|
Condensed Consolidated Statements of Income (Unaudited) |
Three Months Ended March 31 |
|
2018 |
2017 |
% Change |
|
Revenue |
708.4 |
664.5 |
6.6% |
| Cost of revenue | 507.2 | 525.9 | (3.6%) |
| Selling, general and administrative | 90.9 | 105.0 | (13.4%) |
| Research and development | 8.5 | 11.8 | (28.0%) |
|
Operating profit (loss) |
101.8 |
21.8 |
367.0% |
| Interest expense | 16.6 | 5.7 | 191.2% |
| Other income (expense), net | (22.6) | (32.9) | (31.3%) |
|
Income (loss) before income taxes |
62.6 |
(16.8) |
NM |
| Provision for income taxes | 20.9 | 12.9 | 62.0% |
|
Consolidated net income (loss) |
41.7 |
(29.7) |
NM |
| Net income attributable to non-controlling interests | 1.1 | 3.0 | (63.3%) |
|
Net income (loss) attributable to Unisys Corporation |
40.6 |
(32.7) |
NM |
|
Earnings (loss) per common share (Diluted) |
$0.62 |
($0.65) |
NM |
| Diluted shares for per share computation (thousands) | 72,943 | 50,256 | 45.1% |
|
Condensed Consolidated Balance Sheets (Unaudited) |
March 31 |
Dec 31 |
% Change |
|
2018 |
2017(1) |
| Cash and cash equivalents | 656.4 | 733.9 | (10.6%) |
| Accounts and notes receivable, net | 492.5 | 503.3 | (2.1%) |
| Contract Assets | 46.4 | 0.0 | NM |
| Inventories | 22.2 | 26.1 | (14.9%) |
| Prepaid expense and other current assets | 115.3 | 126.2 | (8.6%) |
|
Total current assets |
1,332.8 |
1,389.5 |
(4.1%) |
| Properties, net | 136.9 | 142.5 | (3.9%) |
| Outsourcing assets, net | 213.4 | 202.3 | 5.5% |
| Marketable software, net | 142.6 | 138.3 | 3.1% |
| Prepaid postretirement assets | 157.3 | 148.3 | 6.1% |
| Deferred income taxes | 116.0 | 119.9 | (3.3%) |
| Goodwill | 181.0 | 180.8 | 0.1% |
| Restricted cash | 26.6 | 30.2 | (11.9%) |
| Other long-term assets | 207.1 | 190.6 | 8.7% |
|
Total non-current assets |
1,180.9 |
1,152.9 |
2.4% |
|
Total assets |
2,513.7 |
2,542.4 |
(1.1%) |
| Current maturities of long-term debt and notes payable | 10.6 | 10.8 | (1.9%) |
| Accounts payable | 214.5 | 241.8 | (11.3%) |
| Deferred revenue | 324.8 | 327.5 | (0.8%) |
| Other accrued liabilities | 344.4 | 391.5 | (12.0%) |
|
Total current liabilities |
894.3 |
971.6 |
(8.0%) |
| Long-term debt | 636.2 | 633.9 | 0.4% |
| Long-term postretirement liabilities | 1,973.2 | 2,004.4 | (1.6%) |
| Long-term deferred revenue | 184.9 | 159.0 | 16.3% |
| Other long-term liabilities | 95.9 | 100.0 | (4.1%) |
|
Total non-current liabilities |
2,890.2 |
2,897.3 |
(0.2%) |
| Total deficit | (1,270.8) | (1,326.5) | (4.2%) |
|
Total liabilities and equity |
2,513.7 |
2,542.4 |
(1.1%) |
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
Three Months Ended March 31 | |
|
2018 |
2017(1) |
|
Net cash provided by (used for) operating activities |
(50.2) |
(41.0) |
| Proceeds from/purchases of investments, net | 14.0 | 7.4 |
| Investment in marketable software | (19.0) | (13.8) |
| Capital additions of properties | (5.1) | (8.5) |
| Capital additions of outsourcing assets | (24.4) | (12.9) |
| Other | (0.4) | (0.3) |
|
Net cash used for investing activities |
(34.9) |
(28.1) |
| Payments of long-term debt | (0.7) | (0.7) |
| Other | (2.1) | (2.1) |
|
Net cash provided by (used for) financing activities |
(2.8) |
(2.8) |
|
Effect of exchange rate changes on cash, cash equivalents & restricted cash |
6.8 |
6.3 |
|
Increase (decrease) in cash, cash equivalents & restricted cash |
(81.1) |
(65.6) |
|
Cash, cash equivalents & restricted cash, beginning of period |
764.1 |
401.1 |
|
Cash, cash equivalents & restricted cash, end of period |
683.0 |
335.5 |
|
(1)Certain amounts have been reclassified to conform with the 1Q18 presentation |
