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As Of Filer Filing For·On·As Docs:Size 11/23/22 Unisys Corp. 10-Q 9/30/22 96:8.8M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.78M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 29K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 29K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 26K 11: R1 Cover HTML 76K 12: R2 Consolidated Statements of Income (Loss) HTML 113K (Unaudited) 13: R3 Consolidated Statements of Comprehensive Income HTML 61K (Loss) (Unaudited) 14: R4 Consolidated Statements of Comprehensive Income HTML 28K (Loss) (Unaudited) (Parenthetical) 15: R5 Consolidated Balance Sheets (Unaudited) HTML 166K 16: R6 Consolidated Balance Sheets (Unaudited) HTML 54K (Parenthetical) 17: R7 Consolidated Statements of Cash Flows (Unaudited) HTML 122K 18: R8 Consolidated Statements of Deficit (Unaudited) HTML 91K 19: R9 Basis of Presentation HTML 30K 20: R10 Accounting Standards HTML 37K 21: R11 Acquisitions HTML 42K 22: R12 Cost-Reduction Actions HTML 59K 23: R13 Pension and Postretirement Benefits HTML 101K 24: R14 Stock Compensation HTML 48K 25: R15 Other (expense), net HTML 41K 26: R16 Income Taxes HTML 33K 27: R17 Loss Per Share HTML 60K 28: R18 Contract Assets and Deferred Revenue HTML 57K 29: R19 Capitalized Contract Costs HTML 57K 30: R20 Financial Instruments and Fair Value Measurements HTML 49K 31: R21 Goodwill and Intangible Assets HTML 59K 32: R22 Debt HTML 63K 33: R23 Litigation and Contingencies HTML 33K 34: R24 Accumulated Other Comprehensive Loss HTML 60K 35: R25 Supplemental Cash Flow Information HTML 37K 36: R26 Segment Information HTML 131K 37: R27 Remaining Performance Obligations HTML 57K 38: R28 Subsequent Event HTML 28K 39: R29 Acquisitions (Tables) HTML 42K 40: R30 Cost-Reduction Actions (Tables) HTML 56K 41: R31 Pension and Postretirement Benefits (Tables) HTML 100K 42: R32 Stock Compensation (Tables) HTML 46K 43: R33 Other (Expense), Net (Tables) HTML 41K 44: R34 Loss Per Share (Tables) HTML 60K 45: R35 Contract Assets and Deferred Revenue (Tables) HTML 39K 46: R36 Capitalized Contract Costs (Tables) HTML 39K 47: R37 Financial Instruments and Fair Value Measurements HTML 51K (Tables) 48: R38 Goodwill and Intangible Assets (Tables) HTML 66K 49: R39 Debt (Tables) HTML 56K 50: R40 Accumulated Other Comprehensive Loss (Tables) HTML 62K 51: R41 Supplemental Cash Flow Information (Tables) HTML 47K 52: R42 Segment Information (Tables) HTML 132K 53: R43 Acquisitions - Additional Information (Details) HTML 40K 54: R44 Acquisitions - Net Assets Acquired (Details) HTML 50K 55: R45 Acquisitions - Intangible Assets Acquired HTML 34K (Details) 56: R46 Cost-Reduction Actions - Additional Information HTML 48K (Details) 57: R47 Cost-Reduction Actions - Statement of Income HTML 38K Classifications (Details) 58: R48 Cost-Reduction Actions - Liabilities and Expected HTML 46K Future Payments Related to Work-Force Reduction Actions (Details) 59: R49 Pension and Postretirement Benefits - Components HTML 69K of Net Periodic Benefit (Income) Expense (Details) 60: R50 Pension and Postretirement Benefits - Additional HTML 37K Information (Details) 61: R51 Stock Compensation - Additional Information HTML 49K (Details) 62: R52 Stock Compensation - Summary of Restricted Stock HTML 51K Unit Activity (Details) 63: R53 Stock Compensation - Weighted Average Assumptions HTML 37K (Details) 64: R54 Other (Expense), Net (Details) HTML 42K 65: R55 Income Taxes (Details) HTML 27K 66: R56 Loss Per Share (Details) HTML 72K 67: R57 Contract Assets and Deferred Revenue (Details) HTML 39K 68: R58 Capitalized Contract Costs (Details) HTML 35K 69: R59 Financial Instruments and Fair Value Measurements HTML 31K - Additional Information (Details) 70: R60 Financial Instruments and Fair Value Measurements HTML 36K - Fair Value of Foreign Exchange Forward Contracts by Balance Sheet Location (Details) 71: R61 Financial Instruments and Fair Value Measurements HTML 31K - Gains and Losses Recognized on Foreign Exchange Forward Contracts (Details) 72: R62 Financial Instruments and Fair Value Measurements HTML 38K - Fair Values of Financial Instruments Not Measured at Fair Value in Consolidated Balance Sheets (Details) 73: R63 Goodwill and Intangible Assets - Carrying Value of HTML 45K Goodwill (Details) 74: R64 Goodwill and Intangible Assets - Additional HTML 35K Information (Details) 75: R65 Goodwill and Intangible Assets - Intangible HTML 40K Assets, Net (Details) 76: R66 Goodwill and Intangible Assets - Schedule of HTML 40K Future Amortization of Intangible Assets (Details) 77: R67 Debt - Schedule of Components of Long-term Debt HTML 51K (Details) 78: R68 Debt - Additional Information (Details) HTML 103K 79: R69 Debt - 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uis-20220930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 38-0387840 | |||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, par value $.01 | i UIS | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||
Emerging growth company | i ☐ |
PART I - FINANCIAL INFORMATION | Page Number | ||||||||||
Item 1. | Consolidated Financial Statements (Unaudited) | ||||||||||
Consolidated Statements of Income (Loss) | |||||||||||
Consolidated Statements of Comprehensive Income (Loss) | |||||||||||
Consolidated Balance Sheets | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
Consolidated Statements of Deficit | |||||||||||
Notes to Consolidated Financial Statements | |||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | ||||||||||
Item 4. | Controls and Procedures | ||||||||||
PART II - OTHER INFORMATION | |||||||||||
Item 1. | Legal Proceedings | ||||||||||
Item 1A. | Risk Factors | ||||||||||
Item 6. | Exhibits | ||||||||||
Exhibit Index | |||||||||||
Signatures |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Services | $ | i 395.2 | $ | i 417.9 | $ | i 1,187.6 | $ | i 1,268.8 | ||||||||||||||||||
Technology | i 66.0 | i 70.1 | i 235.3 | i 246.3 | ||||||||||||||||||||||
i 461.2 | i 488.0 | i 1,422.9 | i 1,515.1 | |||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||
Services | i 318.2 | i 343.1 | i 961.6 | i 1,019.7 | ||||||||||||||||||||||
Technology | i 38.7 | i 18.0 | i 121.5 | i 87.1 | ||||||||||||||||||||||
i 356.9 | i 361.1 | i 1,083.1 | i 1,106.8 | |||||||||||||||||||||||
Selling, general and administrative | i 106.3 | i 95.1 | i 320.3 | i 279.7 | ||||||||||||||||||||||
Research and development | i 6.0 | i 6.7 | i 17.3 | i 19.1 | ||||||||||||||||||||||
i 469.2 | i 462.9 | i 1,420.7 | i 1,405.6 | |||||||||||||||||||||||
Operating (loss) income | ( i 8.0) | i 25.1 | i 2.2 | i 109.5 | ||||||||||||||||||||||
Interest expense | i 7.9 | i 8.5 | i 24.6 | i 27.0 | ||||||||||||||||||||||
Other (expense), net | ( i 23.3) | ( i 24.2) | ( i 66.2) | ( i 434.6) | ||||||||||||||||||||||
Loss before income taxes | ( i 39.2) | ( i 7.6) | ( i 88.6) | ( i 352.1) | ||||||||||||||||||||||
Provision for (benefit from) income taxes | i 0.7 | i 10.9 | i 25.1 | ( i 33.8) | ||||||||||||||||||||||
Consolidated net loss | ( i 39.9) | ( i 18.5) | ( i 113.7) | ( i 318.3) | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | i 0.2 | i 0.2 | i 0.8 | ( i 1.0) | ||||||||||||||||||||||
Net loss attributable to Unisys Corporation | $ | ( i 40.1) | $ | ( i 18.7) | $ | ( i 114.5) | $ | ( i 317.3) | ||||||||||||||||||
Loss per share attributable to Unisys Corporation | ||||||||||||||||||||||||||
Basic | $ | ( i 0.59) | $ | ( i 0.28) | $ | ( i 1.69) | $ | ( i 4.79) | ||||||||||||||||||
Diluted | $ | ( i 0.59) | $ | ( i 0.28) | $ | ( i 1.69) | $ | ( i 4.79) |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Consolidated net loss | $ | ( i 39.9) | $ | ( i 18.5) | $ | ( i 113.7) | $ | ( i 318.3) | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Foreign currency translation | ( i 90.9) | ( i 36.5) | ( i 204.2) | ( i 36.8) | ||||||||||||||||||||||
Postretirement
adjustments, net of tax of $ i 14.4 and $ i 35.2
in 2022 and $ i 7.4 and $ i 45.2
in 2021 | i 89.1 | i 63.4 | i 234.8 | i 408.6 | ||||||||||||||||||||||
Total other comprehensive (loss) income | ( i 1.8) | i 26.9 | i 30.6 | i 371.8 | ||||||||||||||||||||||
Comprehensive (loss) income | ( i 41.7) | i 8.4 | ( i 83.1) | i 53.5 | ||||||||||||||||||||||
Less comprehensive income (loss) attributable to noncontrolling interests | i 0.1 | ( i 0.8) | ( i 0.5) | ( i 0.5) | ||||||||||||||||||||||
Comprehensive (loss) income attributable to Unisys Corporation | $ | ( i 41.8) | $ | i 9.2 | $ | ( i 82.6) | $ | i 54.0 |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 351.4 | $ | i 552.9 | |||||||
Accounts receivable, net | i 404.6 | i 451.7 | |||||||||
Contract assets | i 26.3 | i 42.0 | |||||||||
Inventories | i 12.4 | i 7.6 | |||||||||
Prepaid expenses and other current assets | i 83.7 | i 78.8 | |||||||||
Total current assets | i 878.4 | i 1,133.0 | |||||||||
Properties | i 436.8 | i 468.0 | |||||||||
Less-accumulated depreciation and amortization | i 359.1 | i 381.5 | |||||||||
Properties, net | i 77.7 | i 86.5 | |||||||||
Outsourcing assets, net | i 78.7 | i 124.6 | |||||||||
Marketable software, net | i 168.6 | i 176.2 | |||||||||
Operating lease right-of-use assets | i 48.0 | i 62.7 | |||||||||
Prepaid postretirement assets | i 170.7 | * | i 159.7 | ||||||||
Deferred income taxes | i 109.9 | i 125.3 | |||||||||
Goodwill | i 286.2 | i 315.0 | |||||||||
Intangible assets, net | i 54.8 | i 34.9 | |||||||||
Restricted cash | i 13.6 | i 7.7 | |||||||||
Assets held-for-sale | i 20.0 | i 20.0 | |||||||||
Other long-term assets | i 151.5 | i 173.9 | |||||||||
Total assets | $ | i 2,058.1 | * | $ | i 2,419.5 | ||||||
Liabilities and deficit | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term-debt | $ | i 17.5 | $ | i 18.2 | |||||||
Accounts payable | i 157.3 | i 180.2 | |||||||||
Deferred revenue | i 206.2 | i 253.2 | |||||||||
Other accrued liabilities | i 261.0 | i 300.9 | |||||||||
Total current liabilities | i 642.0 | i 752.5 | |||||||||
Long-term debt | i 498.4 | i 511.2 | |||||||||
Long-term postretirement liabilities | i 851.0 | * | i 976.2 | ||||||||
Long-term deferred revenue | i 127.2 | i 150.7 | |||||||||
Long-term operating lease liabilities | i 34.0 | i 46.1 | |||||||||
Other long-term liabilities | i 40.8 | i 47.2 | |||||||||
Commitments
and contingencies (see Note 15) | i | i | |||||||||
Deficit: | |||||||||||
Common
stock, shares issued: 2022; i 73.3, 2021; i 72.5 | i 0.7 | i 0.7 | |||||||||
Accumulated deficit | ( i 1,523.5) | ( i 1,409.0) | |||||||||
Treasury
stock, shares at cost: 2022; i 5.5, 2021; i 5.3 | ( i 155.9) | ( i 152.2) | |||||||||
Paid-in capital | i 4,726.8 | i 4,710.9 | |||||||||
Accumulated other comprehensive loss | ( i 3,232.2) | ( i 3,264.1) | |||||||||
Total Unisys Corporation stockholders’ deficit | ( i 184.1) | ( i 113.7) | |||||||||
Noncontrolling interests | i 48.8 | i 49.3 | |||||||||
Total deficit | ( i 135.3) | ( i 64.4) | |||||||||
Total liabilities and deficit | $ | i 2,058.1 | * | $ | i 2,419.5 |
Nine
Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Consolidated net loss | $ | ( i 113.7) | $ | ( i 318.3) | ||||||||||
Adjustments to reconcile consolidated net loss to net cash (used for) provided by operating activities: | ||||||||||||||
Foreign currency losses | i 6.3 | i 3.2 | ||||||||||||
Non-cash interest expense | i 1.0 | i 1.5 | ||||||||||||
Employee stock compensation | i 15.2 | i 11.5 | ||||||||||||
Depreciation and amortization of properties | i 29.3 | i 23.2 | ||||||||||||
Depreciation and amortization of outsourcing assets | i 48.8 | i 50.8 | ||||||||||||
Amortization of marketable software | i 42.7 | i 50.9 | ||||||||||||
Amortization of intangible assets | i 7.7 | i 1.7 | ||||||||||||
Other non-cash operating activities | i 0.2 | ( i 0.1) | ||||||||||||
Loss on disposal of capital assets | i 1.6 | i 1.5 | ||||||||||||
Postretirement contributions | ( i 33.9) | ( i 43.6) | ||||||||||||
Postretirement expense | i 34.1 | i 407.7 | ||||||||||||
Deferred income taxes, net | ( i 6.5) | ( i 65.3) | ||||||||||||
Changes in operating assets and liabilities, excluding the effect of acquisitions: | ||||||||||||||
Receivables, net and contract assets | i 48.4 | i 135.0 | ||||||||||||
Inventories | ( i 5.6) | i 2.2 | ||||||||||||
Other assets | ( i 2.5) | ( i 4.1) | ||||||||||||
Accounts payable and current liabilities | ( i 101.5) | ( i 229.6) | ||||||||||||
Other liabilities | i 6.2 | i 36.3 | ||||||||||||
Net cash (used for) provided by operating activities | ( i 22.2) | i 64.5 | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchase of businesses, net of cash acquired | ( i 0.3) | ( i 150.4) | ||||||||||||
Proceeds from investments | i 2,441.0 | i 3,286.4 | ||||||||||||
Purchases of investments | ( i 2,499.4) | ( i 3,294.6) | ||||||||||||
Investment in marketable software | ( i 35.2) | ( i 42.1) | ||||||||||||
Capital additions of properties | ( i 21.5) | ( i 19.7) | ||||||||||||
Capital additions of outsourcing assets | ( i 8.1) | ( i 14.7) | ||||||||||||
Other | ( i 0.9) | ( i 0.9) | ||||||||||||
Net cash used for investing activities | ( i 124.4) | ( i 236.0) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payments of long-term debt | ( i 14.6) | ( i 99.1) | ||||||||||||
Proceeds from issuance of long-term debt | i — | i 1.5 | ||||||||||||
Proceeds from exercise of stock options | i — | i 4.5 | ||||||||||||
Other | ( i 3.8) | ( i 7.7) | ||||||||||||
Net cash used for financing activities | ( i 18.4) | ( i 100.8) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( i 30.6) | ( i 9.9) | ||||||||||||
Decrease in cash, cash equivalents and restricted cash | ( i 195.6) | ( i 282.2) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | i 560.6 | i 906.7 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | i 365.0 | $ | i 624.5 |
Unisys Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total Unisys Corporation | Common Stock Par Value | Accumu-lated Deficit | Treasury Stock At Cost | Paid-in Capital | Accumu-lated Other Compre-hensive Loss | Non-controlling Interests | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( i 64.4) | $ | ( i 113.7) | $ | i 0.7 | $ | ( i 1,409.0) | $ | ( i 152.2) | $ | i 4,710.9 | $ | ( i 3,264.1) | $ | i 49.3 | ||||||||||||||||||||||||||||||||||
Consolidated net (loss) income | ( i 57.0) | ( i 57.3) | ( i 57.3) | i 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based activity | i 2.2 | i 2.2 | ( i 3.5) | i 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | ( i 17.7) | ( i 14.9) | ( i 14.9) | ( i 2.8) | ||||||||||||||||||||||||||||||||||||||||||||||
Postretirement plans | i 57.3 | i 55.7 | i 55.7 | i 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | ( i 79.6) | $ | ( i 128.0) | $ | i 0.7 | $ | ( i 1,466.3) | $ | ( i 155.7) | $ | i 4,716.6 | $ | ( i 3,223.3) | $ | i 48.4 | ||||||||||||||||||||||||||||||||||
Consolidated net income (loss) | ( i 16.8) | ( i 17.1) | ( i 17.1) | i 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based activity | i 5.1 | i 5.1 | ( i 0.2) | i 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | ( i 95.6) | ( i 92.3) | ( i 92.3) | ( i 3.3) | ||||||||||||||||||||||||||||||||||||||||||||||
Postretirement plans | i 88.4 | i 85.1 | i 85.1 | i 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | ( i 98.5) | $ | ( i 147.2) | $ | i 0.7 | $ | ( i 1,483.4) | $ | ( i 155.9) | $ | i 4,721.9 | $ | ( i 3,230.5) | $ | i 48.7 | ||||||||||||||||||||||||||||||||||
Consolidated net (loss) income | ( i 39.9) | ( i 40.1) | ( i 40.1) | i 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based activity | i 4.9 | i 4.9 | i 4.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | ( i 90.9) | ( i 87.4) | ( i 87.4) | ( i 3.5) | ||||||||||||||||||||||||||||||||||||||||||||||
Postretirement plans | i 89.1 | i 85.7 | i 85.7 | i 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | ( i 135.3) | $ | ( i 184.1) | $ | i 0.7 | $ | ( i 1,523.5) | $ | ( i 155.9) | $ | i 4,726.8 | $ | ( i 3,232.2) | $ | i 48.8 |
Unisys Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total Unisys Corporation | Common Stock Par Value | Accumu-lated Deficit | Treasury Stock At Cost | Paid-in Capital | Accumu-lated Other Compre-hensive Loss | Non-controlling Interests | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( i 312.1) | $ | ( i 356.8) | $ | i 0.7 | $ | ( i 960.5) | $ | ( i 114.4) | $ | i 4,656.9 | $ | ( i 3,939.5) | $ | i 44.7 | ||||||||||||||||||||||||||||||||||
Consolidated net (loss) income | ( i 157.5) | ( i 157.8) | ( i 157.8) | i 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Capped call on conversion of notes | — | — | ( i 30.8) | i 30.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based activity | ( i 1.3) | ( i 1.3) | ( i 6.7) | i 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | ( i 17.1) | ( i 17.9) | ( i 17.9) | i 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Postretirement plans | i 202.2 | i 202.2 | i 202.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( i 285.8) | $ | ( i 331.6) | $ | i 0.7 | $ | ( i 1,118.3) | $ | ( i 151.9) | $ | i 4,693.1 | $ | ( i 3,755.2) | $ | i 45.8 | ||||||||||||||||||||||||||||||||||
Consolidated net loss | ( i 142.3) | ( i 140.8) | ( i 140.8) | ( i 1.5) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based activity | i 4.5 | i 4.5 | ( i 0.2) | i 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | i 16.8 | i 16.4 | i 16.4 | i 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Postretirement plans | i 143.0 | i 142.7 | i 142.7 | i 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | ( i 263.8) | $ | ( i 308.8) | $ | i 0.7 | $ | ( i 1,259.1) | $ | ( i 152.1) | $ | i 4,697.8 | $ | ( i 3,596.1) | $ | i 45.0 | ||||||||||||||||||||||||||||||||||
Consolidated net (loss) income | ( i 18.5) | ( i 18.7) | ( i 18.7) | i 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based activity | i 5.3 | i 5.3 | — | i 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Translation adjustments | ( i 36.5) | ( i 33.9) | ( i 33.9) | ( i 2.6) | ||||||||||||||||||||||||||||||||||||||||||||||
Postretirement plans | i 63.4 | i 61.8 | i 61.8 | i 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( i 250.1) | $ | ( i 294.3) | $ | i 0.7 | $ | ( i 1,277.8) | $ | ( i 152.1) | $ | i 4,703.1 | $ | ( i 3,568.2) | $ | i 44.2 |
Receivables | $ | i 7.8 | ||||||
Prepaid expenses and other current assets | i 0.7 | |||||||
Properties and other long-term assets | i 0.2 | |||||||
Operating lease right-of-use assets | i 0.2 | |||||||
Accounts payable and accruals | ( i 7.4) | |||||||
Long-term operating lease liabilities | ( i 0.1) | |||||||
Intangible assets | i 45.9 | |||||||
Goodwill | i 38.0 | |||||||
Total | $ | i 85.3 |
Weighted Average Amortization Period in Years | Fair Value | |||||||||||||
Customer relationships | i 12.0 | $ | i 44.6 | |||||||||||
Trademark | i 4.0 | i 1.3 | ||||||||||||
Total | $ | i 45.9 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Cost of revenue | $ | i 3.9 | $ | ( i 0.2) | $ | i 7.4 | $ | i 0.9 | ||||||||||||||||||
Selling, general and administrative | i 2.4 | ( i 0.1) | i 2.2 | i 8.7 | ||||||||||||||||||||||
Research and development | ( i 0.1) | ( i 0.2) | ( i 0.2) | i 1.9 | ||||||||||||||||||||||
Other (expense), net | i 1.9 | i 1.3 | i 4.8 | i 2.9 | ||||||||||||||||||||||
Total | $ | i 8.1 | $ | i 0.8 | $ | i 14.2 | $ | i 14.4 |
Total | U.S. | International | ||||||||||||||||||
Balance at December 31, 2021 | $ | i 16.3 | $ | i 5.7 | $ | i 10.6 | ||||||||||||||
Payments | ( i 8.6) | ( i 3.4) | ( i 5.2) | |||||||||||||||||
Changes in estimates | ( i 0.4) | ( i 1.0) | i 0.6 | |||||||||||||||||
Translation adjustments | ( i 1.0) | i — | ( i 1.0) | |||||||||||||||||
Balance at September 30, 2022 | $ | i 6.3 | $ | i 1.3 | $ | i 5.0 | ||||||||||||||
Expected
future utilization on balance at September 30, 2022: | ||||||||||||||||||||
Short-term | $ | i 6.3 | $ | i 1.3 | $ | i 5.0 | ||||||||||||||
Three
Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Total | U.S. Plans | International Plans | Total | U.S. Plans | International Plans | |||||||||||||||||||||||||||||||||
Service
cost(i) | $ | i 0.4 | $ | i — | $ | i 0.4 | $ | i 0.7 | $ | i — | $ | i 0.7 | ||||||||||||||||||||||||||
Interest cost | i 38.2 | i 28.7 | i 9.5 | i 38.2 | i 29.4 | i 8.8 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 66.1) | ( i 47.4) | ( i 18.7) | ( i 69.8) | ( i 50.0) | ( i 19.8) | ||||||||||||||||||||||||||||||||
Amortization of prior service benefit | ( i 1.2) | ( i 0.6) | ( i 0.6) | ( i 1.3) | ( i 0.7) | ( i 0.6) | ||||||||||||||||||||||||||||||||
Recognized net actuarial loss | i 40.5 | i 31.4 | i 9.1 | i 45.8 | i 34.0 | i 11.8 | ||||||||||||||||||||||||||||||||
Net periodic pension expense (income) | $ | i 11.8 | $ | i 12.1 | $ | ( i 0.3) | $ | i 13.6 | $ | i 12.7 | $ | i 0.9 |
Nine
Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Total | U.S. Plans | International Plans | Total | U.S. Plans | International Plans | |||||||||||||||||||||||||||||||||
Service
cost(i) | $ | i 1.4 | $ | i — | $ | i 1.4 | $ | i 2.4 | $ | i — | $ | i 2.4 | ||||||||||||||||||||||||||
Interest cost | i 116.2 | i 86.0 | i 30.2 | i 116.2 | i 88.2 | i 28.0 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 201.8) | ( i 142.3) | ( i 59.5) | ( i 212.3) | ( i 149.9) | ( i 62.4) | ||||||||||||||||||||||||||||||||
Amortization of prior service benefit | ( i 3.8) | ( i 1.9) | ( i 1.9) | ( i 4.0) | ( i 1.9) | ( i 2.1) | ||||||||||||||||||||||||||||||||
Recognized net actuarial loss | i 123.3 | i 94.4 | i 28.9 | i 138.6 | i 101.8 | i 36.8 | ||||||||||||||||||||||||||||||||
Settlement
losses (ii) (iii) | i — | i — | i — | i 368.7 | i 158.0 | i 210.7 | ||||||||||||||||||||||||||||||||
Net periodic pension expense (income) | $ | i 35.3 | $ | i 36.2 | $ | ( i 0.9) | $ | i 409.6 | $ | i 196.2 | $ | i 213.4 |
(i)Service
cost is reported in selling, general and administrative expense. All other components of net periodic pension expense (income) are reported in other (expense), net in the consolidated statements of income (loss). | ||
(ii)In the second quarter of 2021, the company’s primary pension plan related to its Dutch subsidiary was transferred to a multi-client circle within a multi-employer fund. This action resulted in a pre-tax settlement loss of $ i 182.6 million
for the nine months ended September 30, 2021. Additionally, the company’s Swiss subsidiary transferred its defined benefit pension plans to a multiple-employer collective foundation. This action resulted in a pre-tax settlement loss of $ i 28.1 million for the nine months ended September 30, 2021. | ||
(iii)In
January 2021, the company purchased a group annuity contract to transferred projected benefit obligations related to its U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $ i 158.0 million for the nine months ended September
30, 2021. |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Service cost(i) | $ | i 0.1 | $ | i 0.1 | $ | i 0.2 | $ | i 0.3 | ||||||||||||||||||
Interest cost | i 0.4 | i 0.5 | i 1.4 | i 1.3 | ||||||||||||||||||||||
Expected return on assets | i — | ( i 0.1) | ( i 0.2) | ( i 0.3) | ||||||||||||||||||||||
Recognized net actuarial gain | ( i 0.5) | ( i 0.7) | ( i 1.5) | ( i 2.0) | ||||||||||||||||||||||
Amortization of prior service cost | ( i 0.4) | ( i 0.4) | ( i 1.1) | ( i 1.2) | ||||||||||||||||||||||
Net periodic postretirement benefit income | $ | ( i 0.4) | $ | ( i 0.6) | $ | ( i 1.2) | $ | ( i 1.9) |
(i)Service
cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss). |
Restricted Stock and RSU | Weighted- Average Grant-Date Fair Value | |||||||||||||
Outstanding at December 31, 2021 | i 2,124 | $ | i 22.73 | |||||||||||
Granted | i 1,174 | i 24.73 | ||||||||||||
Vested | ( i 787) | i 22.23 | ||||||||||||
Forfeited and expired | ( i 163) | i 25.23 | ||||||||||||
Outstanding at September 30, 2022 | i 2,348 | i 23.71 |
Nine
Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-average fair value of grant | $ | i 34.14 | $ | i 40.02 | |||||||
Risk-free
interest rate(i) | i 1.72 | % | i 0.27 | % | |||||||
Expected
volatility(ii) | i 57.71 | % | i 57.08 | % | |||||||
Expected
life of restricted stock units in years(iii) | i 2.85 | i 2.84 | |||||||||
Expected dividend yield | i — | % | i — | % |
(i)Represents
the continuously compounded semi-annual zero-coupon U.S. treasury rate commensurate with the remaining performance period. | ||
(ii)Based on historical volatility for the company that is commensurate with the length of the performance period. | ||
(iii)Represents the remaining life of the longest performance period. |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Postretirement expense* | $ | ( i 10.9) | $ | ( i 12.2) | $ | ( i 32.5) | $ | ( i 405.0) | ||||||||||||||||||
Foreign exchange losses** | ( i 5.9) | ( i 2.1) | ( i 6.3) | ( i 3.0) | ||||||||||||||||||||||
Environmental costs and other, net | ( i 6.5) | ( i 9.9) | ( i 27.4) | ( i 26.6) | ||||||||||||||||||||||
Total other (expense), net | $ | ( i 23.3) | $ | ( i 24.2) | $ | ( i 66.2) | $ | ( i 434.6) |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Basic loss per common share computation: | ||||||||||||||||||||||||||
Net loss attributable to Unisys Corporation | $ | ( i 40.1) | $ | ( i 18.7) | $ | ( i 114.5) | $ | ( i 317.3) | ||||||||||||||||||
Weighted average shares | i 67,787 | i 67,131 | i 67,623 | i 66,211 | ||||||||||||||||||||||
Basic loss per common share | $ | ( i 0.59) | $ | ( i 0.28) | $ | ( i 1.69) | $ | ( i 4.79) | ||||||||||||||||||
Diluted loss per common share computation: | ||||||||||||||||||||||||||
Net loss attributable to Unisys Corporation | $ | ( i 40.1) | $ | ( i 18.7) | $ | ( i 114.5) | $ | ( i 317.3) | ||||||||||||||||||
Weighted average shares | i 67,787 | i 67,131 | i 67,623 | i 66,211 | ||||||||||||||||||||||
Plus incremental shares from assumed conversions of employee stock plans | i — | i — | i — | i — | ||||||||||||||||||||||
Adjusted weighted average shares | i 67,787 | i 67,131 | i 67,623 | i 66,211 | ||||||||||||||||||||||
Diluted loss per common share | $ | ( i 0.59) | $ | ( i 0.28) | $ | ( i 1.69) | $ | ( i 4.79) | ||||||||||||||||||
Anti-dilutive
weighted-average stock options and restricted stock units(i) | i 339 | i 764 | i 531 | i 857 | ||||||||||||||||||||||
(i)Amounts
represent shares excluded from the computation of diluted loss per share, as their effect, if included, would have been anti-dilutive for the periods presented. |
September 30, 2022 | December 31, 2021 | ||||||||||
Contract assets - current | $ | i 26.3 | $ | i 42.0 | |||||||
Contract
assets - long-term(i) | i 13.6 | i 17.4 | |||||||||
Deferred revenue - current | ( i 206.2) | ( i 253.2) | |||||||||
Deferred revenue - long-term | ( i 127.2) | ( i 150.7) |
(i)Reported
in other long-term assets on the company’s consolidated balance sheets. |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue recognized that was included in deferred revenue at the beginning of the period | $ | i 40.7 | $ | i 47.5 | $ | i 185.5 | $ | i 210.4 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Deferred commissions - amortization expense(i) | $ | i 0.5 | $ | i 0.6 | $ | i 2.4 | $ | i 2.2 |
(i)Reported
in selling, general and administrative expense in the company’s consolidated statements of income (loss). |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Costs to fulfill a contract - amortization expense | $ | i 5.1 | $ | i 7.7 | $ | i 21.5 | $ | i 20.4 |
September 30, 2022 | December 31, 2021 | |||||||||||||
Balance Sheet Location | ||||||||||||||
Prepaid expenses and other current assets | $ | i 0.1 | $ | i 3.6 | ||||||||||
Other accrued liabilities | i 13.4 | i 2.1 | ||||||||||||
Total fair value | $ | ( i 13.3) | $ | i 1.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Statement of Income Location | |||||||||||||||||||||||
Other (expense), net | $ | ( i 33.1) | $ | ( i 11.4) | $ | ( i 73.3) | $ | ( i 15.7) |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
i 6.875%
senior secured notes due November 1, 2027 | $ | i 479.0 | $ | i 381.9 | $ | i 478.1 | $ | i 527.0 |
Total | DWS | CA&I | ECS | Other | ||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | i 315.0 | $ | i 140.9 | $ | i 65.5 | $ | i 98.3 | $ | i 10.3 | ||||||||||||||||||||||
Acquisition - Measurement period adjustment (see Note 3) | ( i 27.5) | i — | ( i 27.5) | i — | i — | |||||||||||||||||||||||||||
Translation adjustments | ( i 1.3) | ( i 1.3) | i — | i — | i — | |||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | i 286.2 | $ | i 139.6 | $ | i 38.0 | $ | i 98.3 | $ | i 10.3 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Technology
(i) | $ | i 10.0 | $ | i 4.2 | $ | i 5.8 | ||||||||||||||
Customer
relationships (ii) | i 54.2 | i 6.3 | i 47.9 | |||||||||||||||||
Marketing
(ii) | i 1.3 | i 0.2 | i 1.1 | |||||||||||||||||
Total | $ | i 65.5 | $ | i 10.7 | $ | i 54.8 |
Future Amortization Expense | ||||||||
Remainder of 2022 | $ | i 2.4 | ||||||
2023 | i 9.7 | |||||||
2024 | i 7.2 | |||||||
2025 | i 4.3 | |||||||
2026 | i 4.0 | |||||||
Thereafter | i 27.2 | |||||||
Total | $ | i 54.8 |
September 30, 2022 | December 31, 2021 | |||||||||||||
i 6.875% senior secured notes due November 1, 2027 (Face value of $ i i 485.0 /
million less unamortized issuance costs of $ i 6.0 and $ i 6.9 million at September 30,
2022 and at December 31, 2021) | $ | i 479.0 | $ | i 478.1 | ||||||||||
Finance leases | i 1.4 | i 2.7 | ||||||||||||
Other debt | i 35.5 | i 48.6 | ||||||||||||
Total | i 515.9 | i 529.4 | ||||||||||||
Less – current maturities | i 17.5 | i 18.2 | ||||||||||||
Total long-term debt | $ | i 498.4 | $ | i 511.2 |
See
Note 12 for the fair value of the notes. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Contractual interest coupon | $ | i 8.3 | $ | i 8.3 | $ | i 25.0 | $ | i 25.0 | ||||||||||||||||||
Amortization of issuance costs | i 0.3 | i 0.3 | i 0.9 | i 0.9 | ||||||||||||||||||||||
Total | $ | i 8.6 | $ | i 8.6 | $ | i 25.9 | $ | i 25.9 |
Nine Months Ended September 30, 2021 | ||||||||
Contractual interest coupon | $ | i 0.8 | ||||||
Amortization of debt discount | i 0.5 | |||||||
Amortization of debt issuance costs | i 0.1 | |||||||
Total | $ | i 1.4 |
Total | Translation Adjustments | Postretirement Plans | ||||||||||||||||||
Balance at December 31, 2021 | $ | ( i 3,264.1) | $ | ( i 866.2) | $ | ( i 2,397.9) | ||||||||||||||
Other comprehensive (loss) income before reclassifications | ( i 84.3) | ( i 199.4) | i 115.1 | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | i 116.2 | i 4.8 | i 111.4 | |||||||||||||||||
Current period other comprehensive income (loss) | i 31.9 | ( i 194.6) | i 226.5 | |||||||||||||||||
Balance at September 30, 2022 | $ | ( i 3,232.2) | $ | ( i 1,060.8) | $ | ( i 2,171.4) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Translation adjustments: | ||||||||||||||||||||||||||
Adjustment for substantial completion of liquidation of foreign subsidiaries(i) | $ | i 1.9 | $ | ( i 1.3) | $ | i 4.8 | $ | ( i 2.9) | ||||||||||||||||||
Postretirement
plans(ii): | ||||||||||||||||||||||||||
Amortization of prior service cost | ( i 1.6) | ( i 1.6) | ( i 4.5) | ( i 4.7) | ||||||||||||||||||||||
Amortization of actuarial losses | i 40.0 | i 44.3 | i 120.5 | i 134.3 | ||||||||||||||||||||||
Settlement losses | i — | i — | i — | i 300.7 | ||||||||||||||||||||||
Total before tax | i 40.3 | i 41.4 | i 120.8 | i 427.4 | ||||||||||||||||||||||
Income tax | ( i 1.4) | ( i 1.4) | ( i 4.6) | ( i 40.0) | ||||||||||||||||||||||
Total reclassifications for the period | $ | i 38.9 | $ | i 40.0 | $ | i 116.2 | $ | i 387.4 |
(i)
Reported in other (expense), net in the consolidated statements of income (loss). | ||
(ii)These items are included in net periodic postretirement cost (see Note 5). |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid during the period for: | |||||||||||
Income taxes, net of refunds | $ | i 36.4 | $ | i 43.5 | |||||||
Interest | $ | i 19.3 | $ | i 22.7 |
September 30, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | i 351.4 | $ | i 552.9 | |||||||
Restricted cash | i 13.6 | i 7.7 | |||||||||
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | i 365.0 | $ | i 560.6 |
Total Segments | DWS | CA&I | ECS | |||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Customer revenue | $ | i 390.1 | $ | i 130.1 | $ | i 122.3 | $ | i 137.7 | ||||||||||||||||||
Intersegment | i — | i — | i — | i — | ||||||||||||||||||||||
Total revenue | $ | i 390.1 | $ | i 130.1 | $ | i 122.3 | $ | i 137.7 | ||||||||||||||||||
Gross profit | $ | i 107.3 | $ | i 19.7 | $ | i 6.8 | $ | i 80.8 | ||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Customer revenue | $ | i 410.4 | $ | i 143.2 | $ | i 115.9 | $ | i 151.3 | ||||||||||||||||||
Intersegment | i — | i — | i — | i — | ||||||||||||||||||||||
Total revenue | $ | i 410.4 | $ | i 143.2 | $ | i 115.9 | $ | i 151.3 | ||||||||||||||||||
Gross profit | $ | i 123.2 | $ | i 17.7 | $ | i 6.8 | $ | i 98.7 | ||||||||||||||||||
Total Segments | DWS | CA&I | ECS | |||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Customer revenue | $ | i 1,207.7 | $ | i 382.1 | $ | i 381.5 | $ | i 444.1 | ||||||||||||||||||
Intersegment | i — | i — | i — | i — | ||||||||||||||||||||||
Total revenue | $ | i 1,207.7 | $ | i 382.1 | $ | i 381.5 | $ | i 444.1 | ||||||||||||||||||
Gross profit | $ | i 339.7 | $ | i 52.2 | $ | i 20.9 | $ | i 266.6 | ||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Customer revenue | $ | i 1,284.9 | $ | i 434.5 | $ | i 358.3 | $ | i 492.1 | ||||||||||||||||||
Intersegment | i 1.4 | i — | i — | i 1.4 | ||||||||||||||||||||||
Total revenue | $ | i 1,286.3 | $ | i 434.5 | $ | i 358.3 | $ | i 493.5 | ||||||||||||||||||
Gross profit | $ | i 399.3 | $ | i 59.7 | $ | i 30.2 | $ | i 309.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Total segment revenue | $ | i 390.1 | $ | i 410.4 | $ | i 1,207.7 | $ | i 1,286.3 | ||||||||||||||||||
Other revenue | i 71.1 | i 77.6 | i 215.2 | i 230.2 | ||||||||||||||||||||||
Elimination of intercompany revenue | i — | i — | i — | ( i 1.4) | ||||||||||||||||||||||
Total consolidated revenue | $ | i 461.2 | $ | i 488.0 | $ | i 1,422.9 | $ | i 1,515.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Total segment gross profit | $ | i 107.3 | $ | i 123.2 | $ | i 339.7 | $ | i 399.3 | ||||||||||||||||||
Other gross profit | ( i 3.0) | i 3.7 | i 0.1 | i 9.0 | ||||||||||||||||||||||
Total gross profit | i 104.3 | i 126.9 | i 339.8 | i 408.3 | ||||||||||||||||||||||
Selling, general and administrative expense | ( i 106.3) | ( i 95.1) | ( i 320.3) | ( i 279.7) | ||||||||||||||||||||||
Research and development expense | ( i 6.0) | ( i 6.7) | ( i 17.3) | ( i 19.1) | ||||||||||||||||||||||
Interest expense | ( i 7.9) | ( i 8.5) | ( i 24.6) | ( i 27.0) | ||||||||||||||||||||||
Other (expense), net | ( i 23.3) | ( i 24.2) | ( i 66.2) | ( i 434.6) | ||||||||||||||||||||||
Total earnings (loss) before income taxes | $ | ( i 39.2) | $ | ( i 7.6) | $ | ( i 88.6) | $ | ( i 352.1) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
United States | $ | i 208.9 | $ | i 191.1 | $ | i 643.5 | $ | i 627.2 | ||||||||||||||||||
United Kingdom | i 59.0 | i 53.1 | i 181.7 | i 225.2 | ||||||||||||||||||||||
Other foreign | i 193.3 | i 243.8 | i 597.7 | i 662.7 | ||||||||||||||||||||||
Total | $ | i 461.2 | $ | i 488.0 | $ | i 1,422.9 | $ | i 1,515.1 |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Cost of revenue | $ | 3.9 | $ | (0.2) | ||||||||||||||||||||||
Selling, general and administrative | 2.4 | (0.1) | ||||||||||||||||||||||||
Research and development | (0.1) | (0.2) | ||||||||||||||||||||||||
Other (expense), net | 1.9 | 1.3 | ||||||||||||||||||||||||
Total | $ | 8.1 | $ | 0.8 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Cost of revenue | $ | 7.4 | $ | 0.9 | ||||||||||||||||||||||
Selling, general and administrative | 2.2 | 8.7 | ||||||||||||||||||||||||
Research and development | (0.2) | 1.9 | ||||||||||||||||||||||||
Other (expense), net | 4.8 | 2.9 | ||||||||||||||||||||||||
Total | $ | 14.2 | $ | 14.4 |
Total Segments | DWS | CA&I | ECS | |||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Customer revenue | $ | 390.1 | $ | 130.1 | $ | 122.3 | $ | 137.7 | ||||||||||||||||||
Intersegment | — | — | — | — | ||||||||||||||||||||||
Total revenue | $ | 390.1 | $ | 130.1 | $ | 122.3 | $ | 137.7 | ||||||||||||||||||
Gross profit percent | 27.5 | % | 15.1 | % | 5.6 | % | 58.7 | % | ||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Customer revenue | $ | 410.4 | $ | 143.2 | $ | 115.9 | $ | 151.3 | ||||||||||||||||||
Intersegment | — | — | — | — | ||||||||||||||||||||||
Total revenue | $ | 410.4 | $ | 143.2 | $ | 115.9 | $ | 151.3 | ||||||||||||||||||
Gross profit percent | 30.0 | % | 12.4 | % | 5.9 | % | 65.2 | % |
Gross
profit percent is as a percent of total revenue. |
Total Segments | DWS | CA&I | ECS | |||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Customer revenue | $ | 1,207.7 | $ | 382.1 | $ | 381.5 | $ | 444.1 | ||||||||||||||||||
Intersegment | — | — | — | — | ||||||||||||||||||||||
Total revenue | $ | 1,207.7 | $ | 382.1 | $ | 381.5 | $ | 444.1 | ||||||||||||||||||
Gross profit percent | 28.1 | % | 13.7 | % | 5.5 | % | 60.0 | % | ||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Customer revenue | $ | 1,284.9 | $ | 434.5 | $ | 358.3 | $ | 492.1 | ||||||||||||||||||
Intersegment | 1.4 | — | — | 1.4 | ||||||||||||||||||||||
Total revenue | $ | 1,286.3 | $ | 434.5 | $ | 358.3 | $ | 493.5 | ||||||||||||||||||
Gross profit percent | 31.0 | % | 13.7 | % | 8.4 | % | 62.7 | % |
Exhibit Number | Description | ||||
Restated Certificate of Incorporation of Unisys Corporation (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on April 30, 2010) | |||||
Certificate of Amendment of the Restated Certificate of Incorporation of Unisys Corporation (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on April 28, 2011) | |||||
Certificate of Amendment of the Restated Certificate of Incorporation of Unisys Corporation (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on April 28, 2017) | |||||
Bylaws of Unisys Corporation, as amended through May 10, 2019 (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed on May 15, 2019) | |||||
Certification of Peter A. Altabef required by Rule 13a-14(a) or Rule 15d-14(a) | |||||
Certification of Debra McCann required by Rule 13a-14(a) or Rule 15d-14(a) | |||||
Certification of Peter A. Altabef required by Rule 13a-14(b) or Rule 15d-14(b) and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350 | |||||
Certification of Debra McCann required by Rule 13a-14(b) or Rule 15d-14(b) and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350 | |||||
101 | The following financial information from Unisys Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Income (Loss), (ii) Consolidated Statements of Comprehensive Income (Loss), (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Deficit, and (vi) Notes to Consolidated Financial Statements | ||||
104 | Cover page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL (Inline Extensible Business Reporting Language) document) |
UNISYS CORPORATION | ||||||||
Date: November 23, 2022 | By: | /s/ Debra McCann | ||||||
Debra McCann | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
By: | /s/ Erin Mannix | |||||||
Erin Mannix | ||||||||
Vice President and Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/1/27 | ||||
11/1/25 | ||||
10/29/25 | ||||
3/1/24 | ||||
12/20/23 | ||||
11/1/23 | ||||
Filed on: | 11/23/22 | 10-K/A, 10-Q/A | ||
11/11/22 | ||||
11/7/22 | 8-K, NT 10-Q | |||
For Period end: | 9/30/22 | |||
6/30/22 | 10-Q, 10-Q/A | |||
3/31/22 | 10-Q, 10-Q/A | |||
2/22/22 | 10-K, 4, 8-K | |||
1/1/22 | 4 | |||
12/31/21 | 10-K, 10-K/A, 11-K, SD | |||
12/14/21 | 8-K | |||
9/30/21 | 10-Q | |||
6/30/21 | 10-Q | |||
3/31/21 | 10-Q | |||
3/3/21 | 4, 8-K | |||
12/31/20 | 10-K, 11-K, SD | |||
5/15/19 | 8-K | |||
5/10/19 | 8-K, DEF 14A, PRE 14A | |||
4/28/17 | 10-Q, 8-K | |||
4/28/11 | 8-K | |||
4/30/10 | 10-Q, 4/A, 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/15/19 Unisys Corp. 8-K:5,9 5/10/19 2:153K 4/28/17 Unisys Corp. 8-K:5,8,9 4/26/17 2:67K 4/28/11 Unisys Corp. 8-K:5,8,9 4/27/11 2:8K 4/30/10 Unisys Corp. 8-K:5,8,9 4/29/10 3:101K |