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 February 21, 2024, of Unisys Corporation | ||||||||
104 | Cover page Interactive Data File (embedded within the Inline Extensible Business Reporting Language document) |
Unisys Corporation | |||||||||||
Date: February 21, 2024 | By: | /s/ Debra McCann | |||||||||
Debra McCann | |||||||||||
Executive Vice President and Chief Financial Officer |
(In millions, except numbers presented as percentages) | 4Q23 | 4Q22 | FY23 | FY22 | ||||||||||||||||||||||
Revenue | $557.6 | $557.0 | $2,015.4 | $1,979.9 | ||||||||||||||||||||||
YoY revenue growth | 0.1 | % | 1.8 | % | ||||||||||||||||||||||
YoY revenue growth in constant currency | (2.1) | % | 1.6 | % | ||||||||||||||||||||||
Ex-L&S revenue | $413.3 | $386.9 | $1,586.3 | $1,511.9 | ||||||||||||||||||||||
YoY revenue growth | 6.8 | % | 4.9 | % | ||||||||||||||||||||||
YoY revenue growth in constant currency | 4.3 | % | 4.9 | % | ||||||||||||||||||||||
L&S revenue | $144.3 | $170.1 | $429.1 | $468.0 | ||||||||||||||||||||||
YoY revenue growth | (15.2) | % | (8.3) | % | ||||||||||||||||||||||
YoY revenue growth in constant currency | (16.9) | % | (9.0) | % | ||||||||||||||||||||||
Gross profit | $181.2 | $189.8 | $551.3 | $529.6 | ||||||||||||||||||||||
Gross profit percent | 32.5 | % | 34.1 | % | 27.4 | % | 26.7 | % | ||||||||||||||||||
Ex-L&S gross profit | $68.4 | $45.7 | $240.0 | $168.8 | ||||||||||||||||||||||
Ex-L&S gross profit percent | 16.5 | % | 11.8 | % | 15.1 | % | 11.2 | % | ||||||||||||||||||
Operating profit | $44.0 | $50.0 | $76.9 | $52.2 | ||||||||||||||||||||||
Operating profit percent | 7.9 | % | 9.0 | % | 3.8 | % | 2.6 | % | ||||||||||||||||||
Non-GAAP operating profit | $64.0 | $112.4 | $140.8 | $159.0 | ||||||||||||||||||||||
Non-GAAP operating profit percent | 11.5 | % | 20.2 | % | 7.0 | % | 8.0 | % | ||||||||||||||||||
Net (loss) income attributable to Unisys Corporation | ($165.3) | $8.5 | ($430.7) | ($106.0) | ||||||||||||||||||||||
Non-GAAP net income attributable to Unisys Corporation(10) | $35.4 | $82.8 | $41.7 | $74.8 | ||||||||||||||||||||||
EBITDA | ($103.6) | $85.1 | ($204.5) | $140.9 | ||||||||||||||||||||||
Adjusted EBITDA(9) | $100.4 | $148.7 | $285.9 | $325.8 | ||||||||||||||||||||||
Adjusted EBITDA as a percentage of revenue | 18.0 | % | 26.7 | % | 14.2 | % | 16.5 | % |
(In millions, except numbers presented as percentages) | 4Q23 | 4Q22 | FY23 | FY22 | ||||||||||||||||||||||
Digital Workplace Solutions (DWS): | ||||||||||||||||||||||||||
Revenue | $139.2 | $127.8 | $546.1 | $509.9 | ||||||||||||||||||||||
YoY revenue growth | 8.9 | % | 7.1 | % | ||||||||||||||||||||||
YoY revenue growth in constant currency | 6.3 | % | 7.0 | % | ||||||||||||||||||||||
Gross profit | $21.3 | $19.3 | $76.2 | $71.5 | ||||||||||||||||||||||
Gross profit percent | 15.3 | % | 15.1 | % | 14.0 | % | 14.0 | % | ||||||||||||||||||
Cloud, Applications & Infrastructure Solutions (CA&I): | ||||||||||||||||||||||||||
Revenue | $138.9 | $138.8 | $531.0 | $520.3 | ||||||||||||||||||||||
YoY revenue growth | 0.1 | % | 2.1 | % | ||||||||||||||||||||||
YoY revenue growth in constant currency | (0.5) | % | 2.2 | % | ||||||||||||||||||||||
Gross profit | $22.7 | $26.4 | $81.9 | $47.3 | ||||||||||||||||||||||
Gross profit percent | 16.3 | % | 19.0 | % | 15.4 | % | 9.1 | % | ||||||||||||||||||
Enterprise Computing Solutions (ECS): | ||||||||||||||||||||||||||
Revenue | $203.0 | $225.6 | $648.0 | $669.7 | ||||||||||||||||||||||
YoY revenue growth | (10.0) | % | (3.2) | % | ||||||||||||||||||||||
YoY revenue growth in constant currency | (12.2) | % | (3.9) | % | ||||||||||||||||||||||
Gross profit | $136.9 | $165.4 | $396.6 | $432.0 | ||||||||||||||||||||||
Gross profit percent | 67.4 | % | 73.3 | % | 61.2 | % | 64.5 | % |
(In millions) | 4Q23 | 4Q22 | FY23 | FY22 | ||||||||||||||||||||||
Cash and cash equivalents | $387.7 | $391.8 | ||||||||||||||||||||||||
Cash provided by operations | $23.0 | $34.9 | $74.2 | $12.7 | ||||||||||||||||||||||
Free cash flow | $4.0 | $13.8 | ($4.5) | ($73.2) | ||||||||||||||||||||||
Pre-pension free cash flow | $10.7 | $23.6 | $43.5 | ($29.5) | ||||||||||||||||||||||
Adjusted free cash flow(13) | $30.9 | $39.3 | $120.5 | $27.0 |
YoY Change | QoQ Change* | ||||||||||||||||
4Q23 | |||||||||||||||||
Pipeline(3) | |||||||||||||||||
Total company | (1) | % | (20) | % | |||||||||||||
Ex-L&S pipeline | (1) | % | (20) | % | |||||||||||||
TCV | |||||||||||||||||
Total company | 50 | % | 331 | % | |||||||||||||
Ex-L&S TCV | 137 | % | 339 | % | |||||||||||||
FY23 | |||||||||||||||||
TCV | |||||||||||||||||
Total company | 3 | % | |||||||||||||||
Ex-L&S TCV | 27 | % |
Guidance | |||||
Revenue growth in constant currency | (1.5)% to 1.5% | ||||
Non-GAAP operating profit margin | 5.5% to 7.5% | ||||
Contacts: | For Investors: | ||||
Michaela Pewarski, Unisys, +1 215-274-1254 | |||||
Investor@unisys.com | |||||
For Press: | |||||
Patricia Gonzalez, Unisys, +1 817-846-7662 | |||||
Patricia.Gonzalez@unisys.com |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Services | $ | 429.8 | $ | 409.7 | $ | 1,665.9 | $ | 1,597.3 | ||||||||||||||||||
Technology | 127.8 | 147.3 | 349.5 | 382.6 | ||||||||||||||||||||||
557.6 | 557.0 | 2,015.4 | 1,979.9 | |||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Services | 318.8 | 324.3 | 1,282.4 | 1,285.9 | ||||||||||||||||||||||
Technology | 57.6 | 42.9 | 181.7 | 164.4 | ||||||||||||||||||||||
376.4 | 367.2 | 1,464.1 | 1,450.3 | |||||||||||||||||||||||
Selling, general and administrative | 129.0 | 132.9 | 450.3 | 453.2 | ||||||||||||||||||||||
Research and development | 8.2 | 6.9 | 24.1 | 24.2 | ||||||||||||||||||||||
513.6 | 507.0 | 1,938.5 | 1,927.7 | |||||||||||||||||||||||
Operating income | 44.0 | 50.0 | 76.9 | 52.2 | ||||||||||||||||||||||
Interest expense | 7.9 | 7.8 | 30.8 | 32.4 | ||||||||||||||||||||||
Other (expense), net | (176.7) | (16.2) | (393.9) | (82.4) | ||||||||||||||||||||||
(Loss) earnings before income taxes | (140.6) | 26.0 | (347.8) | (62.6) | ||||||||||||||||||||||
Provision for income taxes | 23.6 | 17.2 | 79.3 | 42.3 | ||||||||||||||||||||||
Consolidated net (loss) earnings | (164.2) | 8.8 | (427.1) | (104.9) | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | 1.1 | 0.3 | 3.6 | 1.1 | ||||||||||||||||||||||
Net (loss) income attributable to Unisys Corporation | $ | (165.3) | $ | 8.5 | $ | (430.7) | $ | (106.0) | ||||||||||||||||||
(Loss) earnings per share attributable to Unisys Corporation | ||||||||||||||||||||||||||
Basic | $ | (2.42) | $ | 0.13 | $ | (6.31) | $ | (1.57) | ||||||||||||||||||
Diluted | $ | (2.42) | $ | 0.12 | $ | (6.31) | $ | (1.57) |
Total | DWS | CA&I | ECS | Other | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Revenue | $ | 557.6 | $ | 139.2 | $ | 138.9 | $ | 203.0 | $ | 76.5 | ||||||||||||||||||||||
Gross profit percent | 32.5 | % | 15.3 | % | 16.3 | % | 67.4 | % | ||||||||||||||||||||||||
Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Revenue | $ | 557.0 | $ | 127.8 | $ | 138.8 | $ | 225.6 | $ | 64.8 | ||||||||||||||||||||||
Gross profit percent | 34.1 | % | 15.1 | % | 19.0 | % | 73.3 | % |
Total | DWS | CA&I | ECS | Other | ||||||||||||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,015.4 | $ | 546.1 | $ | 531.0 | $ | 648.0 | $ | 290.3 | ||||||||||||||||||||||
Gross profit percent | 27.4 | % | 14.0 | % | 15.4 | % | 61.2 | % | ||||||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Revenue | $ | 1,979.9 | $ | 509.9 | $ | 520.3 | $ | 669.7 | $ | 280.0 | ||||||||||||||||||||||
Gross profit percent | 26.7 | % | 14.0 | % | 9.1 | % | 64.5 | % |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 387.7 | $ | 391.8 | |||||||
Accounts receivable, net | 454.5 | 402.5 | |||||||||
Contract assets | 11.7 | 28.9 | |||||||||
Inventories | 15.3 | 14.9 | |||||||||
Prepaid expenses and other current assets | 101.8 | 92.3 | |||||||||
Total current assets | 971.0 | 930.4 | |||||||||
Properties | 396.4 | 410.8 | |||||||||
Less – Accumulated depreciation and amortization | 332.1 | 334.9 | |||||||||
Properties, net | 64.3 | 75.9 | |||||||||
Outsourcing assets, net | 31.6 | 66.4 | |||||||||
Marketable software, net | 166.2 | 165.1 | |||||||||
Operating lease right-of-use assets | 35.4 | 42.5 | |||||||||
Prepaid postretirement assets | 38.0 | 119.5 | |||||||||
Deferred income taxes | 114.0 | 118.6 | |||||||||
Goodwill | 287.4 | 287.1 | |||||||||
Intangible assets, net | 42.7 | 52.4 | |||||||||
Restricted cash | 9.0 | 10.9 | |||||||||
Assets held-for-sale | 4.9 | 6.4 | |||||||||
Other long-term assets | 200.9 | 190.4 | |||||||||
Total assets | $ | 1,965.4 | $ | 2,065.6 | |||||||
Total liabilities and (deficit) equity | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt | $ | 13.0 | $ | 17.4 | |||||||
Accounts payable | 130.9 | 160.8 | |||||||||
Deferred revenue | 198.6 | 200.7 | |||||||||
Other accrued liabilities | 308.4 | 271.6 | |||||||||
Total current liabilities | 650.9 | 650.5 | |||||||||
Long-term debt | 491.2 | 495.7 | |||||||||
Long-term postretirement liabilities | 787.7 | 714.6 | |||||||||
Long-term deferred revenue | 104.4 | 122.3 | |||||||||
Long-term operating lease liabilities | 25.6 | 29.7 | |||||||||
Other long-term liabilities | 44.0 | 31.0 | |||||||||
Commitments and contingencies | |||||||||||
Total Unisys Corporation stockholders' deficit | (151.8) | (14.7) | |||||||||
Noncontrolling interests | 13.4 | 36.5 | |||||||||
Total (deficit) equity | (138.4) | 21.8 | |||||||||
Total liabilities and (deficit) equity | $ | 1,965.4 | $ | 2,065.6 |
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Consolidated net loss | $ | (427.1) | $ | (104.9) | ||||||||||
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | ||||||||||||||
Foreign currency losses | 0.2 | 6.8 | ||||||||||||
Non-cash interest expense | 1.2 | 1.3 | ||||||||||||
Employee stock compensation | 17.2 | 20.0 | ||||||||||||
Depreciation and amortization of properties | 29.1 | 50.2 | ||||||||||||
Depreciation and amortization of outsourcing assets | 50.3 | 64.5 | ||||||||||||
Amortization of marketable software | 49.7 | 58.7 | ||||||||||||
Amortization of intangible assets | 9.7 | 10.1 | ||||||||||||
Other non-cash operating activities | (0.2) | 0.3 | ||||||||||||
Loss on disposal of capital assets | 6.0 | 6.6 | ||||||||||||
Postretirement contributions | (48.0) | (43.7) | ||||||||||||
Postretirement expense | 388.5 | 45.3 | ||||||||||||
Deferred income taxes, net | 24.5 | (8.3) | ||||||||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||
Receivables, net and contract assets | 4.2 | 15.5 | ||||||||||||
Inventories | — | (8.0) | ||||||||||||
Other assets | (25.5) | (2.6) | ||||||||||||
Accounts payable and current liabilities | (20.9) | (103.8) | ||||||||||||
Other liabilities | 15.3 | 4.7 | ||||||||||||
Net cash provided by operating activities | 74.2 | 12.7 | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Proceeds from investments | 2,751.6 | 3,336.1 | ||||||||||||
Purchases of investments | (2,740.4) | (3,380.4) | ||||||||||||
Capital additions of properties | (21.3) | (31.0) | ||||||||||||
Capital additions of outsourcing assets | (11.4) | (8.6) | ||||||||||||
Investment in marketable software | (46.0) | (46.3) | ||||||||||||
Purchases of businesses, net of cash acquired | (1.2) | (0.3) | ||||||||||||
Other | (0.9) | (0.9) | ||||||||||||
Net cash used for investing activities | (69.6) | (131.4) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payments of long-term debt | (16.9) | (17.8) | ||||||||||||
Other | (0.4) | (3.8) | ||||||||||||
Net cash used for financing activities | (17.3) | (21.6) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 6.7 | (17.6) | ||||||||||||
Decrease in cash, cash equivalents and restricted cash | (6.0) | (157.9) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 402.7 | 560.6 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 396.7 | $ | 402.7 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Net (loss) income attributable to Unisys Corporation | $ | (165.3) | $ | 8.5 | $ | (430.7) | $ | (106.0) | |||||||||||||||||||||
Postretirement expense | pretax | 174.4 | 11.2 | 388.5 | 45.3 | ||||||||||||||||||||||||
tax | (0.1) | 0.1 | (0.7) | 0.5 | |||||||||||||||||||||||||
net of tax | 174.5 | 11.1 | 389.2 | 44.8 | |||||||||||||||||||||||||
Certain legal matters | pretax | 11.9 | 6.8 | 35.7 | 16.0 | ||||||||||||||||||||||||
tax | — | — | — | — | |||||||||||||||||||||||||
net of tax | 11.9 | 6.8 | 35.7 | 16.0 | |||||||||||||||||||||||||
Environmental matters | pretax | 7.0 | 6.6 | 24.7 | 32.4 | ||||||||||||||||||||||||
tax | — | — | — | — | |||||||||||||||||||||||||
net of tax | 7.0 | 6.6 | 24.7 | 32.4 | |||||||||||||||||||||||||
Cost reduction and other expenses | pretax | 7.6 | 53.2 | 23.8 | 91.1 | ||||||||||||||||||||||||
tax | 0.3 | 3.4 | 1.0 | 3.5 | |||||||||||||||||||||||||
net of tax | 7.3 | 49.8 | 22.8 | 87.6 | |||||||||||||||||||||||||
Non-GAAP net income attributable to Unisys Corporation | $ | 35.4 | $ | 82.8 | $ | 41.7 | $ | 74.8 | |||||||||||||||||||||
Weighted average shares (thousands) | 68,402 | 67,793 | 68,254 | 67,665 | |||||||||||||||||||||||||
Plus incremental shares from assumed conversion: | |||||||||||||||||||||||||||||
Employee stock plans | 1,365 | 331 | 945 | 481 | |||||||||||||||||||||||||
Non-GAAP adjusted weighted average shares | 69,767 | 68,124 | 69,199 | 68,146 | |||||||||||||||||||||||||
Diluted earnings (loss) per share | |||||||||||||||||||||||||||||
GAAP basis | |||||||||||||||||||||||||||||
Net (loss) income attributable to Unisys Corporation | $ | (165.3) | $ | 8.5 | $ | (430.7) | $ | (106.0) | |||||||||||||||||||||
Divided by weighted average shares | 68,402 | 68,124 | 68,254 | 67,665 | |||||||||||||||||||||||||
Diluted (loss) earnings per share | $ | (2.42) | $ | 0.12 | $ | (6.31) | $ | (1.57) | |||||||||||||||||||||
Non-GAAP basis | |||||||||||||||||||||||||||||
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share | $ | 35.4 | $ | 82.8 | $ | 41.7 | $ | 74.8 | |||||||||||||||||||||
Divided by Non-GAAP adjusted weighted average shares | 69,767 | 68,124 | 69,199 | 68,146 | |||||||||||||||||||||||||
Non-GAAP diluted earnings per share | $ | 0.51 | $ | 1.22 | $ | 0.60 | $ | 1.10 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Cash provided by operations | $ | 23.0 | $ | 34.9 | $ | 74.2 | $ | 12.7 | |||||||||||||||||||||
Additions to marketable software | (13.1) | (11.1) | (46.0) | (46.3) | |||||||||||||||||||||||||
Additions to properties | (5.9) | (9.5) | (21.3) | (31.0) | |||||||||||||||||||||||||
Additions to outsourcing assets | — | (0.5) | (11.4) | (8.6) | |||||||||||||||||||||||||
Free cash flow | 4.0 | 13.8 | (4.5) | (73.2) | |||||||||||||||||||||||||
Postretirement funding | 6.7 | 9.8 | 48.0 | 43.7 | |||||||||||||||||||||||||
Pre-pension free cash flow | 10.7 | 23.6 | 43.5 | (29.5) | |||||||||||||||||||||||||
Certain legal payments | 9.7 | — | 30.2 | 5.5 | |||||||||||||||||||||||||
Environmental matters payments | 7.2 | 11.2 | 21.8 | 28.1 | |||||||||||||||||||||||||
Cost reduction and other payments | 3.3 | 4.5 | 25.0 | 22.9 | |||||||||||||||||||||||||
Adjusted free cash flow | $ | 30.9 | $ | 39.3 | $ | 120.5 | $ | 27.0 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Net (loss) income attributable to Unisys Corporation | $ | (165.3) | $ | 8.5 | $ | (430.7) | $ | (106.0) | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 1.1 | 0.3 | 3.6 | 1.1 | |||||||||||||||||||||||||
Interest expense, net of interest income of $6.3, $3.7, $26.3, $12.4 respectively(1) | 1.6 | 4.1 | 4.5 | 20.0 | |||||||||||||||||||||||||
Provision for income taxes | 23.6 | 17.2 | 79.3 | 42.3 | |||||||||||||||||||||||||
Depreciation | 21.0 | 36.6 | 79.4 | 114.7 | |||||||||||||||||||||||||
Amortization | 14.4 | 18.4 | 59.4 | 68.8 | |||||||||||||||||||||||||
EBITDA | $ | (103.6) | $ | 85.1 | $ | (204.5) | $ | 140.9 | |||||||||||||||||||||
Postretirement expense | $ | 174.4 | $ | 11.2 | $ | 388.5 | $ | 45.3 | |||||||||||||||||||||
Certain legal matters(2) | 11.9 | 6.8 | 35.7 | 16.0 | |||||||||||||||||||||||||
Environmental matters(1) | 7.0 | 6.6 | 24.7 | 32.4 | |||||||||||||||||||||||||
Cost reduction and other expenses(3) | 4.5 | 30.2 | 13.5 | 55.4 | |||||||||||||||||||||||||
Non-cash share based expense | 4.1 | 4.3 | 16.6 | 19.0 | |||||||||||||||||||||||||
Other expense, net adjustment(4) | 2.1 | 4.5 | 11.4 | 16.8 | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 100.4 | $ | 148.7 | $ | 285.9 | $ | 325.8 | |||||||||||||||||||||
(1) Included in other (expense), net on the consolidated statements of income (loss) | |||||||||||||||||||||||||||||
(2) Included in selling, general and administrative expenses and other (expense), net within the consolidated statements of income (loss) | |||||||||||||||||||||||||||||
(3) Reduced for depreciation and amortization included above | |||||||||||||||||||||||||||||
(4) Other expense, net as reported on the consolidated statements of income (loss) less postretirement expense, interest income and items included in environmental matters, cost reduction and other expenses |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Revenue | $ | 557.6 | $ | 557.0 | $ | 2,015.4 | $ | 1,979.9 | |||||||||||||||||||||
Net (loss) earnings attributable to Unisys Corporation as a percentage of revenue | (29.6) | % | 1.5 | % | (21.4) | % | (5.4) | % | |||||||||||||||||||||
Non-GAAP net income attributable to Unisys Corporation as a percentage of revenue | 6.3 | % | 14.9 | % | 2.1 | % | 3.8 | % | |||||||||||||||||||||
Adjusted EBITDA as a percentage of revenue | 18.0 | % | 26.7 | % | 14.2 | % | 16.5 | % |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating profit | $ | 44.0 | $ | 50.0 | $ | 76.9 | $ | 52.2 | ||||||||||||||||||
Certain legal matters(1) | 11.4 | 6.8 | 35.2 | 16.0 | ||||||||||||||||||||||
Cost reduction and other expenses(2) | 8.4 | 55.1 | 27.4 | 88.7 | ||||||||||||||||||||||
Postretirement expense(1) | 0.2 | 0.5 | 1.3 | 2.1 | ||||||||||||||||||||||
Non-GAAP operating profit | $ | 64.0 | $ | 112.4 | $ | 140.8 | $ | 159.0 | ||||||||||||||||||
Revenue | $ | 557.6 | $ | 557.0 | $ | 2,015.4 | $ | 1,979.9 | ||||||||||||||||||
Operating profit percent | 7.9 | % | 9.0 | % | 3.8 | % | 2.6 | % | ||||||||||||||||||
Non-GAAP operating profit percent | 11.5 | % | 20.2 | % | 7.0 | % | 8.0 | % | ||||||||||||||||||
(1) Included in selling, general and administrative expenses within the consolidated statements of income (loss) | ||||||||||||||||||||||||||
(2) Included in cost of revenue, selling, general and administrative and research and development on the consolidated statements of income (loss) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue | $ | 557.6 | $ | 557.0 | $ | 2,015.4 | $ | 1,979.9 | ||||||||||||||||||
L&S revenue | 144.3 | 170.1 | 429.1 | 468.0 | ||||||||||||||||||||||
Ex-L&S Non-GAAP revenue | $ | 413.3 | $ | 386.9 | $ | 1,586.3 | $ | 1,511.9 | ||||||||||||||||||
Gross profit | $ | 181.2 | $ | 189.8 | $ | 551.3 | $ | 529.6 | ||||||||||||||||||
L&S gross profit | 112.8 | 144.1 | 311.3 | 360.8 | ||||||||||||||||||||||
Ex-L&S Non-GAAP gross profit | $ | 68.4 | $ | 45.7 | $ | 240.0 | $ | 168.8 | ||||||||||||||||||
Gross profit percent | 32.5 | % | 34.1 | % | 27.4 | % | 26.7 | % | ||||||||||||||||||
Ex-L&S Non-GAAP gross profit percent | 16.5 | % | 11.8 | % | 15.1 | % | 11.2 | % |
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Cover |
Feb. 21, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 21, 2024 |
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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