Unisys Announces First-Quarter 2018 Financial Results; Operating Margin Expands Year Over Year; Company Reaffirms Full-Year Financial Guidance
Services backlog grew year over year for second consecutive quarter, up 26%
Total revenue increased 6.6% year over year; non-GAAP adjusted revenue(5) declined 1.4% year over year
Operating profit margin increased 1110 basis points year over year to 14.4%; non-GAAP operating profit(6) margin increased 60 basis points year over year to 7.2%
Technology revenue grew 76.6% year over year; non-GAAP adjusted Technology revenue(5) grew 9.7% year over year
Total Contract Value(1) (“TCV”) and new business TCV were up 174% and 145% year over year, respectively
Services backlog(4) was up 26% year over year and 10% sequentially, to $4.7 billion
BLUE BELL, Pa., May 1, 2018 - Unisys Corporation (NYSE: UIS) today reported first-quarter 2018 financial results. Total company revenue grew 6.6% year over year (2.5% in constant currency(3)), and operating profit margin was up 1110 basis points year over year to 14.4%. Non-GAAP adjusted revenue(5) (which is adjusted for the recent adoption of required accounting changes) was down 1.4% year over year, due to a tough compare created by a large contract re-negotiation in the prior-year period, as previously disclosed. Non-GAAP operating profit margin expanded to 7.2%, up 60 basis points year over year, even in light of the one-time benefit from the same contract re-negotiation. Technology revenue grew 76.6% year over year, and non-GAAP adjusted Technology revenue(5) grew 9.7%, marking the third consecutive quarter of year-over-year growth for this segment. The company’s results of operations for the first quarter were favorably impacted by the required adoption of ASC 606(5).
The company also reported strong contract signings for the quarter, including the largest new logo contract signed in over a decade, based on TCV. Total Contract Value increased 174% year over year, with new business TCV up 145%. Annual Contract Value grew 136% year over year, with new business ACV up 99%. Services backlog(4) was up 26% year over year and 10% sequentially, to $4.7 billion.
“Our first quarter results mark a strong start to the year against our goals for 2018,” said Unisys Chairman, President and CEO Peter A. Altabef. “We are pleased to see continuing momentum on the go-to-market front, including with the largest new logo contract win the company has seen in over a decade.”
The following information was filed by Unisys Corp (UIS) on Tuesday, May 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: UIS CIK: 746838 Form Type:10-Q Quarterly Report Accession Number: 0000746838-18-000018 Submitted to the SEC: Wed May 02 2018 1:35:26 PM EST Accepted by the SEC: Wed May 02 2018 Period: Saturday, March 31, 2018 Industry: Computer Integrated Systems Design