.2 | 257.1 | |||||||||
Other accrued liabilities | 299.1 | 352.0 | |||||||||
Total current liabilities | 661.8 | 935.1 | |||||||||
Long-term debt | 514.1 | 527.1 | |||||||||
Long-term postretirement liabilities | 1,144.5 | 1,286.1 | |||||||||
Long-term deferred revenue | 153.0 | 137.9 | |||||||||
Long-term operating lease liabilities | 47.9 | 62.4 | |||||||||
Other long-term liabilities | 50.2 | 71.4 | |||||||||
Commitments and contingencies | |||||||||||
Total Unisys Corporation stockholders’ deficit | (294.3) | (356.8) | |||||||||
Noncontrolling interests | 44.2 | 44.7 | |||||||||
Total deficit | (250.1) | (312.1) | |||||||||
Total liabilities and deficit | $ | 2,321.4 | $ | 2,707.9 |
Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Consolidated net loss from continuing operations | $ | (318.3) | $ | (142.5) | ||||||||||
Income from discontinued operations, net of tax | — | 1,066.8 | ||||||||||||
Adjustments to reconcile consolidated net loss to net cash provided by (used for) operating activities: | ||||||||||||||
Gain on sale of U.S. Federal business | — | (1,057.7) | ||||||||||||
Loss on debt extinguishment | — | 28.5 | ||||||||||||
Foreign currency losses | 3.2 | 14.3 | ||||||||||||
Non-cash interest expense | 1.5 | 3.5 | ||||||||||||
Employee stock compensation | 11.5 | 11.1 | ||||||||||||
Depreciation and amortization of properties | 23.2 | 22.0 | ||||||||||||
Depreciation and amortization of outsourcing assets | 50.8 | 48.9 | ||||||||||||
Amortization of marketable software | 50.9 | 50.2 | ||||||||||||
Amortization of intangible assets | 1.7 | — | ||||||||||||
Other non-cash operating activities | (0.1) | 0.6 | ||||||||||||
Loss on disposal of capital assets | 1.5 | 3.3 | ||||||||||||
Postretirement contributions | (43.6) | (344.5) | ||||||||||||
Postretirement expense | 407.7 | 72.8 | ||||||||||||
Deferred income taxes, net | (65.3) | (16.9) | ||||||||||||
Changes in operating assets and liabilities, net of acquisitions | ||||||||||||||
Receivables, net and contract assets | 135.0 | 12.4 | ||||||||||||
Inventories | 2.2 | 1.5 | ||||||||||||
Other assets | (4.1) | 0.4 | ||||||||||||
Accounts payable and current liabilities | (229.6) | (127.7) | ||||||||||||
Other liabilities | 36.3 | 27.2 | ||||||||||||
Net cash provided by (used for) operating activities | 64.5 | (325.8) | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchase of business | (150.4) | — | ||||||||||||
Net proceeds from sale of U.S. Federal business | — | 1,162.9 | ||||||||||||
Proceeds from investments | 3,286.4 | 2,550.2 | ||||||||||||
Purchases of investments | (3,294.6) | (2,561.7) | ||||||||||||
Investment in marketable software | (42.1) | (54.8) | ||||||||||||
Capital additions of properties | (19.7) | (16.7) | ||||||||||||
Capital additions of outsourcing assets | (14.7) | (23.6) | ||||||||||||
Other | (0.9) | (0.5) | ||||||||||||
Net cash (used for) provided by investing activities | (236.0) | 1,055.8 | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Proceeds from issuance of long-term debt | 1.5 | 7.1 | ||||||||||||
Payments of long-term debt | (99.1) | (451.0) | ||||||||||||
Cash paid for debt extinguishment | — | (23.7) | ||||||||||||
Proceeds from exercise of stock options | 4.5 | — | ||||||||||||
Other | (7.7) | (4.8) | ||||||||||||
Net cash used for financing activities | (100.8) | (472.4) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (9.9) | (25.3) | ||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (282.2) | 232.3 | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 906.7 | 551.8 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 624.5 | $ | 784.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
GAAP net loss from continuing operations attributable to Unisys Corporation | $ | (18.7) | $ | (13.3) | $ | (317.3) | $ | (143.0) | |||||||||||||||||||||
Postretirement expense: | pretax | 13.0 | 24.4 | 407.7 | 72.8 | ||||||||||||||||||||||||
tax | 0.4 | 0.4 | 52.8 | 1.1 | |||||||||||||||||||||||||
net of tax | 12.6 | 24.0 | 354.9 | 71.7 | |||||||||||||||||||||||||
Cost reduction and other expenses: | pretax | 13.0 | 23.8 | 45.7 | 98.4 | ||||||||||||||||||||||||
tax | — | (0.2) | 0.6 | 0.9 | |||||||||||||||||||||||||
net of tax | 13.0 | 24.0 | 45.1 | 97.5 | |||||||||||||||||||||||||
noncontrolling interest | — | — | — | — | |||||||||||||||||||||||||
net of noncontrolling interest | 13.0 | 24.0 | 45.1 | 97.5 | |||||||||||||||||||||||||
Non-GAAP net income from continuing operations attributable to Unisys Corporation | 6.9 | 34.7 | 82.7 | 26.2 | |||||||||||||||||||||||||
Add interest expense on convertible notes | — | 2.1 | — | 6.2 | |||||||||||||||||||||||||
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share | $ | 6.9 | $ | 36.8 | $ | 82.7 | $ | 32.4 | |||||||||||||||||||||
Weighted average shares (thousands) | 67,131 | 63,032 | 66,211 | 62,897 | |||||||||||||||||||||||||
Plus incremental shares from assumed conversion: | |||||||||||||||||||||||||||||
Employee stock plans | 764 | 613 | 857 | 504 | |||||||||||||||||||||||||
Convertible notes | — | 8,625 | — | 8,625 | |||||||||||||||||||||||||
Non-GAAP adjusted weighted average shares | 67,895 | 72,270 | 67,068 | 72,026 | |||||||||||||||||||||||||
Diluted earnings (loss) per share from continuing operations | |||||||||||||||||||||||||||||
GAAP basis | |||||||||||||||||||||||||||||
GAAP net loss from continuing operations attributable to Unisys Corporation for diluted loss per share | $ | (18.7) | $ | (13.3) | $ | (317.3) | $ | (143.0) | |||||||||||||||||||||
Divided by weighted average shares | 67,131 | 63,032 | 66,211 | 62,897 | |||||||||||||||||||||||||
GAAP diluted loss per share | $ | (0.28) | $ | (0.21) | $ | (4.79) | $ | (2.27) | |||||||||||||||||||||
Non-GAAP basis | |||||||||||||||||||||||||||||
Non-GAAP net income from continuing operations attributable to Unisys Corporation for diluted earnings per share | $ | 6.9 | $ | 36.8 | $ | 82.7 | $ | 32.4 | |||||||||||||||||||||
Divided by Non-GAAP adjusted weighted average shares | 67,895 | 72,270 | 67,068 | 72,026 | |||||||||||||||||||||||||
Non-GAAP diluted earnings per share | $ | 0.10 | $ | 0.51 | $ | 1.23 | $ | 0.45 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Cash provided by (used for) operations | $ | 65.5 | $ | 66.3 | $ | 64.5 | $ | (325.8) | |||||||||||||||||||||
Additions to marketable software | (12.4) | (18.1) | (42.1) | (54.8) | |||||||||||||||||||||||||
Additions to properties | (7.7) | (6.1) | (19.7) | (16.7) | |||||||||||||||||||||||||
Additions to outsourcing assets | (6.0) | (7.8) | (14.7) | (23.6) | |||||||||||||||||||||||||
Free cash flow | 39.4 | 34.3 | (12.0) | (420.9) | |||||||||||||||||||||||||
Postretirement funding | 11.5 | 11.5 | 43.6 | 344.5 | |||||||||||||||||||||||||
Discontinued operations | — | — | — | (9.1) | |||||||||||||||||||||||||
Cost reduction and other payments | 19.0 | 5.5 | 68.4 | 23.5 | |||||||||||||||||||||||||
Adjusted free cash flow | $ | 69.9 | $ | 51.3 | $ | 100.0 | $ | (62.0) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Net loss from continuing operations attributable to Unisys Corporation | $ | (18.7) | $ | (13.3) | $ | (317.3) | $ | (143.0) | |||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 0.2 | — | (1.0) | 0.5 | |||||||||||||||||||||||||
Interest expense, net of interest income of $2.0, $1.3, $5.5 and $6.0, respectively* | 6.5 | 1.1 | 21.5 | 14.9 | |||||||||||||||||||||||||
Provision for (benefit from) income taxes | 10.9 | 6.1 | (33.8) | 26.6 | |||||||||||||||||||||||||
Depreciation | 25.6 | 22.6 | 74.0 | 70.9 | |||||||||||||||||||||||||
Amortization | 17.7 | 14.2 | 52.6 | 50.2 | |||||||||||||||||||||||||
EBITDA | $ | 42.2 | $ | 30.7 | $ | (204.0) | $ | 20.1 | |||||||||||||||||||||
Postretirement expense | $ | 13.0 | $ | 24.4 | $ | 407.7 | $ | 72.8 | |||||||||||||||||||||
Debt extinguishment, cost reduction and other expenses** | 11.8 | 23.8 | 41.0 | 90.2 | |||||||||||||||||||||||||
Non-cash share based expense | 4.5 | 3.1 | 11.5 | 11.1 | |||||||||||||||||||||||||
Other expense, net adjustment*** | 3.1 | 0.3 | 6.7 | 2.4 | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 74.6 | $ | 82.3 | $ | 262.9 | $ | 196.6 | |||||||||||||||||||||
*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 | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenue | $ | 488.0 | $ | 495.2 | $ | 1,515.1 | $ | 1,449.4 | |||||||||||||||||||||
Net loss from continuing operations attributable to Unisys Corporation as a percentage of revenue | (3.8) | % | (2.7) | % | (20.9) | % | (9.9) | % | |||||||||||||||||||||
Adjusted EBITDA as a percentage of revenue | 15.3 | % | 16.6 | % | 17.4 | % | 13.6 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
GAAP operating income from continuing operations | $ | 25.1 | $ | 27.7 | $ | 109.5 | $ | 39.3 | ||||||||||||||||||
Cost reduction and other expenses* | 2.1 | 13.8 | 17.3 | 30.8 | ||||||||||||||||||||||
Postretirement expense** | 0.8 | 0.9 | 2.7 | 2.5 | ||||||||||||||||||||||
Non-GAAP operating profit from continuing operations | $ | 28.0 | $ | 42.4 | $ | 129.5 | $ | 72.6 | ||||||||||||||||||
Revenue | $ | 488.0 | $ | 495.2 | $ | 1,515.1 | $ | 1,449.4 | ||||||||||||||||||
GAAP operating profit percent | 5.1 | % | 5.6 | % | 7.2 | % | 2.7 | % | ||||||||||||||||||
Non-GAAP operating profit percent | 5.7 | % | 8.6 | % | 8.5 | % | 5.0 | % | ||||||||||||||||||
*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) |
Cover |
Nov. 02, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 02, 2021 |
Entity Registrant Name | UNISYS CORP |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-8729 |
Entity Tax Identification Number | 38-0387840 |
Entity Address, Address Line One | 801 Lakeview Drive, Suite 100 |
Entity Address, City or Town | Blue Bell, |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19422 |
City Area Code | 215 |
Local Phone Number | 986-4011 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $.01 |
Trading Symbol | UIS |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000746838 |
Amendment Flag | false |
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