|
Condensed Consolidated Statements of Income (Unaudited) |
Three Months Ended
June 30 |
|
2018 |
2017(1) |
% Change |
|
Revenue |
667.4 |
666.2 |
0.2% |
| Cost of revenue | 514.5 | 547.5 | (6.0%) |
| Selling, general and administrative | 92.7 | 111.4 | (16.8%) |
| Research and development | 6.2 | 10.8 | (42.6%) |
|
Operating profit (loss) |
54.0 |
(3.5) |
NM |
| Interest expense | 15.7 | 14.3 | 9.8% |
| Other income (expense), net | (18.0) | (24.5) | (26.5%) |
|
Income (loss) before income taxes |
20.3 |
(42.3) |
NM |
| Provision for income taxes | 14.3 | (3.8) | NM |
|
Consolidated net income (loss) |
6.0 |
(38.5) |
NM |
| Net income attributable to non-controlling interests | 2.2 | 3.5 | (37.1%) |
|
Net income (loss) attributable to Unisys Corporation |
3.8 |
(42.0) |
NM |
|
Earnings (loss) per common share (Diluted) |
$0.07 |
($0.83) |
NM |
| Diluted shares for per share computation (thousands) | 51,399 | 50,437 | 1.9% |
|
Condensed Consolidated Balance Sheets (Unaudited) |
June 30 |
Dec. 31 |
% Change |
|
2018 |
2017(1) |
| Cash and cash equivalents | 584.3 | 733.9 | (20.4%) |
| Accounts and notes receivable, net | 484.0 | 503.3 | (3.8%) |
| Contract Assets | 38.3 | 0.0 | NM |
| Inventories | 22.7 | 26.1 | (13.0%) |
| Prepaid expense and other current assets | 117.6 | 126.2 | (6.8%) |
|
Total current assets |
1,246.9 |
1,389.5 |
(10.3%) |
| Properties, net | 115.7 | 142.5 | (18.8%) |
| Outsourcing assets, net | 208.8 | 202.3 | 3.2% |
| Marketable software, net | 150.7 | 138.3 | 9.0% |
| Prepaid postretirement assets | 152.5 | 148.3 | 2.8% |
| Deferred income taxes | 106.5 | 119.9 | (11.2%) |
| Goodwill | 178.7 | 180.8 | (1.2%) |
| Restricted cash | 16.8 | 30.2 | (44.4%) |
| Other long-term assets | 194.3 | 190.6 | 1.9% |
|
Total non-current assets |
1,124.0 |
1,152.9 |
(2.5%) |
|
Total assets |
2,370.9 |
2,542.4 |
(6.7%) |
| Current maturities of long-term debt | 10.2 | 10.8 | (5.6%) |
| Accounts payable | 219.9 | 241.8 | (9.1%) |
| Deferred revenue | 284.6 | 327.5 | (13.1%) |
| Other accrued liabilities | 319.1 | 391.5 | (18.5%) |
|
Total current liabilities |
833.8 |
971.6 |
(14.2%) |
| Long-term debt | 638.1 | 633.9 | 0.7% |
| Long-term postretirement liabilities | 1,886.8 | 2,004.4 | (5.9%) |
| Long-term deferred revenue | 177.3 | 159.0 | 11.5% |
| Other long-term liabilities | 79.0 | 100.0 | (21.0%) |
|
Total non-current liabilities |
2,781.2 |
2,897.3 |
(4.0%) |
| Total deficit | (1,244.1) | (1,326.5) | (6.2%) |
|
Total liabilities and equity |
2,370.9 |
2,542.4 |
(6.7%) |
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
Three Months Ended June 30 | |
|
2018 |
2017(1) |
|
Net cash provided by operating activities |
(61.9) |
(90.2) |
| Proceeds from/purchases of investments, net | (5.8) | 14.9 |
| Investment in marketable software | (41.1) | (28.8) |
| Capital additions of properties | (9.9) | (15.9) |
| Capital additions of outsourcing assets | (42.4) | (36.9) |
| Net proceeds from the sale of properties | 19.7 | 0.0 |
| Other | (0.9) | (0.3) |
|
Net cash used for investing activities |
(80.4) |
(67.0) |
| Proceeds from issuance of long-term debt | 0.0 | 445.0 |
| Issuance costs relating to long-tem debt | 0.0 | (11.7) |
| Payments of long-term debt | (1.3) | (97.7) |
| Other | (2.1) | (2.1) |
|
Net cash provided by (used for) financing activities |
(3.4) |
333.5 |
|
Effect of exchange rate changes on cash, cash equivalents & restricted cash |
(17.3) |
12.8 |
|
Increase (decrease) in cash, cash equivalents & restricted cash |
(163.0) |
189.1 |
|
Cash, cash equivalents & restricted cash, beginning of period |
764.1 |
401.1 |
|
Cash, cash equivalents & restricted cash, end of period |
601.1 |
590.2 |
|
(1)Certain amounts have been reclassified to conform with the 1Q18 presentation |
