REG-Unisys Corp: Unisys Announces Second-Quarter 2017 Financial Results <Origin Href="QuoteRef">UIS.N</Origin> - Part 1
02/08/2017 07:05
Unisys Announces Second-Quarter 2017 Financial Results and Reaffirms Full-Year
Financial Guidance
BLUE BELL, Pennsylvania, Aug. 2, 2017 --
Full-Year Guidance
* Unisys reaffirms full-year 2017 guidance for revenue of $2.65-2.75 billion,
non-GAAP operating profit margin of 7.25-8.25 percent and adjusted free cash
flow of $130-170 million
1H 17
* Services gross margin up 70 basis points year over year, Services operating
profit margin up 20 basis points year over year
* Services segment revenue decline of 4 percent year over year, an improvement
of 300 basis points versus rate in prior-year period (3 percent year-over-year
decline in constant currency((2)))
* Total revenue of $1,331 million, a 6 percent decline year over year (5
percent decline year over year in constant currency)
* Operating profit margin of (2) percent; Non-GAAP operating profit((4))
margin of 5 percent
* New business TCV((1)) up 65 percent year over year
2Q 17
* Total revenue of $666 million, versus $749 million in the prior-year period,
impacted in part as expected by lower Technology revenues year over year
* Operating profit margin of (4) percent; Non-GAAP operating profit margin of
4 percent
* New business TCV up 74 percent year over year
* Services backlog relatively flat sequentially at $3.7 billion
* Successfully closed $440 million Senior Secured Notes offering
Unisys Corporation (http://www.unisys.com/) (NYSE: UIS) today reported
second-quarter and first-half 2017 financial results. The company's Services
segment saw year-to-date gross and operating margin expansion of 70 basis
points and 20 basis points, respectively, year over year. Services revenue for
the first half was down 4 percent year over year (3 percent on a
constant-currency basis), an improvement of 300 basis points versus the
prior-year period. Total TCV, which includes renewals and extensions that can
vary period to period, was down 12 percent year over year for the first half.
However, excluding U.S. Federal (which faced a difficult year-over-year
comparison due to a large renewal in the second quarter 2016) TCV was up 7
percent year over year for the first half. New business TCV was up 65 percent
year over year for the first half. For the second quarter 2017, total TCV was
down 31 percent year over year, impacted by the U.S. Federal renewal and
Technology renewal timing. Excluding these impacts, TCV was up 5 percent year
over year in the second quarter. New business TCV was up 74 percent year over
year in the second quarter. The entirety of the year-over-year decline in U.S.
Federal TCV for the first half was due to a single large renewal in the
prior-year period, which also was almost entirely responsible for the
year-over-year decline in the second quarter 2017 U.S. Federal TCV. Services
backlog was roughly flat sequentially at $3.7 billion.
"For our first half, our results continued to indicate progress against our
key strategic and financial goals," said Unisys President and CEO Peter
Altabef. "While we saw some year-over-year variability during the second
quarter, in part due to a very difficult compare for our Technology segment,
we continue to see improvement in our go-to-market efforts."
Summary of First-Half 2017 Business Results
Company:
As expected, results for the second quarter and first half of 2017 were
impacted in part by a difficult year-over-year comparison in the second
quarter 2017 in the Technology segment. That segment saw growth of 31 percent
in the second quarter 2016, and was down 32 percent in the second quarter
2017, which impacted total company revenue and margin year-over-year compares,
both for the second quarter and first half.
Revenue year to date of $1,331 million was down 6 percent versus the first
half 2016, down 5 percent year over year on a constant-currency basis.
First-half 2017 operating profit margin was (2) percent, which includes
cost-reduction and other charges and pension expense, relative to 2 percent in
the prior-year period. Non-GAAP operating profit margin was 5 percent, versus
7 percent in the first half 2016. Both revenue and margin year-over-year
comparisons were impacted by the difficult second quarter Technology compare.
Net loss attributable to Unisys Corporation common shareholders for the first
half was $75 million, relative to a loss of $18 million in the prior-year
period. Adjusted EBITDA((5)) for the first half was $150 million, versus $184
million in the first half of 2016. Adjusted EBITDA margin for the first half
was 11 percent, relative to 13 percent in the prior-year period.
In the first half 2017, operating cash flow was $(90) million, relative to $57
million in the prior-year period. The company saw free cash flow((3)) of
$(172) million year to date, versus $(13) million in the first half of 2016.
Adjusted free cash flow((6)) year to date was $(72) million versus $90 million
in the prior-year period. Reductions in cash flow year over year were largely
due to payment timing, including related to technology invoices sent at the
end of the second quarter 2017 which are expected to be collected in early
third quarter 2017 (including a $35 million invoice related to a single
contract that was signed and expected to be collected in the second quarter
2017 but was received in the first week of July), in addition to the lower
operating profit noted above.
At June 30, 2017, the company had $571 million in cash and cash equivalents.
Services:
Services revenue, which represented 87 percent of first-half total revenue,
declined at a more modest rate than during the prior-year period, with a
decline of 4 percent year over year as reported (a 300 basis point improvement
relative to the prior year) and a decline of 3 percent in constant currency to
$1,160 million for the first half of 2017. Services backlog ended the first
half at $3.7 billion, relatively flat sequentially. Services gross margin was
up 70 basis points year to date versus the first half 2016 to 16 percent.
Services operating profit margin was up 20 basis points to 2 percent. Margins
in the Services segment were helped by a particularly profitable transaction
in the first quarter, as previously disclosed.
Technology:
Technology year-to-date revenue, which represented 13 percent of total
first-half revenue, was down 18 percent year over year to $171 million, down
17 percent in constant currency. Technology gross margin for the first half
was 53 percent, versus 60 percent in the prior-year period, and Technology
operating profit margin was 26 percent, relative to 37 percent in the
prior-year period. These comparisons were impacted by the difficult
second-quarter comparison for this segment, as mentioned above.
Summary of Second-Quarter 2017 Business Results
Company:
Revenue for the second quarter of $666 million was down 11 percent relative to
the second quarter 2016, down 10 percent year over year on a constant-currency
basis. Second-quarter 2017 operating profit margin was (4) percent, which
includes cost-reduction and other charges and pension expense, versus 7
percent in the prior-year period. Non-GAAP operating profit margin was 4
percent, versus 11 percent in the second quarter 2016. Both revenue and margin
comparisons were impacted by the difficult year-over-year comparison in the
Technology segment for the quarter.
Net loss attributable to Unisys Corporation common shareholders for the
quarter was $42 million, relative to earnings of $22 million in the prior-year
period. Adjusted EBITDA for the quarter was $66 million, relative to $124
million in the second quarter 2016. Adjusted EBITDA margin for the quarter was
10 percent, versus 17 percent in the prior-year period.
In the second quarter 2017, operating cash flow was $(49) million, versus $31
million in the second quarter 2016. The company saw free cash flow of $(96)
million for the quarter, relative to $(3) million in the prior-year period.
Adjusted free cash flow for the quarter was $(46) million, versus $51 million
in the second quarter last year. Reductions in cash flow year over year were
largely due to the timing of payments, in addition to the lower operating
profit, both noted above.
During the second quarter, the company successfully closed a $440 million
Senior Secured Notes offering, the net proceeds of which are reflected in the
closing cash balance for the quarter.
Services:
Services revenue, which represented 86 percent of second-quarter total
revenue, declined by 6 percent as reported and 5 percent in constant currency
to $575 million. Services gross margin was 14 percent versus 17 percent in the
second quarter 2016, in part due to ongoing investments in the Services
business, consistent with our go-to-market strategy. Services operating profit
margin was (2) percent, versus 2 percent in the prior-year period.
Technology:
Technology revenue, which represented 14 percent of total revenue, was down 32
percent year over year to $91 million, down 30 percent in constant currency.
Technology revenue was up 31 percent year over year in the second quarter of
2016, creating a very difficult compare. Technology gross margin was 59
percent, versus 67 percent in the prior-year period. Technology operating
profit margin was 36 percent, relative to 48 percent in the prior-year period.
Both gross and operating profit margin for Technology were impacted by lower
revenues, given the fixed-cost nature of the business.
Continued Execution on Business Strategy
The company in the second quarter entered into several key contracts in each
of its sectors:
* U.S. Federal: Unisys signed a contract with a U.S. government agency to
provide a biometrics-based identity and access management solution critical to
the agency's operations.
* Public: Unisys signed a contract with The California State University (CSU)
-- the largest four-year university system in the U.S. -- for an
analytics-based hybrid-cloud solution to transform system-wide delivery of
educational and administrative services to over half a million CSU students,
faculty and staff.
* Commercial: Unisys expanded its long-standing relationship with Starbucks,
signing new multi-year agreements for infrastructure and end user support
services in both Europe and China.
* Financial Services: Signed an agreement with a leading European
private-banking institution to implement cloud-based Unisys ClearPath
Forward(®) software supporting the bank's digital transformation and
omni-channel banking initiatives.
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 website 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. New business TCV represents TCV attributable to new scope for
existing clients and new logo contracts.
((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)) EBITDA & adjusted EBITDA - Earnings before interest, taxes, depreciation
and amortization ("EBITDA") is calculated by starting with net income (loss)
attributable to Unisys Corporation common shareholders and adding or
subtracting the following items: net income attributable to noncontrolling
interests, interest expense (net of interest income), provision for income
taxes, depreciation and amortization. Adjusted EBITDA further excludes pension
expense, cost-reduction and other expense, non-cash share-based expense, and
other (income) expense adjustment. In order to provide investors with
additional understanding of the company's operating results, these charges are
excluded from the adjusted EBITDA calculation.
((6)) Adjusted free cash flow - Because inclusion of the company's pension
contributions and cost-reduction and other 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.
((7))Non-GAAP diluted earnings per share - The company has recorded pension
expense and charges in connection with cost-reduction activities and other
expenses. Management believes that investors may have a better understanding
of the company's performance and return to shareholders by excluding these
charges from the GAAP diluted earnings/loss per share calculations. The tax
amounts presented for these items for the calculation of non-GAAP diluted
earnings per share include the current and deferred tax expense and benefits
recognized under GAAP for these amounts.
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 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-Q 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.: 0801/9526
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 Six Months Ended
June 30, June 30,
2017 2016 2017 2016
Revenue
Services $ 574.8 $ 613.8 $ 1,160.1 $ 1,208.9
Technology 91.4 135.1 170.6 206.8
666.2 748.9 1,330.7 1,415.7
Costs and expenses
Cost of revenue:
Services 526.7 529.1 1,031.2 1,062.8
Technology 37.0 41.5 76.8 76.1
563.7 570.6 1,108.0 1,138.9
Selling, general and administrative 114.2 115.7 223.3 225.8
Research and development 13.1 13.1 26.9 29.1
691.0 699.4 1,358.2 1,393.8
Operating profit (loss) (24.8) 49.5 (27.5) 21.9
Interest expense 14.3 7.8 20.0 12.2
Other income (expense), net (3.2) 2.6 (11.6) 1.4
Income (loss) before income taxes (42.3) 44.3 (59.1) 11.1
Provision (benefit) for income taxes (3.8) 18.8 9.1 24.3
Consolidated net income (loss) (38.5) 25.5 (68.2) (13.2)
Net income attributable to noncontrolling interests 3.5 3.9 6.5 5.1
Net income (loss) attributable to Unisys Corporation $ (42.0) $ 21.6 $ (74.7) $ (18.3)
common shareholders
Earnings (loss) per share attributable to Unisys
Corporation
Basic $ (0.83) $ 0.43 $ (1.48) $ (0.37)
Diluted $ (0.83) $ 0.36 $ (1.48) $ (0.37)
Shares used in the per share computations (in thousands):
Basic 50,437 50,069 50,346 50,036
Diluted 50,437 71,786 50,346 50,036
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total Eliminations Services Technology
Three Months Ended June 30, 2017
Customer revenue $ 666.2 $ 574.8 $ 91.4
Intersegment $ (5.4) — 5.4
Total revenue $ 666.2 $ (5.4) $ 574.8 $ 96.8
Gross profit percent 15.4 % 14.1 % 58.8 %
Operating profit (loss) percent (3.7)% (1.6)% 35.5 %
Three Months Ended June 30, 2016
Customer revenue $ 748.9 $ 613.8 $ 135.1
Intersegment $ (5.9) — 5.9
Total revenue $ 748.9 $ (5.9) $ 613.8 $ 141.0
Gross profit percent 23.8 % 16.8 % 66.9 %
Operating profit percent 6.6 % 2.1 % 48.0 %
Total Eliminations Services Technology
Six Months Ended June 30, 2017
Customer revenue $ 1,330.7 $ 1,160.1 $ 170.6
Intersegment $ (10.7) — 10.7
Total revenue $ 1,330.7 $ (10.7) $ 1,160.1 $ 181.3
Gross profit percent 16.7 % 16.2 % 53.1 %
Operating profit (loss) percent (2.1)% 1.5 % 26.1 %
Six Months Ended June 30, 2016
Customer revenue $ 1,415.7 $ 1,208.9 $ 206.8
Intersegment $ (11.5) — 11.5
Total revenue $ 1,415.7 $ (11.5) $ 1,208.9 $ 218.3
Gross profit percent 19.6 % 15.5 % 60.4 %
Operating profit percent 1.5 % 1.4 % 37.4 %
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
June 30, December 31,
2017 2016
Assets
Current assets
Cash and cash equivalents $ 571.1 $ 370.6
Accounts and notes receivable, net 573.9 505.8
Inventories:
Parts and finished equipment 17.1 14.0
Work in process and materials 15.3 15.0
Prepaid expenses and other current assets 135.1 121.9
Total 1,312.5 1,027.3
Properties 908.9 886.6
Less-Accumulated depreciation and amortization 757.5 741.3
Properties, net 151.4 145.3
Outsourcing assets, net 178.1 172.5
Marketable software, net 134.0 137.0
Prepaid postretirement assets 42.6 33.3
Deferred income taxes 149.9 146.1
Goodwill 180.0 178.6
Restricted cash 19.1 30.5 *
Other long-term assets 151.3 151.0 *
Total $ 2,318.9 $ 2,021.6
Liabilities and deficit
Current liabilities
Current maturities of long-term-debt $ 11.3 $ 106.0
Accounts payable 199.0 189.0
Deferred revenue 346.6 337.4
Other accrued liabilities 329.1 349.2
Total 886.0 981.6
Long-term debt 629.8 194.0
Long-term postretirement liabilities 2,230.3 2,292.6
Long-term deferred revenue 116.3 117.6
Other long-term liabilities 86.6 83.2
Commitments and contingencies
Total deficit (1,630.1) (1,647.4)
Total $ 2,318.9 $ 2,021.6
* Certain amounts have been reclassified to conform to the current-year presentation.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Six Months Ended
June 30,
2017 2016
Cash flows from operating activities
Consolidated net loss $ (68.2) $ (13.2)
Adjustments to reconcile consolidated net loss to net cash provided by (used for) operating activities:
Foreign currency transaction losses 5.1 0.4
Non-cash interest expense 4.4 2.8
Loss on debt extinguishment 1.5 —
Employee stock compensation 6.2 5.3
Depreciation and amortization of properties 19.8 19.3
Depreciation and amortization of outsourcing assets 26.3 25.7
Amortization of marketable software 31.8 32.4
Other non-cash operating activities 2.5 1.0
Loss on disposal of capital assets 4.2 1.6
Pension contributions (71.2) (64.1)
Pension expense 45.8 41.8
Increase in deferred income taxes, net (0.4) (9.7)
Changes in operating assets and liabilities
(Increase) decrease in receivables, net (57.4) 24.9
(Increase) decrease in inventories (2.6) 5.8
Decrease in accounts payable and other accrued liabilities (28.3) (35.6) *
(Decrease) increase in other liabilities (8.6) 12.3
(Increase) decrease in other assets (1.1) 6.2 *
Net cash (used for) provided by operating activities (90.2) 56.9 *
Cash flows from investing activities
Proceeds from investments 2,502.0 2,236.8
Purchases of investments (2,487.1) (2,238.0)
Investment in marketable software (28.8) (30.2)
Capital additions of properties (15.9) (11.0)
Capital additions of outsourcing assets (36.9) (28.8)
Other (0.3) (0.2) *
Net cash used for investing activities (67.0) (71.4) *
Cash flows from financing activities
Proceeds from issuance of long-term debt 445.0 213.5
Payments for capped call transactions — (27.3)
Issuance costs relating to long-term debt (11.7) (7.3)
Payments of long-term debt (97.7) (1.3)
Payments of short-term borrowings — (65.8)
Other (2.1) (0.4) *
Net cash provided by financing activities 333.5 111.4 *
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12.8 0.1 *
Increase in cash, cash equivalents and restricted cash 189.1 97.0 *
Cash, cash equivalents and restricted cash, beginning of period 401.1 396.8 *
Cash, cash equivalents and restricted cash, end of period $ 590.2 $ 493.8 *
* Certain amounts have been reclassified to conform to the current-year presentation.
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
2017 2016 2017 2016
GAAP net income (loss) attributable to Unisys $ (42.0) $ 21.6 $ (74.7) $ (18.3)
Corporation common shareholders
Cost reduction and other expense: pretax 29.0 10.2 54.4 37.1
tax (benefit) provision (8.5) 0.1 (9.0) (2.1)
net of tax 20.5 10.3 45.4 35.0
Pension expense: pretax 21.3 21.5 45.8 41.8
tax provision 1.6 0.3 1.8 0.6
net of tax 22.9 21.8 47.6 42.4
Non-GAAP net income attributable to Unisys Corporation 1.4 53.7 18.3 59.1
common shareholders
Add interest expense on convertible notes — 4.5 — 5.2
Non-GAAP net income attributable to Unisys Corporation $ 1.4 $ 58.2 $ 18.3 $ 64.3
for diluted earnings per share
Weighted average shares (thousands) 50,437 50,069 50,346 50,036
Plus incremental shares from assumed conversion:
Employee stock plans 295 167 341 150
Convertible notes — 21,550 — 12,593
Non-GAAP adjusted weighted average shares 50,732 71,786 50,687 62,779
Diluted earnings (loss) per share
GAAP basis
GAAP net income (loss) attributable to Unisys Corporation for diluted earnings per share $ (42.0) $ 26.1 $ (74.7) $ (18.3)
Divided by adjusted weighted average shares 50,437 71,786 50,346 50,036
GAAP diluted earnings (loss) per share $ (0.83) $ 0.36 $ (1.48) $ (0.37)
Non-GAAP basis
Non-GAAP net income (loss) attributable to Unisys Corporation for diluted earnings per share $ 1.4 $ 58.2 $ 18.3 $ 64.3
Divided by Non-GAAP adjusted weighted average shares 50,732 71,786 50,687 62,779
Non-GAAP diluted earnings (loss) per share $ 0.03 $ 0.81 $ 0.36 $ 1.02
UNISYS CORPORATION
RECONCILIATION OF GAAP OPERATING PROFIT TO NON-GAAP OPERATING PROFIT
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