Unisys Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Unisys Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

UNISYS CORP (UIS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Unisys Corp filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Unisys Corp was formerly known as Burroughs Corp /DE/. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking UNISYS CORP, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Unisys Corp. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: medium — UNISYS CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not usually include significant new strategic announcements or major events that would drastically alter the risk profile in a single filing.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and profitability drivers for Unisys Corp.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly period ended)
• 2024-05-08 — Filed As Of Date (Date the filing was submitted)
• 1231 — Fiscal Year End (Annual fiscal year end month and day)
• DE — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• UNISYS CORP (company) — Filer name
• 0000746838 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• 801 LAKEVIEW DRIVE, SUITE 100 (address) — Business address street 1
• BLUE BELL (location) — Business address city
• PA (location) — Business address state
• 19422 (postal_code) — Business address zip

FAQ

Industry Context

Unisys Corp operates in the computer integrated systems design industry, providing technology services and solutions.

Regulatory Implications

The filing is a standard 10-Q, subject to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity.
2. Examine the consolidated statements of operations for revenue and net income trends.
3. Review the consolidated statements of cash flows for insights into operating, investing, and financing activities.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Filing Documents

• uis-20240331.htm (10-Q) — 897KB
• q12024-ex311.htm (EX-31.1) — 9KB
• q12024-ex312.htm (EX-31.2) — 8KB
• q12024-ex321.htm (EX-32.1) — 4KB
• q12024-ex322.htm (EX-32.2) — 4KB
• 0000746838-24-000013.txt (&nbsp;) — 6764KB
• uis-20240331.xsd (EX-101.SCH) — 48KB
• uis-20240331_cal.xml (EX-101.CAL) — 86KB
• uis-20240331_def.xml (EX-101.DEF) — 245KB
• uis-20240331_lab.xml (EX-101.LAB) — 617KB
• uis-20240331_pre.xml (EX-101.PRE) — 449KB
• uis-20240331_htm.xml (XML) — 969KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) Consolidated Statements of Income (Loss) 3 Consolidated Statements of Comprehensive Income (Loss) 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Equity (Deficit) 7

Notes to Consolidated Financial Statements 8

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk 27

Item 3. Quantitative and Qualitative Disclosures about Market Risk 27

Controls and Procedures 27

Item 4. Controls and Procedures 27

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 28

Item 1. Legal Proceedings 28

Risk Factors 28

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2 Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 28

Other Information 28

Item 5 Other Information 28

Exhibits 29

Item 6. Exhibits 29 Exhibit Index 30 Signatures 31 INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations," Part I, Item 3. "Quantitative and Qualitative Disclosures About Market Risk," Part II, Item 1. "Legal Proceedings" and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "estimates," "expects," "projects," "may," "will," "intends," "plans," "believes," "should" and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management. Because actual results may differ materially from those expressed or implied by these forward-looking statements, we caution readers not to place undue reliance on these statements. Any forward-looking statement speaks only as of the date on which that statement is made. The company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made. The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNISYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (Millions, except per share data) Three Months Ended March 31, 2024 2023 Revenue Services $ 416.8 $ 403.9 Technology 71.0 112.5 487.8 516.4 Costs and expenses Cost of revenue Services 314.9 316.1 Technology 36.9 41.3 351.8 357.4 Selling, general and administrative 112.2 102.9 Research and development 6.1 6.2 470.1 466.5 Operating income 17.7 49.9 Interest expense 7.9 7.6 Other (expense), net ( 142.1 ) ( 196.9 ) Loss before income taxes ( 132.3 ) ( 154.6 ) Provision for income taxes 17.0 19.9 Consolidated net loss ( 149.3 ) ( 174.5 ) Net income attributable to noncontrolling interests 0.2 0.9 Net loss attributable to Unisys Corporation $ ( 149.5 ) $ ( 175.4 ) Loss per share attributable to Unisys Corporation Basic $ ( 2.18 ) $ ( 2.58 ) Diluted $ ( 2.18 ) $ ( 2.58 ) See notes to consolidated financial statements 3 UNISYS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Millions) Three Months Ended March 31, 2024 2023 Consolidated net loss $ ( 149.3 ) $ ( 174.5 ) Other comprehensive income Foreign currency translation ( 15.4 ) 24.4 Postretirement adjustments, net of tax of $ 2.8 in 2024 and $( 3.0 ) in 2023 153.9 178.3 Total other comprehensive income 138.5 202.7 Comprehensive (loss) income ( 10.8 ) 28.2 Less comprehensive income attributable to noncontrolling interests 0.4 0.8 Comprehensive (loss) income attributable to Unisys Corporation $ ( 11.2 ) $ 27.4 See notes to consolidated financial statements 4 UNISYS CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 382.8 $ 387.7 Accounts receivable, net 407.4 454.5 Contract assets 18.3 11.7 Inventories 15.9 15.3 Prepaid expenses and other current assets 95.9 101.8 Total current assets 920.3 971.0 Properties 391.3 396.4 Less-ac

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Dollars in millions, except share and per share amounts) Note 1 - Basis of Presentation The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), to be condensed or omitted. In management's opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of the company for the interim periods presented. These adjustments consist only of normal recurring accruals except as disclosed herein. Because of seasonal and other factors, results for interim periods are not necessarily indicative of the results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2023 and the notes thereto included in the company's Annual Report on Form 10-K, filed with the SEC. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and the reported amounts of revenue and expenses. Such estimates include the valuation of estimated credit losses, contract assets, operating lease right-of-use assets, outsourcing assets, marketable software, goodwill, purchased intangibles and other long-lived assets, legal and environmental conting

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View this 10-Q filing on SEC EDGAR