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 October 26, 2020, of Unisys Corporation |
Exhibit No. | Description | |||||||
News Release, dated October 26, 2020, of Unisys Corporation |
Unisys Corporation | |||||||||||
Date: October 26, 2020 | By: | /s/ Michael M. Thomson | |||||||||
Michael M. Thomson | |||||||||||
Senior Vice President and Chief Financial Officer |
QoQ Revenue Growth | QoQ Profitability | ||||||||||||||||||||||||||||||||||||||||
Revenue Growth | Services Revenue Growth | Technology Revenue Growth | Operating Profit Margin | Net Income Margin | EBITDA Margin | Diluted EPS | |||||||||||||||||||||||||||||||||||
GAAP | 12.9 | % | 7.6 | % | 61.7 | % | GAAP | 5.6 | % | (2.7) | % | 6.2 | % | $ | (0.21) | ||||||||||||||||||||||||||
Constant-Currency (GAAP) | 10.0 | % | 4.4 | % | 61.9 | % | QoQ Change | 750 | bps | 1470 | bps | 1030 | bps | 82.6 | % | ||||||||||||||||||||||||||
Non-GAAP | 12.8 | % | 7.6 | % | N/A | Non-GAAP | 8.5 | % | 7.0 | % | 14.9 | % | $ | 0.51 | |||||||||||||||||||||||||||
QoQ Change | 830 | bps | 920 | bps | 350 | bps | N/M | ||||||||||||||||||||||||||||||||||
YoY Revenue Growth | YoY Profitability | ||||||||||||||||||||||||||||||||||||||||
Revenue Growth | Services Revenue Growth | Technology Revenue Growth | Operating Profit Margin | Net Income Margin | EBITDA Margin | Diluted EPS | |||||||||||||||||||||||||||||||||||
GAAP | (10.3) | % | (11.0) | % | (5.6) | % | GAAP | 5.6 | % | (2.7) | % | 6.2 | % | $ | (0.21) | ||||||||||||||||||||||||||
Constant-Currency (GAAP) | (9.8) | % | (11.0) | % | (2.0) | % | YoY Change | (330) | bps | 260 | bps | (20) | bps | 58.0 | % | ||||||||||||||||||||||||||
Non-GAAP | (9.2) | % | (9.8) | % | N/M | Non-GAAP | 8.5 | % | 7.0 | % | 14.9 | % | $ | 0.51 | |||||||||||||||||||||||||||
YoY Change | 50 | bps | 410 | bps | (60) | bps | 96.2 | % |
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, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Services | $ | 426.0 | $ | 478.8 | $ | 1,247.9 | $ | 1,433.8 | ||||||||||||||||||
Technology | 69.2 | 73.3 | 201.5 | 242.2 | ||||||||||||||||||||||
495.2 | 552.1 | 1,449.4 | 1,676.0 | |||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Services | 345.9 | 389.3 | 1,061.6 | 1,185.2 | ||||||||||||||||||||||
Technology | 29.4 | 22.8 | 79.9 | 73.1 | ||||||||||||||||||||||
375.3 | 412.1 | 1,141.5 | 1,258.3 | |||||||||||||||||||||||
Selling, general and administrative | 85.5 | 84.7 | 252.5 | 268.0 | ||||||||||||||||||||||
Research and development | 6.7 | 5.9 | 16.1 | 22.1 | ||||||||||||||||||||||
467.5 | 502.7 | 1,410.1 | 1,548.4 | |||||||||||||||||||||||
Operating income | 27.7 | 49.4 | 39.3 | 127.6 | ||||||||||||||||||||||
Interest expense | 2.4 | 15.2 | 20.9 | 46.9 | ||||||||||||||||||||||
Other expense, net | (32.5) | (49.2) | (134.3) | (108.5) | ||||||||||||||||||||||
Loss from continuing operations before income taxes | (7.2) | (15.0) | (115.9) | (27.8) | ||||||||||||||||||||||
Provision for income taxes | 6.1 | 10.4 | 26.6 | 23.4 | ||||||||||||||||||||||
Consolidated net loss from continuing operations | (13.3) | (25.4) | (142.5) | (51.2) | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | 3.8 | 0.5 | 10.0 | ||||||||||||||||||||||
Net loss from continuing operations attributable to Unisys Corporation | (13.3) | (29.2) | (143.0) | (61.2) | ||||||||||||||||||||||
Income from discontinued operations, net of tax | 0.4 | 16.0 | 1,066.8 | 54.8 | ||||||||||||||||||||||
Net income (loss) attributable to Unisys Corporation | $ | (12.9) | $ | (13.2) | $ | 923.8 | $ | (6.4) | ||||||||||||||||||
Earnings (loss) per share attributable to Unisys Corporation | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Continuing operations | $ | (0.21) | $ | (0.50) | $ | (2.27) | $ | (1.14) | ||||||||||||||||||
Discontinued operations | 0.01 | 0.27 | 16.96 | 1.02 | ||||||||||||||||||||||
Total | $ | (0.20) | $ | (0.23) | $ | 14.69 | $ | (0.12) | ||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Continuing operations | $ | (0.21) | $ | (0.50) | $ | (2.27) | $ | (1.14) | ||||||||||||||||||
Discontinued operations | 0.01 | 0.27 | 16.96 | 1.02 | ||||||||||||||||||||||
Total | $ | (0.20) | $ | (0.23) | $ | 14.69 | $ | (0.12) |
Total | Eliminations | Services | Technology | |||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Customer revenue | $ | 495.2 | $ | — | $ | 426.0 | $ | 69.2 | ||||||||||||||||||
Intersegment | — | (6.0) | — | 6.0 | ||||||||||||||||||||||
Total revenue | $ | 495.2 | $ | (6.0) | $ | 426.0 | $ | 75.2 | ||||||||||||||||||
Gross profit percent | 24.2 | % | 19.0 | % | 59.7 | % | ||||||||||||||||||||
Operating profit percent | 5.6 | % | 4.9 | % | 33.1 | % | ||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Customer revenue | $ | 552.1 | $ | — | $ | 478.8 | $ | 73.3 | ||||||||||||||||||
Intersegment | — | (2.3) | — | 2.3 | ||||||||||||||||||||||
Total revenue | $ | 552.1 | $ | (2.3) | $ | 478.8 | $ | 75.6 | ||||||||||||||||||
Gross profit percent | 25.4 | % | 18.1 | % | 66.4 | % | ||||||||||||||||||||
Operating profit percent | 8.9 | % | 3.7 | % | 42.1 | % |
Total | Eliminations | Services | Technology | |||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Customer revenue | $ | 1,449.4 | $ | — | $ | 1,247.9 | $ | 201.5 | ||||||||||||||||||
Intersegment | — | (10.9) | — | 10.9 | ||||||||||||||||||||||
Total revenue | $ | 1,449.4 | $ | (10.9) | $ | 1,247.9 | $ | 212.4 | ||||||||||||||||||
Gross profit percent | 21.2 | % | 15.8 | % | 59.7 | % | ||||||||||||||||||||
Operating profit percent | 2.7 | % | 0.4 | % | 32.1 | % | ||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Customer revenue | $ | 1,676.0 | $ | — | $ | 1,433.8 | $ | 242.2 | ||||||||||||||||||
Intersegment | — | (6.8) | — | 6.8 | ||||||||||||||||||||||
Total revenue | $ | 1,676.0 | $ | (6.8) | $ | 1,433.8 | $ | 249.0 | ||||||||||||||||||
Gross profit percent | 24.9 | % | 16.6 | % | 67.9 | % | ||||||||||||||||||||
Operating profit percent | 7.6 | % | 1.8 | % | 44.7 | % |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 774.0 | $ | 538.8 | |||||||
Accounts receivable, net | 364.1 | 417.7 | |||||||||
Contract assets | 47.0 | 38.4 | |||||||||
Inventories | 14.5 | 16.4 | |||||||||
Prepaid expenses and other current assets | 103.0 | 100.7 | |||||||||
Current assets of discontinued operations | — | 109.3 | |||||||||
Total current assets | 1,302.6 | 1,221.3 | |||||||||
Properties | 755.6 | 784.0 | |||||||||
Less-accumulated depreciation and amortization | 648.7 | 668.0 | |||||||||
Properties, net | 106.9 | 116.0 | |||||||||
Outsourcing assets, net | 177.3 | 202.1 | |||||||||
Marketable software, net | 191.5 | 186.8 | |||||||||
Operating lease right-of-use assets | 67.8 | 71.4 | |||||||||
Prepaid postretirement assets | 144.2 | 136.2 | |||||||||
Deferred income taxes | 121.6 | 114.0 | |||||||||
Goodwill | 108.6 | 110.4 | |||||||||
Restricted cash | 10.1 | 13.0 | |||||||||
Other long-term assets | 176.8 | 198.9 | |||||||||
Long-term assets of discontinued operations | — | 133.9 | |||||||||
Total assets | $ | 2,407.4 | $ | 2,504.0 | |||||||
Liabilities and deficit | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term-debt | $ | 100.0 | $ | 13.5 | |||||||
Accounts payable | 183.4 | 204.3 | |||||||||
Deferred revenue | 197.4 | 246.4 | |||||||||
Other accrued liabilities | 272.4 | 316.7 | |||||||||
Current liabilities of discontinued operations | — | 146.4 | |||||||||
Total current liabilities | 753.2 | 927.3 | |||||||||
Long-term debt | 48.4 | 565.9 | |||||||||
Long-term postretirement liabilities | 1,563.6 | 1,960.2 | |||||||||
Long-term deferred revenue | 122.5 | 147.0 | |||||||||
Long-term operating lease liabilities | 49.3 | 56.0 | |||||||||
Other long-term liabilities | 70.7 | 47.6 | |||||||||
Long-term liabilities of discontinued operations | — | 28.3 | |||||||||
Commitments and contingencies | |||||||||||
Total Unisys Corporation stockholders’ deficit | (237.9) | (1,265.4) | |||||||||
Noncontrolling interests | 37.6 | 37.1 | |||||||||
Total deficit | (200.3) | (1,228.3) | |||||||||
Total liabilities and deficit | $ | 2,407.4 | $ | 2,504.0 |
Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Consolidated net loss from continuing operations | $ | (142.5) | $ | (51.2) | ||||||||||
Income from discontinued operations, net of tax | 1,066.8 | 54.8 | ||||||||||||
Adjustments to reconcile consolidated net loss to net cash used for operating activities: | ||||||||||||||
Gain on sale of U.S. Federal business | (1,057.7) | — | ||||||||||||
Loss on debt extinguishment | 28.5 | 20.2 | ||||||||||||
Foreign currency translation losses | 14.3 | 7.2 | ||||||||||||
Non-cash interest expense | 3.5 | 7.5 | ||||||||||||
Employee stock compensation | 11.1 | 10.1 | ||||||||||||
Depreciation and amortization of properties | 22.0 | 26.7 | ||||||||||||
Depreciation and amortization of outsourcing assets | 48.9 | 47.3 | ||||||||||||
Amortization of marketable software | 50.2 | 35.0 | ||||||||||||
Other non-cash operating activities | 0.6 | (0.8) | ||||||||||||
Loss on disposal of capital assets | 3.3 | 1.3 | ||||||||||||
Postretirement contributions | (344.5) | (82.3) | ||||||||||||
Postretirement expense | 72.8 | 71.5 | ||||||||||||
Deferred income taxes, net | (16.9) | 1.0 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Receivables, net | 12.4 | (17.4) | ||||||||||||
Inventories | 1.5 | (1.7) | ||||||||||||
Accounts payable and current liabilities | (127.7) | (173.4) | ||||||||||||
Other liabilities | 27.2 | 33.1 | ||||||||||||
Other assets | 0.4 | 9.3 | ||||||||||||
Net cash used for operating activities | (325.8) | (1.8) | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Net proceeds from sale of U.S. Federal business | 1,162.9 | — | ||||||||||||
Proceeds from investments | 2,550.2 | 2,824.9 | ||||||||||||
Purchases of investments | (2,561.7) | (2,835.8) | ||||||||||||
Investment in marketable software | (54.8) | (56.2) | ||||||||||||
Capital additions of properties | (16.7) | (29.1) | ||||||||||||
Capital additions of outsourcing assets | (23.6) | (44.4) | ||||||||||||
Net proceeds from sale of properties | — | (0.2) | ||||||||||||
Other | (0.5) | (0.9) | ||||||||||||
Net cash provided by (used for) investing activities | 1,055.8 | (141.7) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Cash paid in connection with debt extinguishment | (23.7) | (56.3) | ||||||||||||
Proceeds from capped call transactions | — | 7.2 | ||||||||||||
Proceeds from issuance of long-term debt | 7.1 | 28.6 | ||||||||||||
Payments of long-term debt | (451.0) | (12.2) | ||||||||||||
Other | (4.8) | (4.6) | ||||||||||||
Net cash used for financing activities | (472.4) | (37.3) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (25.3) | (10.0) | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 232.3 | (190.8) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 551.8 | 624.1 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 784.1 | $ | 433.3 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
GAAP net loss from continuing operations attributable to Unisys Corporation | $ | (13.3) | $ | (29.2) | $ | (143.0) | $ | (61.2) | |||||||||||||||||||||
Postretirement expense: | pretax | 24.4 | 24.4 | 72.8 | 71.5 | ||||||||||||||||||||||||
tax | 0.4 | (0.1) | 1.1 | (0.2) | |||||||||||||||||||||||||
net of tax | 24.0 | 24.5 | 71.7 | 71.7 | |||||||||||||||||||||||||
Debt extinguishment, cost reduction and other expenses: | pretax | 23.7 | 18.1 | 97.4 | 28.7 | ||||||||||||||||||||||||
tax | (0.2) | 0.8 | 0.9 | 1.8 | |||||||||||||||||||||||||
net of tax | 23.9 | 17.3 | 96.5 | 26.9 | |||||||||||||||||||||||||
minority interest | — | 3.4 | 0.4 | 6.6 | |||||||||||||||||||||||||
net of minority interest | 23.9 | 20.7 | 96.9 | 33.5 | |||||||||||||||||||||||||
Non-GAAP net income from continuing operations attributable to Unisys Corporation | 34.6 | 16.0 | 25.6 | 44.0 | |||||||||||||||||||||||||
Add interest expense on convertible notes | 2.1 | 3.2 | 6.2 | 13.3 | |||||||||||||||||||||||||
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share | $ | 36.7 | $ | 19.2 | $ | 31.8 | $ | 57.3 | |||||||||||||||||||||
Weighted average shares (thousands) | 63,032 | 58,245 | 62,897 | 53,815 | |||||||||||||||||||||||||
Plus incremental shares from assumed conversion: | |||||||||||||||||||||||||||||
Employee stock plans | 613 | 341 | 504 | 395 | |||||||||||||||||||||||||
Convertible notes | 8,625 | 13,951 | 8,625 | 19,229 | |||||||||||||||||||||||||
Non-GAAP adjusted weighted average shares | 72,270 | 72,537 | 72,026 | 73,439 | |||||||||||||||||||||||||
Diluted earnings (loss) per share from continuing operations | |||||||||||||||||||||||||||||
GAAP basis | |||||||||||||||||||||||||||||
GAAP net loss from continuing operations attributable to Unisys Corporation for diluted earnings per share | $ | (13.3) | $ | (29.2) | $ | (143.0) | $ | (61.2) | |||||||||||||||||||||
Divided by weighted average shares | 63,032 | 58,245 | 62,897 | 53,815 | |||||||||||||||||||||||||
GAAP diluted loss per share | $ | (0.21) | $ | (0.50) | $ | (2.27) | $ | (1.14) | |||||||||||||||||||||
Non-GAAP basis | |||||||||||||||||||||||||||||
Non-GAAP net income from continuing operations attributable to Unisys Corporation for diluted earnings per share | $ | 36.7 | $ | 19.2 | $ | 31.8 | $ | 57.3 | |||||||||||||||||||||
Divided by Non-GAAP adjusted weighted average shares | 72,270 | 72,537 | 72,026 | 73,439 | |||||||||||||||||||||||||
Non-GAAP diluted earnings per share | $ | 0.51 | $ | 0.26 | $ | 0.44 | $ | 0.78 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Cash provided by (used for) operations | $ | 66.3 | $ | 17.7 | $ | (325.8) | $ | (1.8) | |||||||||||||||||||||
Additions to marketable software | (18.1) | (19.0) | (54.8) | (56.2) | |||||||||||||||||||||||||
Additions to properties | (6.1) | (8.3) | (16.7) | (29.1) | |||||||||||||||||||||||||
Additions to outsourcing assets | (7.8) | (4.7) | (23.6) | (44.4) | |||||||||||||||||||||||||
Free cash flow | 34.3 | (14.3) | (420.9) | (131.5) | |||||||||||||||||||||||||
Postretirement funding | 11.5 | 34.6 | 344.5 | 82.3 | |||||||||||||||||||||||||
Discontinued operations | 0.2 | (21.6) | (8.9) | (73.3) | |||||||||||||||||||||||||
Debt extinguishment, cost reduction and other payments, net of reimbursements | 6.4 | 15.2 | 23.5 | 37.1 | |||||||||||||||||||||||||
Adjusted free cash flow | $ | 52.4 | $ | 13.9 | $ | (61.8) | $ | (85.4) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Net loss from continuing operations attributable to Unisys Corporation | $ | (13.3) | $ | (29.2) | $ | (143.0) | $ | (61.2) | |||||||||||||||||||||
Net income attributable to noncontrolling interests | — | 3.8 | 0.5 | 10.0 | |||||||||||||||||||||||||
Interest expense, net of interest income of $1.3, $2.8, $6.0, $8.6 respectively* | 1.1 | 12.4 | 14.9 | 38.3 | |||||||||||||||||||||||||
Provision for income taxes | 6.1 | 10.4 | 26.6 | 23.4 | |||||||||||||||||||||||||
Depreciation | 22.6 | 24.5 | 70.9 | 74.0 | |||||||||||||||||||||||||
Amortization | 14.2 | 13.4 | 50.2 | 35.0 | |||||||||||||||||||||||||
EBITDA | $ | 30.7 | $ | 35.3 | $ | 20.1 | $ | 119.5 | |||||||||||||||||||||
Postretirement expense | $ | 24.4 | $ | 24.4 | $ | 72.8 | $ | 71.5 | |||||||||||||||||||||
Debt extinguishment, cost reduction and other expenses** | 15.5 | 18.1 | 89.2 | 27.6 | |||||||||||||||||||||||||
Non-cash share based expense | 3.1 | 2.8 | 11.1 | 10.1 | |||||||||||||||||||||||||
Other expense, net adjustment*** | 0.3 | 3.8 | 2.4 | 14.9 | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 74.0 | $ | 84.4 | $ | 195.6 | $ | 243.6 | |||||||||||||||||||||
*Included in other 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 extinguishment, cost reduction and other expenses |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Revenue | $ | 495.2 | $ | 552.1 | $ | 1,449.4 | $ | 1,676.0 | |||||||||||||||||||||
Non-GAAP revenue | $ | 495.1 | $ | 545.3 | $ | 1,448.4 | $ | 1,660.7 | |||||||||||||||||||||
Net loss from continuing operations attributable to Unisys Corporation as a percentage of revenue | (2.7) | % | (5.3) | % | (9.9) | % | (3.7) | % | |||||||||||||||||||||
Non-GAAP net income from continuing operations attributable to Unisys Corporation as a percentage of Non-GAAP revenue | 7.0 | % | 2.9 | % | 1.8 | % | 2.6 | % | |||||||||||||||||||||
Adjusted EBITDA as a percentage of Non-GAAP revenue | 14.9 | % | 15.5 | % | 13.5 | % | 14.7 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Services Segment | September 30, | September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
GAAP total revenue | $ | 426.0 | $ | 478.8 | $ | 1,247.9 | $ | 1,433.8 | ||||||||||||||||||
Restructuring reimbursement | (0.1) | (6.8) | (1.0) | (15.3) | ||||||||||||||||||||||
Non-GAAP revenue | $ | 425.9 | $ | 472.0 | $ | 1,246.9 | $ | 1,418.5 | ||||||||||||||||||
GAAP gross margin | $ | 81.0 | $ | 87.0 | $ | 197.4 | $ | 237.7 | ||||||||||||||||||
Restructuring reimbursement | (0.1) | (6.8) | (1.0) | (15.3) | ||||||||||||||||||||||
Non-GAAP gross margin | $ | 80.9 | $ | 80.2 | $ | 196.4 | $ | 222.4 | ||||||||||||||||||
GAAP operating profit | $ | 20.7 | $ | 17.7 | $ | 5.1 | $ | 25.3 | ||||||||||||||||||
Restructuring reimbursement | (0.1) | (6.8) | (1.0) | (15.3) | ||||||||||||||||||||||
Non-GAAP operating profit | $ | 20.6 | $ | 10.9 | $ | 4.1 | $ | 10.0 | ||||||||||||||||||
GAAP gross margin % | 19.0 | % | 18.2 | % | 15.8 | % | 16.6 | % | ||||||||||||||||||
Non-GAAP gross margin % | 19.0 | % | 17.0 | % | 15.8 | % | 15.7 | % | ||||||||||||||||||
GAAP operating profit % | 4.9 | % | 3.7 | % | 0.4 | % | 1.8 | % | ||||||||||||||||||
Non-GAAP operating profit % | 4.8 | % | 2.3 | % | 0.3 | % | 0.7 | % | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Total Unisys | September 30, | September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
GAAP total revenue | $ | 495.2 | $ | 552.1 | $ | 1,449.4 | $ | 1,676.0 | ||||||||||||||||||
Restructuring reimbursement | (0.1) | (6.8) | (1.0) | (15.3) | ||||||||||||||||||||||
Non-GAAP revenue | $ | 495.1 | $ | 545.3 | $ | 1,448.4 | $ | 1,660.7 | ||||||||||||||||||
GAAP gross margin | $ | 119.9 | $ | 140.0 | $ | 307.9 | $ | 417.7 | ||||||||||||||||||
Restructuring reimbursement | (0.1) | (6.8) | (1.0) | (15.3) | ||||||||||||||||||||||
Cost reduction expense | 2.9 | (1.9) | 15.7 | (6.6) | ||||||||||||||||||||||
Non-GAAP gross margin | $ | 122.7 | $ | 131.3 | $ | 322.6 | $ | 395.8 | ||||||||||||||||||
GAAP operating profit | $ | 27.7 | $ | 49.4 | $ | 39.3 | $ | 127.6 | ||||||||||||||||||
Restructuring reimbursement | (0.1) | (6.8) | (1.0) | (15.3) | ||||||||||||||||||||||
Postretirement expense | 0.9 | 0.9 | 2.5 | 2.5 | ||||||||||||||||||||||
Cost reduction and other expense | 13.8 | 0.2 | 30.8 | 10.8 | ||||||||||||||||||||||
Non-GAAP operating profit | $ | 42.3 | $ | 43.7 | $ | 71.6 | $ | 125.6 | ||||||||||||||||||
GAAP gross margin % | 24.2 | % | 25.4 | % | 21.2 | % | 24.9 | % | ||||||||||||||||||
Non-GAAP gross margin % | 24.8 | % | 24.1 | % | 22.3 | % | 23.8 | % | ||||||||||||||||||
GAAP operating profit % | 5.6 | % | 8.9 | % | 2.7 | % | 7.6 | % | ||||||||||||||||||
Non-GAAP operating profit % | 8.5 | % | 8.0 | % | 4.9 | % | 7.6 | % |
Cover |
Aug. 04, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 26, 2020 |
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 |
-8?20$3;8T.P6BP^0"X99K>]
M9!:G
LY"&I 3?6I*7T-
MJ4S !EE?Q?@=$'T_% E"]'VW_.SH$!V(#D1G"WX:R#6&Z-0QJKH'AB9QUB^;
MY"]-CF1C9,NU_P%EH R4@3)0!LI 6;4HJT"X "?;K;8G_PK^PLEVH&:M% ^<
M;+>>/.%DN^6W5F#9P*$5.-E.#[_*9A X,KP&8QGX!P "PH@!F
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MQN18Y[D^/ Z.0L;>MS@3-RB2.0NXN_IRL_#PB6M'%<4E0
M/!MF=:+BDXF9#8CKS:4F'L-(SC>[GK]7:2X.BFO 'J3<5=2Z(53)GME&%D!?(RW[DI=56VI 7R OD92U^: W=;"D=2 PD
M!A*SIL28AB'S&B.9QT[>'>#=I/61M%X[?=?3M@ZDEM HB?PU.XJ^>^';CE-R
M^Z8 GF?@:1F* ? /-O&QA0+Z %ZMD./JF?Z_IT+B>0 K$#V9V:T_Z!.90_ZLE*;G@.4@S/T93U%:
MGKZ06>LBL<]=$8[-+ B:Z=_IG7Q6/6:Y>FP%S0;N)CB;;.U3HR5B#T1]-RLK
M%RO*)-M8Z#0NA?DU;BX3I&>/DD\($[N?MG,7!B)-4\L>!VQ"&=TB[R3G)4A<
MV8QY W>T>*I$/3G[D\CIF_H4 Q&J#,.GU&A.Y3FM DRV#B)7)$TCI!/_?FJC
M938Z=WRR99PM^.&3L!-=_\5">"&E_V&&K2M8ML:*-VL6)(F',0,V36QOWBJ"
MD?TD/$AL;&D Q[/=890>,\+,878'A^.]S>T1,DZV,M/)S'\IF@1
("^0E_722PW%D%=
A4M5^F( SJ)V!<1S J(O$!#/]>E)-DQ=D*RIL\S*_QR$4YC?
MTY-N2.T?)W:?C>74]A[MIVAVQ$/7/\GS<'/6+)B\]6=^3WQ=I @7\/7[]=7M
M7[?DXN;;UYMOYW=7-]>;8UFN$5W<7-_>?+[Z>'YW^9'
_'X-HCBDL1O2(66D]-D3C$@XB&NY
M[]:8*._>5(;3YB# PS9\!1S?#/ <"'A,J!Z@9TOTM'7%D!<\*YK@59&PN%S=L
M=8*&:18"2^1O5B!!'>6KR5- 76B_V=3>-T]L8NTE.6:J 4^(T!-PM99%HQCRQ.A>.
M1L&U&>,.R;<]&(;&A'N<(XD[+41.F^8*TI>Q&..I8+G"DBA2C 4 8S&*>*XT
M