Unisys Corp Files Q3 2024 10-Q

TL;DR

Unisys Q3 10-Q is in: check the latest numbers for Services & Tech segments.

AI Summary

Unisys Corp filed its Q3 2024 10-Q report on October 30, 2024, detailing financial performance for the period ending September 30, 2024. The filing covers their operations in Services and Technology, with specific segment data for "ServiceOtherMember" and "TechnologyServiceMember" across various quarters. Key balance sheet figures as of December 31, 2023, including common stock and retained earnings, are also provided.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Unisys Corp, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal trends or issues impacting the company's stock price.

Key Numbers

• 2024-09-30 — Period End Date (The end date for the reported fiscal quarter.)
• 2024-10-30 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Balance Sheet Date (Key balance sheet figures are reported as of this date.)

Key Players & Entities

• UNISYS CORP (company) — Filer of the 10-Q report
• 20240930 (date) — Conformed period of report
• 20241030 (date) — Filing date
• 801 LAKEVIEW DRIVE, SUITE 100 (address) — Company's business and mailing address
• BLUE BELL, PA 19422 (address) — Company's business and mailing address
• BURROUGHS CORP /DE/ (company) — Former company name

FAQ

Filing Documents

• uis-20240930.htm (10-Q) — 1245KB
• q32024-ex311.htm (EX-31.1) — 9KB
• q32024-ex312.htm (EX-31.2) — 8KB
• q32024-ex321.htm (EX-32.1) — 4KB
• q32024-ex322.htm (EX-32.2) — 4KB
• 0000746838-24-000030.txt ( ) — 8059KB
• uis-20240930.xsd (EX-101.SCH) — 50KB
• uis-20240930_cal.xml (EX-101.CAL) — 89KB
• uis-20240930_def.xml (EX-101.DEF) — 263KB
• uis-20240930_lab.xml (EX-101.LAB) — 655KB
• uis-20240930_pre.xml (EX-101.PRE) — 480KB
• uis-20240930_htm.xml (XML) — 1316KB

- 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 25

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk 32

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures 32

Item 4. Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 33

Item 1. Legal Proceedings 33

Risk Factors 33

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information 33

Item 5 Other Information 33

Exhibits 33

Item 6. Exhibits 33 Exhibit Index 34 Signatures 35 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue Services $ 414.9 $ 415.2 $ 1,247.8 $ 1,236.1 Technology 82.1 49.4 215.2 221.7 497.0 464.6 1,463.0 1,457.8 Costs and expenses Cost of revenue Services 308.9 324.0 935.9 963.6 Technology 43.1 45.3 116.2 124.1 352.0 369.3 1,052.1 1,087.7 Selling, general and administrative 91.9 108.1 305.5 321.3 Research and development 6.5 4.3 17.5 15.9 Goodwill impairment 39.1 — 39.1 — 489.5 481.7 1,414.2 1,424.9 Operating income (loss) 7.5 ( 17.1 ) 48.8 32.9 Interest expense 7.9 7.8 23.7 22.9 Other (expense), net ( 8.2 ) ( 3.6 ) ( 159.7 ) ( 217.2 ) Loss before income taxes ( 8.6 ) ( 28.5 ) ( 134.6 ) ( 207.2 ) Provision for income taxes 53.3 20.4 89.1 55.7 Consolidated net loss ( 61.9 ) ( 48.9 ) ( 223.7 ) ( 262.9 ) Net income (loss) attributable to noncontrolling interests — 1.1 ( 0.3 ) 2.5 Net loss attributable to Unisys Corporation $ ( 61.9 ) $ ( 50.0 ) $ ( 223.4 ) $ ( 265.4 ) Loss per share attributable to Unisys Corporation Basic $ ( 0.89 ) $ ( 0.73 ) $ ( 3.23 ) $ ( 3.89 ) Diluted $ ( 0.89 ) $ ( 0.73 ) $ ( 3.23 ) $ ( 3.89 ) See notes to consolidated financial statements 3 UNISYS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Millions) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Consolidated net loss $ ( 61.9 ) $ ( 48.9 ) $ ( 223.7 ) $ ( 262.9 ) Other comprehensive income Foreign currency translation 57.3 ( 45.3 ) 22.0 11.6 Postretirement adjustments, net of tax of $( 9.7 ) and $( 5.8 ) in 2024 and $ 7.0 and $( 0.4 ) in 2023 ( 27.9 ) 45.5 138.1 222.0 Total other comprehensive income 29.4 0.2 160.1 233.6 Comprehensive loss ( 32.5 ) ( 48.7 ) ( 63.6 ) ( 29.3 ) Less comprehensive income attributable to noncontrolling interests 0.8 0.7

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 (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 contingenci

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View this 10-Q filing on SEC EDGAR