REG-Unisys Corp: 4th Quarter and Full Year Results <Origin Href="QuoteRef">UIS.N</Origin>
27/01/2017 07:05
Unisys Announces Fourth-Quarter and Full-Year 2016 Financial Results, Achieves
Full-Year Financial Guidance
BLUE BELL, Pa., Jan. 26, 2017 --
Full Year 2016:
* Operating cash flow increased by $217 million year over year to $218 million
in 2016
* Adjusted free cash flow((5)) was $278 million, ahead of guidance of $160-200
million and up $283 million year over year
* Operating profit margin was 2 percent, up 350 basis points year over year
* Non-GAAP operating profit((4)) margin was in line with guidance at 7.7
percent, up 190 basis points year over year
* Revenue was in line with guidance at $2.8 billion
* Diluted loss per share of $ (0.95), a year over year improvement relative to
$(2.20) in 2015
* Total Contract Value (TCV)((1)) signed increased by 13 percent versus 2015
4Q 2016:
* Operating cash flow increased by 7 percent year over year to $117 million
* Adjusted free cash flow was flat year over year at $117 million
* Operating profit margin was 5 percent, up 290 basis points year over year
* Revenue was $722 million relative to $790 million in the prior year quarter
Unisys Corporation (http://www.unisys.com/) (NYSE: UIS) today reported
fourth-quarter and full-year 2016 results in line with full-year guidance on
revenue and non-GAAP operating profit margin, and ahead of full-year guidance
for adjusted free cash flow. Additionally, the company saw strong contract
signings during 2016, with TCV signed up 13 percent year over year. The
company also exceeded its cost-reduction goal, exiting 2016 with $205 million
of annualized cost savings, relative to a plan of $200 million.
"Our 2016 results deliver on our full-year revenue and non-GAAP operating
profit margin guidance and exceed our full-year guidance on adjusted free cash
flow. They demonstrate a commitment to execution against the goals we set out
at the beginning of the year, including improving our cost structure and cash
flow," said Unisys President and CEO Peter Altabef. "As we look to the year
ahead, we intend to continue our disciplined financial focus, executing on our
vertical go-to-market strategy and differentiating our offerings by building
leading security into our full solution set."
Summary of Full-Year 2016 Business Results
Company:
In 2016, operating cash flow increased by $217 million versus 2015 to $218
million. The company generated free cash flow of $71 million for the year, an
improvement of $284 million year-over-year. Adjusted free cash flow for the
year of $278 million increased $283 million from 2015 and exceeded full-year
guidance. Improvements to free cash flow and adjusted free cash flow were
driven principally by a significant improvement in cash flow from operations,
in addition to an over 30 percent year-over-year decline in capital
expenditures in 2016, reflecting the company's shift to a more asset-lite
business model.
2016 operating profit margin of 2 percent, which includes cost-reduction and
other charges and pension expense, was up 350 basis points year over year.
Non-GAAP operating profit margin for 2016 was 7.7 percent, up 190 basis
points versus 2015 and in line with full-year guidance. As of the end of 2016,
the company had achieved $205 million of annualized cost savings, slightly
ahead of the previously-announced plan exiting 2016. The company still
anticipates $230 million of annualized cost savings are achievable exiting
2017, within the previous estimate of $300 million of costs to achieve the
savings.
Revenue for the year of $2.8 billion was in line with full-year guidance,
representing a decline of 6 percent year over year or 4 percent on a
constant-currency((2)) basis. The company saw strong contract signings during
the year, with TCV signed up 13 percent versus 2015.
During the fourth quarter, the company paid down $115 million of its Senior
Notes due 2017, and at December 31, 2016, the company had $371 million in
cash.
Services:
Services revenue, which represented 85 percent of full-year total revenue,
declined by 8 percent to $2.4 billion, down 5 percent in constant currency.
Services backlog ended the year at $3.9 billion, versus $4.1 billion last
quarter. Services gross margin was up 40 basis points versus 2015 at 16
percent, reflecting ongoing efforts to enhance the efficiency of the Services
business. Services operating profit margin was down 40 basis points to 2
percent, largely driven by increased SG&A related to ongoing investments in
improving the company's capabilities, including hiring additional domain
experts for some of our focus industries.
Technology:
Technology revenue, which represented 15 percent of total revenue, was up 1
percent year over year to $414 million, up 2 percent in constant currency.
Technology gross margin improved to 60 percent from 55 percent in 2015.
Technology operating profit margin improved to 37 percent from 25 percent in
the prior year, reflective of the cost-reduction program.
Summary of Fourth-Quarter 2016 Business Results
Company:
Operating cash flow in the fourth quarter 2016 increased 7 percent year over
year to $117 million. The company generated free cash flow of $77 million for
the fourth quarter, an improvement of 21 percent year over year. Adjusted free
cash flow in the fourth quarter of $117 million was flat relative to the prior
year.
Fourth-quarter 2016 operating profit margin of 5 percent, which includes
cost-reduction and other charges and pension expense, was up 290 basis points
year over year. Fourth-quarter 2016 non-GAAP operating profit margin was 10
percent, down 240 basis points year over year, largely driven by lower
year-over-year Technology revenue and margins in addition to lower Services
operating margins.
Revenue of $722 million declined 9 percent year over year or 8 percent on a
constant-currency basis.
Services:
Services revenue in the fourth quarter, which represented 83 percent of total
revenue, declined by 8 percent to $597 million, down 7 percent in constant
currency. Services gross margin was up 100 basis points year over year to 17
percent, reflective of ongoing cost-cutting efforts and improvements to
efficiency within the Services business. Services operating profit margin was
down 110 basis points to 3 percent, largely driven by increased SG&A related
to ongoing investments in improving the company's go-to-market capabilities,
including hiring additional domain experts for some of our focus industries.
Technology:
Technology revenue in the fourth quarter, which represented 17 percent of
total revenue, was down 11 percent year over year, at $125 million versus $141
million in the same quarter last year. This decline was anticipated, given the
first nine months of the year were stronger than expected for Technology.
Technology operating profit margin declined to 39 percent from 47 percent in
the prior year, reflective in part of the year-over-year decline in revenues.
Continued Execution on Business Strategy
The company in the fourth quarter entered into several key contracts in each
of its sectors of focus:
* U.S. Federal: A $51.8 million contract from a civilian government agency for
support services and technology upgrades for the agency's ClearPath Forward
hosting services. The base period of the contract is nine months, followed by
four one-year options.
* Public: A contract with state-owned Dataprev, the largest social security
data processing company in Brazil. Dataprev has signed a contract for new
ClearPath Forward platforms in order to support growth initiatives and enhance
customer service.
* Financial Services: Nationwide Building Society, the world's largest
building society, expanded the services Unisys delivers by selecting the
company's Data Exchange solution to support a major data and analytics
management program. The program is tasked with ensuring the congruency of big
data in motion as information moves from core databases to other repositories.
In addition to maintaining the integrity of data, the solution is designed to
make information available much more quickly to meet new regulations and
industry demands.
* Commercial: We renewed and expanded a contract with Dell for three years to
provide onsite field services, and enterprise and client service in support of
roughly 240,000 annual onsite incidents.
Conference Call
Unisys will hold a conference call today at 5:30 p.m. Eastern Time to discuss
its results. The listen-only Webcast, as well as the accompanying presentation
materials, can be accessed on the Unisys Investor Web site at
www.unisys.com/investor. Following the call, an audio replay of the Webcast,
and accompanying presentation materials, can be accessed through the same
link.
((1)) Total Contract Value - TCV is the estimated total contractual revenue
related to signed contracts including option years and without regard for
cancellation.
((2)) Constant currency - The company refers to growth rates in constant
currency or on a constant currency basis so that the business results can be
viewed without the impact of fluctuations in foreign currency exchange rates
to facilitate comparisons of the company's business performance from one
period to another. Constant currency is calculated by retranslating current
and prior period results at a consistent rate.
Non-GAAP and Other Information
Although appropriate under generally accepted accounting principles (GAAP),
the company's results reflect charges that the company believes are not
indicative of its ongoing operations and that can make its profitability and
liquidity results difficult to compare to prior periods, anticipated future
periods, or to its competitors' results. These items consist of pension and
cost-reduction and other expense. Management believes each of these items can
distort the visibility of trends associated with the company's ongoing
performance. Management also believes that the evaluation of the company's
financial performance can be enhanced by use of supplemental presentation of
its results that exclude the impact of these items in order to enhance
consistency and comparativeness with prior or future period results. The
following measures are often provided and utilized by the company's
management, analysts, and investors to enhance comparability of year-over-year
results, as well as to compare results to other companies in our industry.
((3)) Free cash flow - The company defines free cash flow as cash flow from
operations less capital expenditures. Management believes this liquidity
measure gives investors an additional perspective on cash flow from on-going
operating activities in excess of amounts required for reinvestment.
((4)) Non-GAAP operating profit - The company recorded pretax pension expense
and pretax charges in connection with cost-reduction activities and other
expenses. For the company, non-GAAP operating profit excluded these items. The
company believes that this profitability measure is more indicative of the
company's operating results and aligns those results to the company's external
guidance which is used by the company's management to allocate resources and
may be used by analysts and investors to gauge the company's ongoing
performance.
((5)) Adjusted free cash flow - Because inclusion of the company's pension
contributions and cost-reduction payments in free cash flow may distort the
visibility of the company's ability to generate cash flow from its operations
without the impact of these non-operational costs, management believes that
investors may be interested in adjusted free cash flow, which provides free
cash flow before these payments and is more indicative of its on-going
operations. This liquidity measure was provided to analysts and investors in
the form of external guidance and is used by management to measure operating
liquidity.
About Unisys
Unisys is a global information technology company that specializes in
providing industry-focused solutions integrated with leading-edge security to
clients in the government, financial services and commercial markets. Unisys
offerings include security solutions, advanced data analytics, cloud and
infrastructure services, application services and application and server
software. For more information, visit http://www.unisys.com/.
Forward-Looking Statements
Any statements contained in this release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited
to, any projections of earnings, revenues, total contract value or other
financial items; any statements of the company's plans, strategies or
objectives for future operations; statements regarding future economic
conditions or performance; and any statements of belief or expectation. All
forward-looking statements rely on assumptions and are subject to various
risks and uncertainties that could cause actual results to differ materially
from expectations. In particular, statements concerning total contract value
are based, in part, on the assumption that all options of the contracts
included in the calculation of such value will be exercised and that each of
those contracts will continue for their full contracted term. Risks and
uncertainties that could affect the company's future results include the
company's ability to effectively anticipate and respond to volatility and
rapid technological innovation in its industry; the company's ability to
improve margins in its services business; the company's ability to sell new
products while maintaining its installed base in its technology business; the
company's ability to access financing markets to refinance its outstanding
debt; the company's ability to realize anticipated cost savings and to
successfully implement its cost reduction initiatives to drive efficiencies
across all of its operations; the company's significant pension obligations
and requirements to make significant cash contributions to its defined benefit
plans; the company's ability to attract, motivate and retain experienced and
knowledgeable personnel in key positions; the risks of doing business
internationally when a significant portion of the company's revenue is derived
from international operations; the potential adverse effects of aggressive
competition in the information services and technology marketplace; the
company's ability to retain significant clients; the company's contracts may
not be as profitable as expected or provide the expected level of revenues;
cybersecurity breaches could result in significant costs and could harm the
company's business and reputation; a significant disruption in the company's
IT systems could adversely affect the company's business and reputation; the
company may face damage to its reputation or legal liability if its clients
are not satisfied with its services or products; the performance and
capabilities of third parties with whom the company has commercial
relationships; the adverse effects of global economic conditions, acts of war,
terrorism or natural disasters; contracts with U.S. governmental agencies may
subject the company to audits, criminal penalties, sanctions and other
expenses and fines; the potential for intellectual property infringement
claims to be asserted against the company or its clients; the possibility that
pending litigation could affect the company's results of operations or cash
flow; the business and financial risk in implementing future dispositions or
acquisitions; and the company's consideration of all available information
following the end of the quarter and before the filing of the Form 10-K and
the possible impact of this subsequent event information on its financial
statements for the reporting period. Additional discussion of factors that
could affect the company's future results is contained in its periodic filings
with the Securities and Exchange Commission. The company assumes no obligation
to update any forward-looking statements.
RELEASE NO.: 0126/9477
Unisys and other Unisys products and services mentioned herein, as well as
their respective logos, are trademarks or registered trademarks of Unisys
Corporation. Any other brand or product referenced herein is acknowledged to
be a trademark or registered trademark of its respective holder.
UIS-Q
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Millions, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2016 2015 2016 2015
Revenue
Services $ 596.5 $ 649.1 $ 2,406.3 $ 2,605.6
Technology 125.2 140.8 414.4 409.5
721.7 789.9 2,820.7 3,015.1
Costs and expenses
Cost of revenue:
Services 498.8 592.0 2,092.9 2,306.7
Technology 62.7 38.9 169.2 167.5
561.5 630.9 2,262.1 2,474.2
Selling, general and administrative 109.8 130.0 455.6 519.6
Research and development 14.9 13.2 55.4 76.4
686.2 774.1 2,773.1 3,070.2
Operating profit (loss) 35.5 15.8 47.6 (55.1)
Interest expense 7.5 3.6 27.4 11.9
Other income (expense), net (3.4) 0.2 0.3 8.2
Income (loss) before income taxes 24.6 12.4 20.5 (58.8)
Provision for income taxes 23.0 11.1 57.2 44.4
Consolidated net income (loss) 1.6 1.3 (36.7) (103.2)
Net income attributable to noncontrolling interests 2.8 0.2 11.0 6.7
Net income (loss) attributable to Unisys Corporation $ (1.2) $ 1.1 $ (47.7) $ (109.9)
Earnings (loss) per share attributable to Unisys Corporation
Basic $ (0.02) $ 0.02 $ (0.95) $ (2.20)
Diluted $ (0.02) $ 0.02 $ (0.95) $ (2.20)
Shares used in the per share computations (in thousands)
Basic 50,085 49,937 50,060 49,905
Diluted 50,085 50,049 50,060 49,905
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total Eliminations Services Technology
Three Months Ended December 31, 2016
Customer revenue $ 721.7 $ 596.5 $ 125.2
Intersegment $ (5.3) — 5.3
Total revenue $ 721.7 $ (5.3) $ 596.5 $ 130.5
Gross profit percent 22.2 % 17.2 % 59.2 %
Operating profit (loss) percent 4.9 % 2.5 % 39.3 %
Three Months Ended December 31, 2015
Customer revenue $ 789.9 $ 649.1 $ 140.8
Intersegment $ (8.4) — 8.4
Total revenue $ 789.9 $ (8.4) $ 649.1 $ 149.2
Gross profit percent 20.1 % 16.2 % 68.4 %
Operating profit (loss) percent 2.0 % 3.6 % 46.8 %
Total Eliminations Services Technology
Year Ended December 31, 2016
Customer revenue $ 2,820.7 $ 2,406.3 $ 414.4
Intersegment $ (22.6) — 22.6
Total revenue $ 2,820.7 $ (22.6) $ 2,406.3 $ 437.0
Gross profit percent 19.8 % 16.2 % 59.9 %
Operating profit (loss) percent 1.7 % 1.9 % 37.0 %
Year Ended December 31, 2015
Customer revenue $ 3,015.1 $ 2,605.6 $ 409.5
Intersegment $ (49.0) 0.1 48.9
Total revenue $ 3,015.1 $ (49.0) $ 2,605.7 $ 458.4
Gross profit percent 17.9 % 15.8 % 55.3 %
Operating profit (loss) percent (1.8)% 2.3 % 24.8 %
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
December 31, 2016 December 31, 2015
Assets
Current assets
Cash and cash equivalents $ 370.6 $ 365.2
Accounts and notes receivable, net 505.8 581.6
Inventories:
Parts and finished equipment 14.0 20.9
Work in process and materials 15.0 22.9
Prepaid expenses and other current assets 121.9 120.9 *
Total 1,027.3 1,111.5 *
Properties 886.6 876.6
Less-Accumulated depreciation and amortization 741.3 722.8
Properties, net 145.3 153.8
Outsourcing assets, net 172.5 182.0
Marketable software, net 137.0 138.5
Prepaid postretirement assets 33.3 45.1
Deferred income taxes 146.1 127.4 *
Goodwill 178.6 177.4
Other long-term assets 181.5 194.3 *
Total $ 2,021.6 $ 2,130.0 *
Liabilities and deficit
Current liabilities
Notes payable $ — $ 65.8
Current maturities of long-term-debt 106.0 11.0
Accounts payable 189.0 219.3
Deferred revenue 337.4 335.1
Other accrued liabilities 349.2 329.9 *
Total 981.6 961.1 *
Long-term debt 194.0 233.7 *
Long-term postretirement liabilities 2,292.6 2,111.3
Long-term deferred revenue 117.6 123.3
Other long-term liabilities 83.2 79.2 *
Commitments and contingencies
Total deficit (1,647.4) (1,378.6)
Total $ 2,021.6 $ 2,130.0 *
* Certain amounts have been reclassified to conform to the current-year presentation.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Year Ended December 31,
2016 2015
Cash flows from operating activities
Consolidated net income (loss) $ (36.7) $ (103.2)
Add (deduct) items to reconcile consolidated net loss to net cash provided by (used for) operating activities:
Foreign currency transaction losses 0.4 8.4
Non-cash interest expense 7.0 —
Loss on debt extinguishment 4.0 —
Employee stock compensation 9.5 9.4
Depreciation and amortization of properties 38.9 57.5
Depreciation and amortization of outsourcing assets 51.9 55.7
Amortization of marketable software 64.8 66.9
Other non-cash operating activities 1.9 4.6
Disposals of capital assets 6.2 9.7
Pension contributions (132.5) (148.3)
Pension expense 82.7 108.7
Decrease in deferred income taxes, net 2.7 1.2
Decrease (increase) in receivables, net 87.3 (11.5)
Decrease (increase) in inventories 15.3 (3.7)
Increase (decrease) in accounts payable and other accrued liabilities 7.1 (61.1)
Decrease in other liabilities (9.2) (7.5)
Decrease in other assets 16.9 14.4
Net cash provided by (used for) operating activities 218.2 1.2
Cash flows from investing activities
Proceeds from investments 4,455.9 3,831.6
Purchases of investments (4,490.0) (3,806.2)
Investment in marketable software (63.3) (62.1)
Capital additions of properties (32.5) (49.6)
Capital additions of outsourcing assets (51.3) (102.0)
Other (1.0) 10.4
Net cash used for investing activities (182.2) (177.9)
Cash flows from financing activities
Proceeds from issuance of long-term debt 213.5 31.8
Payments for capped call transactions (27.3) —
Issuance costs relating to long-term debt (7.3) —
Payments of long-term debt (129.8) (10.4)
Proceeds from exercise of stock options — 3.7
Net (payments) proceeds from short-term borrowings (65.8) 65.8
Financing fees — (0.3)
Net cash provided by financing activities (16.7) 90.6
Effect of exchange rate changes on cash and cash equivalents (13.9) (43.0)
Increase (decrease) in cash and cash equivalents 5.4 (129.1)
Cash and cash equivalents, beginning of period 365.2 494.3
Cash and cash equivalents, end of period $ 370.6 $ 365.2
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Year Ended
Ended December 31, December 31,
2016 2015 2016 2015
GAAP net income (loss) attributable to Unisys Corporation common shareholders $ (1.2) $ 1.1 $ (47.7) $ (109.9)
Cost reduction and other expense: pretax 18.7 52.5 90.4 122.5
tax provision (benefit) 0.7 (1.0) (4.0) (6.0)
net of tax 19.4 51.5 86.4 116.5
Pension Expense: pretax 19.7 27.2 82.7 108.7
tax provision (benefit) 0.6 (0.5) 1.5 (2.1)
net of tax 20.3 26.7 84.2 106.6
Non-GAAP net income (loss) attributable to Unisys Corporation common shareholders 38.5 79.3 122.9 113.2
Add interest expense on convertible notes 4.7 — 14.5 —
Non-GAAP net income (loss) attributable to Unisys Corporation for diluted earnings per share $ 43.2 $ 79.3 $ 137.4 $ 113.2
Weighted average shares (thousands) 50,085 49,937 50,060 49,905
Plus incremental shares from assumed conversion:
Employee stock plans 402 111 231 150
Convertible notes 21,868 — 17,230 —
Non-GAAP adjusted weighted average shares 72,355 50,049 67,523 50,055
Diluted earnings (loss) per share
GAAP basis
GAAP net income (loss) attributable to Unisys Corporation for diluted earnings per share $ (1.2) $ 1.1 $ (47.7) $ (109.9)
Divided by adjusted weighted average shares 50,085 50,049 50,060 49,905
GAAP diluted earnings (loss) per share $ (0.02) $ 0.02 $ (0.95) $ (2.20)
Non-GAAP basis
Non-GAAP net income (loss) attributable to Unisys Corporation for diluted earnings per share $ 43.2 $ 79.3 $ 137.4 $ 113.2
Divided by Non-GAAP adjusted weighted average shares 72,355 50,049 67,523 50,055
Non-GAAP diluted earnings (loss) per share $ 0.60 $ 1.58 $ 2.03 $ 2.26
UNISYS CORPORATION
RECONCILIATION OF GAAP OPERATING PROFIT TO NON-GAAP OPERATING PROFIT
(Unaudited)
(Millions)
Three Months Year Ended
Ended December 31, December 31,
2016 2015 2016 2015
GAAP operating profit (loss) $ 35.5 $ 15.8 $ 47.6 $ (55.1)
Cost reduction and other expense 14.7 52.5 86.4 122.5
FAS87 pension expense 19.7 27.2 82.7 108.7
Non-GAAP operating profit (loss) $ 69.9 $ 95.5 $ 216.7 $ 176.1
Customer Revenue $ 721.7 $ 789.9 $ 2,820.7 $ 3,015.1
GAAP operating profit (loss) % 4.9 % 2.0 % 1.7 % (1.8)%
Non-GAAP operating profit (loss) % 9.7 % 12.1 % 7.7 % 5.8 %
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Year Ended
Ended December 31, December 31,
2016 2015 2016 2015
Cash provided by (used for) operations $ 116.9 $ 109.7 $ 218.2 $ 1.2
Additions to marketable software (16.2) (15.3) (63.3) (62.1)
Additions to properties (14.2) (9.4) (32.5) (49.6)
Additions to outsourcing assets (9.9) (21.6) (51.3) (102.0)
Free cash flow 76.6 63.4 71.1 (212.5)
Pension funding 28.5 32.7 132.5 148.3
Cost reduction and other payments 11.7 20.9 74.0 58.5
Adjusted free cash flow $ 116.8 $ 117.0 $ 277.6 $ (5.7)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Year Ended
Ended December 31, December 31,
2016 2015 2016 2015
Net income (loss) attributable to Unisys Corporation common shareholders $ (1.2) $ 1.1 $ (47.7) $ (109.9)
Net income attributable to noncontrolling interests 2.8 0.2 11.0 6.7
Interest expense, net of interest income of $2.7, $2.5, $11.2, $9.2 respectively * 4.8 1.1 16.2 2.7
Provision for income taxes 23.0 11.1 57.2 44.4
Depreciation 22.5 37.9 90.8 113.2
Amortization 16.8 16.6 64.8 66.9
EBITDA $ 68.7 $ 68.0 $ 192.3 $ 124.0
Pension Expense 19.7 27.2 82.7 108.7
Cost reduction and other expense ** 17.5 36.5 89.2 102.6
Non-cash share based expense 1.8 1.5 9.5 9.4
Other (income) expense adjustment*** 6.1 2.3 10.9 1.0
Adjusted EBITDA $ 113.8 $ 135.5 $ 384.6 $ 345.7
* Included in Other (income) expense, net on the Consolidated Statements of Income
** Adjusted to exclude duplication of Depreciation and Amortization
*** Other (income) expense, net as reported on the Consolidated Statements of Income less Interest income
SOURCE Unisys Corporation
CONTACT: Investors: Courtney Holben, Unisys, 215-986-3379,
courtney.holben@unisys.com;
Media: John Clendening, Unisys, 214-403-1981, john.clendening@unisys.com
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