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 April 27, 2022, of Unisys Corporation |
Exhibit No. | Description | |||||||
News Release, dated April 27, 2022, of Unisys Corporation |
Unisys Corporation | |||||||||||
Date: April 27, 2022 | 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 March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenue | ||||||||||||||
Services | $ | 392.1 | $ | 420.4 | ||||||||||
Technology | 54.6 | 89.4 | ||||||||||||
446.7 | 509.8 | |||||||||||||
Costs and expenses | ||||||||||||||
Cost of revenue | ||||||||||||||
Services | 321.3 | 338.7 | ||||||||||||
Technology | 38.0 | 31.9 | ||||||||||||
359.3 | 370.6 | |||||||||||||
Selling, general and administrative | 104.4 | 90.0 | ||||||||||||
Research and development | 6.5 | 5.6 | ||||||||||||
470.2 | 466.2 | |||||||||||||
Operating (loss) income | (23.5) | 43.6 | ||||||||||||
Interest expense | 8.4 | 10.1 | ||||||||||||
Other (expense), net | (21.0) | (182.6) | ||||||||||||
Loss before income taxes | (52.9) | (149.1) | ||||||||||||
Provision for income taxes | 4.1 | 8.4 | ||||||||||||
Consolidated net loss | (57.0) | (157.5) | ||||||||||||
Net income attributable to noncontrolling interests | 0.3 | 0.3 | ||||||||||||
Net loss attributable to Unisys Corporation | $ | (57.3) | $ | (157.8) | ||||||||||
Loss per share attributable to Unisys Corporation | ||||||||||||||
Basic | $ | (0.85) | $ | (2.45) | ||||||||||
Diluted | $ | (0.85) | $ | (2.45) |
Total | DWS | C&I | ECS | Other | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||
Customer revenue | $ | 446.7 | $ | 124.8 | $ | 129.1 | $ | 120.6 | $ | 72.2 | ||||||||||||||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||||||||||||||
Total revenue | $ | 446.7 | $ | 124.8 | $ | 129.1 | $ | 120.6 | $ | 72.2 | ||||||||||||||||||||||
Gross profit percent | 19.6 | % | 12.8 | % | 5.4 | % | 52.1 | % | ||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Customer revenue | $ | 509.8 | $ | 142.9 | $ | 120.7 | $ | 169.3 | $ | 76.9 | ||||||||||||||||||||||
Intersegment | — | — | — | 1.0 | (1.0) | |||||||||||||||||||||||||||
Total revenue | $ | 509.8 | $ | 142.9 | $ | 120.7 | $ | 170.3 | $ | 75.9 | ||||||||||||||||||||||
Gross profit percent | 27.3 | % | 13.4 | % | 8.2 | % | 61.5 | % |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 491.4 | $ | 552.9 | |||||||
Accounts receivable, net | 369.4 | 451.7 | |||||||||
Contract assets | 39.9 | 42.0 | |||||||||
Inventories | 13.0 | 7.6 | |||||||||
Prepaid expenses and other current assets | 108.3 | 78.8 | |||||||||
Total current assets | 1,022.0 | 1,133.0 | |||||||||
Properties | 475.4 | 468.0 | |||||||||
Less-accumulated depreciation and amortization | 393.3 | 381.5 | |||||||||
Properties, net | 82.1 | 86.5 | |||||||||
Outsourcing assets, net | 109.8 | 124.6 | |||||||||
Marketable software, net | 171.5 | 176.2 | |||||||||
Operating lease right-of-use assets | 56.0 | 62.7 | |||||||||
Prepaid postretirement assets | 164.1 | 159.7 | |||||||||
Deferred income taxes | 126.6 | 125.3 | |||||||||
Goodwill | 314.8 | 315.0 | |||||||||
Intangible assets, net | 32.5 | 34.9 | |||||||||
Restricted cash | 9.5 | 7.7 | |||||||||
Assets held-for-sale | 20.0 | 20.0 | |||||||||
Other long-term assets | 168.1 | 173.9 | |||||||||
Total assets | $ | 2,277.0 | $ | 2,419.5 | |||||||
Liabilities and deficit | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term-debt | $ | 18.2 | $ | 18.2 | |||||||
Accounts payable | 172.5 | 180.2 | |||||||||
Deferred revenue | 238.9 | 253.2 | |||||||||
Other accrued liabilities | 261.1 | 300.9 | |||||||||
Total current liabilities | 690.7 | 752.5 | |||||||||
Long-term debt | 504.9 | 511.2 | |||||||||
Long-term postretirement liabilities | 932.7 | 976.2 | |||||||||
Long-term deferred revenue | 142.2 | 150.7 | |||||||||
Long-term operating lease liabilities | 39.7 | 46.1 | |||||||||
Other long-term liabilities | 46.4 | 47.2 | |||||||||
Commitments and contingencies | |||||||||||
Total Unisys Corporation stockholders’ deficit | (128.0) | (113.7) | |||||||||
Noncontrolling interests | 48.4 | 49.3 | |||||||||
Total deficit | (79.6) | (64.4) | |||||||||
Total liabilities and deficit | $ | 2,277.0 | $ | 2,419.5 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Consolidated net loss | $ | (57.0) | $ | (157.5) | ||||||||||
Adjustments to reconcile consolidated net loss to net cash used for operating activities: | ||||||||||||||
Foreign currency (gains) losses | (2.2) | 2.9 | ||||||||||||
Non-cash interest expense | 0.4 | 0.9 | ||||||||||||
Employee stock compensation | 6.6 | 3.3 | ||||||||||||
Depreciation and amortization of properties | 10.4 | 7.6 | ||||||||||||
Depreciation and amortization of outsourcing assets | 18.3 | 16.1 | ||||||||||||
Amortization of marketable software | 15.8 | 15.5 | ||||||||||||
Amortization of intangible assets | 2.4 | — | ||||||||||||
Other non-cash operating activities | 0.4 | (0.6) | ||||||||||||
Loss on disposal of capital assets | 0.5 | 0.8 | ||||||||||||
Postretirement contributions | (16.2) | (21.6) | ||||||||||||
Postretirement expense | 10.2 | 169.0 | ||||||||||||
Deferred income taxes, net | (3.7) | (2.0) | ||||||||||||
Changes in operating assets and liabilities, excluding the effect of acquisitions: | ||||||||||||||
Receivables, net and contract assets | 94.2 | 48.8 | ||||||||||||
Inventories | (5.4) | 3.7 | ||||||||||||
Other assets | (26.4) | (15.2) | ||||||||||||
Accounts payable and current liabilities | (79.0) | (124.8) | ||||||||||||
Other liabilities | (2.3) | 10.2 | ||||||||||||
Net cash used for operating activities | (33.0) | (42.9) | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchase of businesses, net of cash acquired | (0.3) | — | ||||||||||||
Proceeds from investments | 939.0 | 1,229.5 | ||||||||||||
Purchases of investments | (941.3) | (1,235.5) | ||||||||||||
Investment in marketable software | (11.1) | (17.4) | ||||||||||||
Capital additions of properties | (5.2) | (5.1) | ||||||||||||
Capital additions of outsourcing assets | (2.4) | (5.0) | ||||||||||||
Other | (0.4) | (0.4) | ||||||||||||
Net cash used for investing activities | (21.7) | (33.9) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payments of long-term debt | (7.7) | (91.6) | ||||||||||||
Proceeds from issuance of long-term debt | — | 1.5 | ||||||||||||
Proceeds from exercise of stock options | — | 2.7 | ||||||||||||
Other | (3.5) | (7.4) | ||||||||||||
Net cash used for financing activities | (11.2) | (94.8) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 6.2 | (8.6) | ||||||||||||
Decrease in cash, cash equivalents and restricted cash | (59.7) | (180.2) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 560.6 | 906.7 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 500.9 | $ | 726.5 |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
GAAP net loss attributable to Unisys Corporation | $ | (57.3) | $ | (157.8) | |||||||||||||
Postretirement expense: | pretax | 10.2 | 169.0 | ||||||||||||||
tax | 0.2 | 0.4 | |||||||||||||||
net of tax | 10.0 | 168.6 | |||||||||||||||
Cost reduction and other expenses: | pretax | 20.1 | 19.1 | ||||||||||||||
tax | 0.1 | 0.1 | |||||||||||||||
net of tax | 20.0 | 19.0 | |||||||||||||||
noncontrolling interest | — | — | |||||||||||||||
net of noncontrolling interest | 20.0 | 19.0 | |||||||||||||||
Non-GAAP net (loss) income attributable to Unisys Corporation | $ | (27.3) | $ | 29.8 | |||||||||||||
Weighted average shares (thousands) | 67,387 | 64,423 | |||||||||||||||
Plus incremental shares from assumed conversion: | |||||||||||||||||
Employee stock plans | — | 1,067 | |||||||||||||||
Non-GAAP adjusted weighted average shares | 67,387 | 65,490 | |||||||||||||||
Diluted earnings (loss) per share | |||||||||||||||||
GAAP basis | |||||||||||||||||
GAAP net loss attributable to Unisys Corporation for diluted loss per share | $ | (57.3) | $ | (157.8) | |||||||||||||
Divided by weighted average shares | 67,387 | 64,423 | |||||||||||||||
GAAP diluted loss per share | $ | (0.85) | $ | (2.45) | |||||||||||||
Non-GAAP basis | |||||||||||||||||
Non-GAAP net (loss) income attributable to Unisys Corporation for diluted (loss) earnings per share | $ | (27.3) | $ | 29.8 | |||||||||||||
Divided by Non-GAAP adjusted weighted average shares | 67,387 | 65,490 | |||||||||||||||
Non-GAAP diluted (loss) earnings per share | $ | (0.41) | $ | 0.46 |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Cash used for operations | $ | (33.0) | $ | (42.9) | |||||||||||||
Additions to marketable software | (11.1) | (17.4) | |||||||||||||||
Additions to properties | (5.2) | (5.1) | |||||||||||||||
Additions to outsourcing assets | (2.4) | (5.0) | |||||||||||||||
Free cash flow | (51.7) | (70.4) | |||||||||||||||
Postretirement funding | 16.2 | 21.6 | |||||||||||||||
Cost reduction and other payments, net | 8.5 | 24.4 | |||||||||||||||
Adjusted free cash flow | $ | (27.0) | $ | (24.4) |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Net loss attributable to Unisys Corporation | $ | (57.3) | $ | (157.8) | |||||||||||||
Net income attributable to noncontrolling interests | 0.3 | 0.3 | |||||||||||||||
Interest expense, net of interest income of $2.4 and $1.6, respectively* | 6.0 | 8.5 | |||||||||||||||
Provision for income taxes | 4.1 | 8.4 | |||||||||||||||
Depreciation | 28.7 | 23.7 | |||||||||||||||
Amortization | 18.2 | 15.5 | |||||||||||||||
EBITDA | $ | — | $ | (101.4) | |||||||||||||
Postretirement expense | $ | 10.2 | $ | 169.0 | |||||||||||||
Cost reduction and other expenses** | 15.0 | 19.1 | |||||||||||||||
Non-cash share based expense | 6.5 | 3.3 | |||||||||||||||
Other expense, net adjustment*** | 2.5 | 3.9 | |||||||||||||||
Adjusted EBITDA | $ | 34.2 | $ | 93.9 | |||||||||||||
*Included in other (expense), net on the consolidated statements of income (loss) | |||||||||||||||||
**Reduced for depreciation and amortization included above | |||||||||||||||||
***Other 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 | |||||||||||||||||
March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Revenue | $ | 446.7 | $ | 509.8 | |||||||||||||
Net loss attributable to Unisys Corporation as a percentage of revenue | (12.8) | % | (31.0) | % | |||||||||||||
Non-GAAP net (loss) income attributable to Unisys Corporation as a percentage of revenue | (6.1) | % | 5.8 | % | |||||||||||||
Adjusted EBITDA as a percentage of revenue | 7.7 | % | 18.4 | % |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
GAAP operating (loss) income | $ | (23.5) | $ | 43.6 | ||||||||||
Cost reduction and other expenses* | 8.9 | 6.5 | ||||||||||||
Postretirement expense** | 0.5 | 1.3 | ||||||||||||
Non-GAAP operating (loss) profit | $ | (14.1) | $ | 51.4 | ||||||||||
Revenue | $ | 446.7 | $ | 509.8 | ||||||||||
GAAP operating (loss) profit percent | (5.3) | % | 8.6 | % | ||||||||||
Non-GAAP operating (loss) profit percent | (3.2) | % | 10.1 | % | ||||||||||
*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 |
Apr. 27, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 27, 2022 |
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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