|
Condensed Consolidated Statements of Income (Unaudited) |
Three Months Ended March 31 |
|
2017 |
2016 |
% Change |
|
Revenue |
664.5 |
666.8 |
(0.3%) |
| Cost of revenue | 544.3 | 568.3 | (4.2%) |
| Selling, general and administrative | 109.1 | 110.1 | (0.9%) |
| Research and development | 13.8 | 16.0 | (13.8%) |
|
Operating profit (loss) |
(2.7) |
(27.6) |
NM |
| Interest expense | 5.7 | 4.4 | 29.5% |
| Other income (expense), net | (8.4) | (1.2) | NM |
|
Income (loss) before income taxes |
(16.8) |
(33.2) |
(49.4%) |
| Provision for income taxes | 12.9 | 5.5 | 134.5% |
|
Consolidated net income (loss) |
(29.7) |
(38.7) |
(23.3%) |
| Net income attributable to non-controlling interests | 3.0 | 1.2 | 150.0% |
|
Net income (loss) attributable to Unisys Corporation |
(32.7) |
(39.9) |
NM |
| Earnings (loss) per common share (Diluted) |
($0.65) |
($0.80) | NM |
|
Diluted shares for per share computation (thousands) |
50,256 |
50,004 |
0.5% |
|
Condensed Consolidated Balance Sheets (Unaudited) |
March 31 |
% Change |
|
2017 |
2016(1) |
| Cash and cash equivalents | 302.0 | 513.8 | (41.2%) |
| Accounts and notes receivable, net | 504.9 | 520.8 | (3.1%) |
| Inventories | 29.4 | 46.5 | (36.8%) |
| Prepaid expense and other current assets | 121.8 | 125.9 | (3.3%) |
| Total current assets | 958.1 | 1,207.0 | (20.6%) |
| Properties, net | 153.3 | 152.1 | 0.8% |
| Outsourcing assets, net | 164.8 | 190.1 | (13.3%) |
| Marketable software, net | 135.1 | 136.5 | (1.0%) |
| Prepaid postretirement assets | 36.7 | 57.4 | (36.0%) |
| Deferred income taxes | 144.0 | 133.3 | 8.0% |
| Goodwill | 179.5 | 179.3 | 0.1% |
| Restricted cash | 33.5 | 33.8 | (0.8%) |
| Other long-term assets | 157.3 | 175.6 | (10.5%) |
|
Total non-current assets |
1,004.2 |
1,058.1 |
(5.1%) |
|
Total assets |
1,962.3 |
2,265.1 |
(13.4%) |
| Current maturities of long-term debt and notes payable | 106.3 | 76.8 | 38.4% |
| Accounts payable | 200.1 | 216.0 | (7.4%) |
| Deferred revenue | 333.3 | 343.6 | (3.0%) |
| Other accrued liabilities | 299.1 | 309.1 | (3.3%) |
|
Total current liabilities |
938.8 |
945.5 |
(0.7%) |
| Long-term debt | 195.1 | 388.2 | (49.7%) |
| Long-term postretirement liabilities | 2,258.5 | 2,070.4 | 9.1% |
| Long-term deferred revenue | 110.6 | 131.4 | (15.8%) |
|
Other long-term liabilities |
86.0 |
83.9 |
2.3% |
| Total non-current liabilities | 2,650.2 | 2,673.9 | (0.9%) |
| Total deficit |
(1,626.7) |
(1,354.3) |
20.1% |
| Total liabilities and equity | 1,962.3 | 2,265.1 | (13.4%) |
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
Three Months Ended March 31 | |
|
2017 |
2016(1) |
|
Net cash provided by (used for) operating activities |
(41.0) |
25.9 | |
| Proceeds from/purchases of investments, net | 7.4 | (2.8) |
| Investment in marketable software | (13.8) | (14.3) |
| Capital additions of properties | (8.5) | (6.6) |
| Capital additions of outsourcing assets | (12.9) | (15.1) |
| Other | (0.3) | (0.2) |
|
Net cash used for investing activities |
(28.1) |
(39.0) |
| Proceeds from issuance of long-term debt | 0.0 | 190.0 |
| Payments of capped call transaction | 0.0 | (24.3) |
| Issuance costs relating to long-term debt | 0.0 | (6.2) |
| Payments of long-term debt | (0.7) | (0.7) |
|
Other |
(2.1) |
(0.4) |
|
Net cash provided by (used for) financing activities |
(2.8) |
158.4 |
|
Effect of exchange rate changes on cash, cash equivalents & restricted cash |
6.3 |
5.5 |
|
Increase (decrease) in cash, cash equivalents & restricted cash |
(65.6) |
150.8 |
|
Cash, cash equivalents & restricted cash, beginning of period |
401.1 |
396.8 |
|
Cash, cash equivalents & restricted cash, end of period |
335.5 |
547.6 |
|
(1)Certain amounts have been reclassified to conform with the 2017 presentation |
