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Unisys Corp (UIS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Unisys Corp

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CIK: 746838 Ticker: UIS


News Release     uis20logo1.jpg

Unisys Announces First-Quarter Results; Completes U.S. Federal Sale; Strong Balance Sheet and Liquidity Position

Beginning January 1, 2020, the historical results of the company’s U.S. Federal business have been reflected in the company’s consolidated financial statements as discontinued operations.
 Prior-period financial statements have been reclassified to reflect the company’s U.S. Federal business as discontinued operations. Throughout this release we will only refer to the company’s continuing operations.

•Closed sale of U.S. Federal business on March 13, 2020; $1.2 billion of proceeds
◦Net Leverage(10) reduced from 4.3x as of December 31, 2019 to 2.7x as of March 31, 2020
•Technology revenue growth of 11.2% year over year, ahead of internal expectations
•Operating profit margin of 3.9%, relative to 4.5% in prior-year period, due to restructuring charges
◦Non-GAAP operating profit(3) margin up 70 basis points year over year to 5.5%, relative to 4.8% in prior-year period
•Loss per share from continuing operations of $0.85 versus $0.64 in prior-year period, due to higher cost-reduction and other charges in 1Q20
◦Non-GAAP diluted earnings per share(7) from continuing operations of $0.01 versus a loss of $0.11 in prior-year period
•Company withdraws guidance in light of the current COVID-19 pandemic

BLUE BELL, Pa., April 28, 2020 – Unisys Corporation (NYSE: UIS) today reported first-quarter 2020 financial results. “The world has changed dramatically in a few short weeks, and I am proud of how our company and associates have responded to these unprecedented times. Our Unisys Stealth® security offerings, including Unisys Always-On Access™ powered by Stealth™ which is a next-generation solution that has advantages over many VPN options, and our InteliServe™ digital workplace solution and its ability to remotely manage operations, address many client needs arising out of this situation,” said Unisys Chairman and CEO Peter A. Altabef. “We also closed the sale of our U.S. Federal business on March 13, 2020, which significantly strengthened our balance sheet and increased capital structure flexibility.”

First-Quarter 2020 Highlights
Revenue GrowthProfitability
Revenue GrowthServices Revenue GrowthTechnology Revenue GrowthOperating Profit MarginNet Income MarginAdj. EBITDA MarginDiluted EPS
GAAP(7.1)%(10.1)%11.2 %GAAP3.9 %(10.3)%$(0.85) 
Constant-Currency (GAAP)(5.3)%(8.5)%13.2 %YoY Change(60) bps(440) bps(32.8)%
Non-GAAP(6.9)%(10.0)%N/A  Non-GAAP5.5 %0.1 %13.9 %$0.01  
YoY Change70bps110bps220bpsN/M  
Note: Throughout this release we will only refer to the company’s continuing operations.



1
The following information was filed by Unisys Corp (UIS) on Tuesday, April 28, 2020 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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Inside Unisys Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) (Parenthetical)
Consolidated Statements Of Deficit (Unaudited)
Consolidated Statements Of Income (Loss) (Unaudited)
Accounting Standards
Accounting Standards (Policies)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Detail)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Detail)
Basis Of Presentation
Capitalized Contract Costs
Capitalized Contract Costs (Details)
Capitalized Contract Costs (Tables)
Contract Assets And Contract Liabilities
Contract Assets And Contract Liabilities (Details)
Contract Assets And Contract Liabilities (Tables)
Cost-Reduction Actions
Cost-Reduction Actions (Tables)
Cost-Reduction Actions - Additional Information (Detail)
Cost-Reduction Actions - Liabilities And Expected Future Payments Related To Work-Force Reduction Actions (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Schedule Of Components Of Long-Term Debt (Details)
Debt - Schedule Of Interest Expense (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Computation Of Earnings (Loss) Per Common Share Attributable To Unisys Corporation (Detail)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (Tables)
Financial Instruments And Fair Value Measurements - Additional Information (Detail)
Financial Instruments And Fair Value Measurements - Fair Value Of Foreign Exchange Forward Contracts By Balance Sheet Location (Details)
Financial Instruments And Fair Value Measurements - Fair Values Of Financial Instruments Not Measured At Fair Value In Consolidated Balance Sheets (Details)
Financial Instruments And Fair Value Measurements - Gains And Losses Recognized On Foreign Exchange Forward Contracts (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Goodwill - Schedule Of Changes In Carrying Amount Of Goodwill By Segment (Details)
Income Taxes
Litigation And Contingencies
Litigation And Contingencies - Additional Information (Detail)
Pension And Postretirement Benefits
Pension And Postretirement Benefits (Tables)
Pension And Postretirement Benefits - Additional Information (Detail)
Pension And Postretirement Benefits - Components Of Net Periodic Benefit Expense (Detail)
Remaining Performance Obligations
Remaining Performance Obligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Customer Revenue By Classes Of Similar Products Or Services (Detail)
Segment Information - Reconciliation Of Segment Operating Income (Loss) To Consolidated Income (Loss) From Continuing Operations Before Income Taxes (Detail)
Segment Information - Revenue, Properties And Outsourcing Assets By Geographic Segment (Detail)
Segment Information - Summary Of Operations By Segment (Detail)
Stock Compensation
Stock Compensation (Tables)
Stock Compensation - Additional Information (Detail)
Stock Compensation - Summary Of Restricted Stock Unit Activity (Detail)
Stock Compensation Stock Compensation - Weighted Average Assumptions (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Cash Flow Information - Schedule Of Supplemental Cash Flow Information (Details)
Ticker: UIS
CIK: 746838
Form Type: 10-Q Quarterly Report
Accession Number: 0000746838-20-000122
Submitted to the SEC: Tue Aug 04 2020 4:13:25 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: Computer Integrated Systems Design

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