REG-Unisys Corp: Unisys Announces Second-Quarter 2017 Financial Results <Origin Href="QuoteRef">UIS.N</Origin> - Part 2

UnisysAnnouncement

02/08/2017 07:05

- Part 2: For the preceding part double click  ID:nPRr25A12a 

                               
                                                                                         (Unaudited)                                                                                          
                                                                                          (Millions)                                                                                          
                                                                                                                                                                                              
                                                                                                     Three Months                                                    Six Months               
                                                                                                    Ended June 30,                                                 Ended June 30,             
                                                                                             2017                       2016                                2017                    2016      
 GAAP operating profit (loss)                                                                    $ (24.8)                   $ 49.5                           $ (27.5)                  $ 21.9 
 Cost reduction and other expense                                                                    27.8                     10.2                               47.9                    37.1 
 FAS87 pension expense                                                                               21.3                     21.5                               45.8                    41.8 
 Non-GAAP operating profit                                                                         $ 24.3                   $ 81.2                             $ 66.2                 $ 100.8 
                                                                                                                                                                                              
 Customer revenue                                                                                 $ 666.2                  $ 748.9                          $ 1,330.7               $ 1,415.7 
 GAAP operating profit (loss) %                                                                    (3.7)%                    6.6 %                             (2.1)%                   1.5 % 
 Non-GAAP operating profit %                                                                        3.6 %                   10.8 %                              5.0 %                   7.1 % 
                                                                                                                                                                                                     

   

                                                                    UNISYS CORPORATION                                                                     
                                                            RECONCILIATION OF GAAP TO NON-GAAP                                                             
                                                                        (Unaudited)                                                                        
                                                                        (Millions)                                                                         
                                                                                                                                                           
                                                                      FREE CASH FLOW                                                                       
                                                                                                                                                           
                                                                              Three Months                                          Six Months             
                                                                             Ended June 30,                                       Ended June 30,           
                                                                      2017                        2016                      2017                   2016    
 Cash (used for) provided by operations                                 $ (49.2)                  $ 31.0                     $ (90.2)               $ 56.9 
 Additions to marketable software                                         (15.0)                  (15.9)                       (28.8)               (30.2) 
 Additions to properties                                                   (7.4)                   (4.4)                       (15.9)               (11.0) 
 Additions to outsourcing assets                                          (24.0)                  (13.7)                       (36.9)               (28.8) 
 Free cash flow                                                           (95.6)                   (3.0)                      (171.8)               (13.1) 
 Pension funding                                                            42.3                    32.5                         71.2                 64.1 
 Cost reduction and other payments                                           7.6                    21.2                         28.8                 39.2 
 Adjusted free cash flow                                                $ (45.7)                  $ 50.7                     $ (71.8)               $ 90.2 
                                                                             UNISYS CORPORATION                                                                             
                                                                     RECONCILIATION OF GAAP TO NON-GAAP                                                                     
                                                                                (Unaudited)                                                                                 
                                                                                 (Millions)                                                                                 
                                                                                                                                                                            
                                                                                   EBITDA                                                                                   
                                                                                                                                                                            
                                                                                                                    Three Months                         Six Months         
                                                                                                                   Ended June 30,                      Ended June 30,       
                                                                                                           2017                    2016            2017             2016    
 Net income (loss) attributable to Unisys Corporation                                                     $ (42.0)                   $ 21.6       $ (74.7)         $ (18.3) 
 common shareholders                                                                                                                                                        
 Net income attributable to noncontrolling interests                                                           3.5                      3.9            6.5              5.1 
 Interest expense, net of interest income of $2.2, $3.1, $4.6, $5.6, respectively*                            12.1                      4.7           15.4              6.6 
 (Benefit) provision for income taxes                                                                        (3.8)                     18.8            9.1             24.3 
 Depreciation                                                                                                 23.1                     24.3           46.1             45.0 
 Amortization                                                                                                 16.1                     16.0           31.8             32.4 
 EBITDA                                                                                                      $ 9.0                   $ 89.3         $ 34.2           $ 95.1 
                                                                                                                                                                            
 Pension expense                                                                                              21.3                     21.5           45.8             41.8 
 Cost reduction and other expense                                                                             29.0                     10.2           54.4             37.1 
 Non-cash share based expense                                                                                  2.5                      2.1            6.2              5.3 
 Other (income) expense adjustment**                                                                           4.1                      0.5            9.6              4.2 
 Adjusted EBITDA                                                                                            $ 65.9                  $ 123.6        $ 150.2          $ 183.5 
                                                                                                                                                                            
 * Included in Other (income) expense, net on the Consolidated Statements of Income                                                                                         
 ** Other (income) expense, net as reported on the Consolidated Statements of Income less Interest income and items included in cost reduction and other expense            
                                                                                                                                                                            

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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