TIDMUSY
Unisys Announces 1Q23 Results
Unisys Reiterates Full-Year Guidance and Reports Solid First Quarter Results
* Revenue increased 15.6% year over year (YoY), or 18.9% YoY in constant
currency(1)
* Excluding License and Support (Ex-L&S)(13), revenue increased 1.7% YoY, or
4.6% in constant currency
* Gross profit of $159.0M vs. $87.4M in 1Q22, an increase of 81.9% YoY
* Operating profit margin of 9.7%, non-GAAP operating profit(8) margin of
11.6%
* GAAP net loss of $175.4M and diluted loss per share of $2.58, includes
$183.2M non-cash pension settlement charge
* Non-GAAP net income(10) of $34.7M and Non-GAAP diluted earnings per share
of $0.51
* Total company pipeline(3) grew 6% YoY and 15% sequentially
* Next-Gen Solutions (7) pipeline grew 16% YoY and 34% sequentially
BLUE BELL, Pa., May 2, 2023 -- Unisys Corporation (NYSE: UIS) today reported
financial results for the first quarter ended March 31, 2023.
Unisys announced year-over-year revenue growth and margin expansion
as strategic initiatives continue to yield results. In order to best evaluate
the progress of our growth initiatives, we isolate our results excluding the L&
S portion of Enterprise Computing Solutions (ECS), which can be lumpy based on
the timing of license renewals. Ex-L&S revenue grew 1.7%, or 4.6% on a constant
currency basis and gross margin expanded 310 bps.
"We are pleased with the strong start to 2023. The first quarter demonstrates
our continued focus on achieving operational efficiencies while continuing to
invest in the future growth of our Next-Gen Solutions in Modern Workplace,
Digital Platforms & Applications, Specialized Services & Next-Gen Compute, and
Micro-Market Solutions. We achieved year-over-year growth in TCV signings led
by expanding scope with existing clients, as well as 15% sequential growth in
our qualified pipeline," said Unisys Chair and CEO Peter A. Altabef.
Summary of First Quarter 2023 Results
Please refer to the accompanying financial tables for a reconciliation of the
GAAP to non-GAAP measures presented except for financial guidance since such a
reconciliation is not practicable without unreasonable effort.
* Revenue:
+ Revenue of $516.4M vs. $446.7M in 1Q22, up 15.6% YoY, or up 18.9% in
constant currency, primarily due to higher software license renewals
within ECS
* Gross Profit:
+ Gross profit of $159.0M vs. $87.4M in 1Q22, an increase of 81.9% YoY
+ Gross profit margin was 30.8% vs. 19.6% in 1Q22, up 1120 bps
+ YoY improvement was primarily due to higher software license renewals
within ECS
* Operating Profit:
+ GAAP operating profit of $49.9M vs. $23.5M operating loss in 1Q22
+ GAAP operating profit margin of 9.7% vs. 5.3% operating loss margin in
1Q22
+ Non-GAAP operating profit of $60.1M vs. $14.1M operating loss in 1Q22
+ Non-GAAP operating profit margin of 11.6% vs. 3.2% operating loss
margin in 1Q22
* Net Income/Loss:
+ GAAP net loss of $175.4M includes a one-time, non-cash pension
settlement loss of $183.2M related to the purchase of an annuity
contract that reduced pension liabilities vs. a net loss of $57.3M in
1Q22
+ Non-GAAP net income of $34.7M vs. a net loss of $27.3M in 1Q22
* Adjusted EBITDA:
+ Adjusted EBITDA(9) of $98.2M vs. $34.2M in 1Q22, up 187.1%
+ Adjusted EBITDA margin of 19.0% vs. 7.7% in 1Q22
* Earnings/Loss Per Share:
+ Diluted loss per share of $2.58, which included a one-time, non-cash
pension settlement loss noted above of $2.70 per diluted share vs.
diluted loss per share of $0.85 in 1Q22
+ Non-GAAP diluted earnings per share of $0.51 vs. diluted loss per share
of $0.41 in 1Q22
* Cash Flow:
+ Cash from operations was $12.8M vs. cash used of $33.0M in 1Q22
+ Free cash flow(11) was $(7.5)M vs. $(51.7)M in 1Q22
+ Adjusted free cash flow(12) was $20.1M vs. $(27.0)M in 1Q22
+ YoY improvement in free cash flow primarily due to higher technology
collections in 2023 vs. 2022
* Pipeline, ACV, TCV and Backlog:
+ Total company pipeline increased 6% YoY
+ ACV(4) decreased 18% YoY
o Primarily driven by the mix of L&S contracts signings; excluding L&
S, ACV decreased 5%
+ TCV(5) increased 2% YoY; excluding L&S, TCV increased 9%
+ Backlog(2) was $2.79B vs. $2.92B in 4Q22
o Primarily driven by ECS
* Balance Sheet:
+ As of March 31, 2023, total cash and cash equivalents was $391.9M
+ The company continued its pension liability-reduction initiatives
during the quarter with the purchase of an annuity contract valued at
approximately $265 million relating to one of its U.S. pension plans.
This action resulted in a one-time, non-cash pension settlement loss of
$183.2 million.
1Q23 Financial Highlights by Segment:
1Q revenue growth in DWS and ECS with YoY margin expansion in CA&I
Digital Workplace Solutions (DWS):
* Revenue:
+ DWS revenue of $131.0M vs. $124.8M in 1Q22, an increase of 5.0% YoY, or
7.7% in constant currency, primarily due to the timing of the revenue
ramp from recent contract signings
* Gross Margin:
+ DWS gross profit margin of 11.9% vs. 12.8% in 1Q22, a decrease of 90
bps due primarily to incremental labor costs in support of recent
contract signings
Cloud, Applications & Infrastructure Solutions (CA&I):
* Revenue:
+ CA&I revenue $126.0M vs. $129.1M in 1Q22, a decline of 2.4% YoY, or
1.4% YoY in constant currency, due to YoY decline in traditional
infrastructure revenue
* Gross Margin:
+ CA&I gross profit margin of 13.0% vs. 5.4% in 1Q22, an increase of 760
bps primarily driven by additional expenses associated with certain
contracts included in 1Q22 as well as delivery improvements
Enterprise Computing Solutions (ECS):
* Revenue:
+ ECS revenue of $188.2M vs. $120.6M in 1Q22, an increase of 56.1% YoY,
or 60.1% in constant currency, due to higher software license renewals
and growth in Specialized Services and Next-Gen Compute
* Gross Margin:
+ ECS gross profit margin was 66.7% vs. 52.1% in 1Q22, an increase of
1460 bps, primarily due to higher software license renewals
2023 Financial Guidance
The company reiterates full-year 2023 revenue and profitability guidance.
Constant currency revenue growth is expected to be in the range of (3%) to (7%)
YoY, which assumes Ex-L&S revenue in the range of (1%) to +4% YoY. The company
anticipates that non-GAAP operating profit margin will be in the range of 2% to
4% and adjusted EBITDA margin in the range of 9.5% to 11.5%.
"It was a solid start to the year, positioning us to meet our full-year
guidance despite the YoY declines we expect in License and Support revenue over
the next three quarters. We continue to expect YoY improvement in our
underlying Ex-L&S solutions, demonstrating progress with our growth and margin
initiatives," said Chief Financial Officer Deb McCann.
Conference Call
Unisys will hold a conference call with the financial community on Wednesday,
May 3 at 8 a.m. Eastern Time to discuss the results.
The live, listen-only webcast, as well as the accompanying presentation
materials, can be accessed on the Unisys Investor Website at www.unisys.com/
investor. In addition, domestic callers can dial 1-844-695-5518 and
international callers can dial 1-412-902-6749 and provide the following
conference passcode: Unisys Corporation Call.
A replay of the webcast will be available on the Unisys Investor Website
shortly following the conference call. A replay will also be available by
dialing 1-877-344-7529 for domestic callers or 1-412-317-0088 for international
callers and entering access code 2483053 from two hours after the end of the
call until May 10, 2023.
(1) Constant currency - A significant amount of the company's revenue is
derived from international operations. As a result, the company's revenue has
been and will continue to be affected by changes in the U.S. dollar against
major international currencies. The company refers to revenue growth rates in
constant currency or on a constant currency basis so that the business results
can be viewed without the impact of fluctuations in foreign currency exchange
rates to facilitate comparisons of the company's business performance from one
period to another. Constant currency is calculated by retranslating current and
prior-period revenue at a consistent exchange rate rather than the actual
exchange rates in effect during the respective periods.
(2) Backlog - Represents future revenue associated with contracted work which
has not yet been delivered or performed. Although the company believes this
revenue will be recognized, it may, for commercial reasons, allow the orders to
be cancelled, with or without penalty.
(3) Pipeline - Represents qualified prospective sale opportunities for which
bids have been submitted or vetted prospective sales opportunities which are
being actively pursued. There is no assurance that pipeline will translate into
revenue.
(4) Annual Contract Value (ACV) - Represents the revenue expected to be
recognized during the first 12 months following the signing of a contract.
(5) Total Contract Value (TCV) - Represents the estimated revenue related to
contracts signed in the period without regard for cancellation terms. New
business TCV represents TCV attributable to new scope for existing clients and
new logo contracts.
(6) Book-to-bill - Represents total contract value booked divided by revenue
in a given period.
(7) Next-Gen Solutions - Includes our Modern Workplace solutions within DWS,
Digital Platforms and Applications (DP&A) solutions within CA&I, Specialized
Services and Next-Gen Compute (SS&C) solutions within ECS, as well as
Micro-Market solutions.
Non-GAAP Information
Certain financial information is presented in this release under both a U.S.
generally accepted accounting basis (GAAP) and a non-GAAP basis. Non-GAAP
financial measures exclude certain items such as postretirement expense and
cost-reduction activities and other expenses that the company believes are not
indicative of its ongoing operations, as they may be unusual or non-recurring.
The inclusion of such items in financial measures can make the company's
profitability and liquidity results difficult to compare to prior periods or
anticipated future periods and can distort the visibility of trends associated
with the company's ongoing performance. Management also believes that non-GAAP
measures are useful to investors because they provide supplemental information
about the company's financial performance and liquidity, as well as greater
transparency into management's view and assessment of the company's ongoing
operating performance. The following measures are often provided and utilized
by the company's management, analysts, and investors to enhance comparability
of year-over-year results. These measures should not be relied upon as
substitutes for, or considered in isolation from, measures calculated in
accordance with U.S. GAAP.
(8) Non-GAAP operating profit - This measure excludes pretax postretirement
expense and pretax charges in connection with cost-reduction activities and
other expenses.
(9) EBITDA & adjusted EBITDA - Earnings before interest, taxes, depreciation
and amortization (EBITDA) is calculated by starting with net income (loss)
attributable to Unisys Corporation common shareholders and adding or
subtracting the following items: net income (loss) attributable to
noncontrolling interests, interest expense (net of interest income), provision
for (benefit from) income taxes, depreciation and amortization. Adjusted
EBITDA further excludes postretirement expense and cost-reduction activities
and other expenses, non-cash share-based expense, and other (income) expense
adjustments.
(10) Non-GAAP net income and non-GAAP diluted earnings per share - These
measures excluded postretirement expense and charges in connection with
cost-reduction activities and other expenses. The tax amounts related to these
items for the calculation of non-GAAP diluted earnings per share include the
current and deferred tax expense and benefits recognized under GAAP for these
items.
(11) Free cash flow - Represents cash flow from operations less capital
expenditures.
(12) Adjusted free cash flow - Represents free cash flow less cash used for
postretirement funding and cost-reduction activities and other payments.
(13) Excluding License and Support (Ex-L&S) - These measures exclude revenue
and gross profit in connection with software license and support revenue within
the company's ECS segment. The company provides these measures to allow
investors to isolate the impact of software license renewals, which tend to be
lumpy, and related support services in order to evaluate the company's business
outside of these areas.
About Unisys
Unisys is a global technology solutions company that powers breakthroughs for
the world's leading organizations. Our solutions - digital workplace; cloud,
applications & infrastructure; enterprise computing; and business process -
help our clients challenge the status quo and create new possibilities. To
learn how we deliver breakthroughs for our clients, visit unisys.com.
Forward-Looking Statements
Any statements contained in this release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to,
any projections or expectations of earnings, revenues, non-GAAP operating
profit margin, adjusted EBITDA margin, annual contract value, total contract
value, new business ACV or TCV, backlog, pipeline or other financial items; any
statements of our plans, strategies or objectives for future operations;
statements regarding future economic conditions or performance; and any
statements of belief or expectation. All forward-looking statements rely on
assumptions and are subject to various risks and uncertainties that could cause
actual results to differ materially from expectations. In particular,
statements concerning annual and total contract value are based, in part, on
the assumption that each of those contracts will continue for their full
contracted term. Risks and uncertainties that could affect our future results
include, but are not limited to, the following: our ability to grow revenue and
expand margin in our Digital Workplace Solutions and Cloud, Applications &
Infrastructure Solutions businesses; our ability to maintain our installed base
and sell new solutions and related services; our ability to attract and retain
experienced personnel in key positions; the potential adverse effects of
aggressive competition; our ability to effectively anticipate and respond to
rapid technological innovation in our industry; our ability to retain
significant clients and attract new clients; our contracts may not be as
profitable as expected or provide the expected level of revenues; the business
and financial risk in implementing acquisitions or dispositions; we have
significant underfunded pension obligations; cybersecurity incidents could
result in incurring significant costs and could harm our business and
reputation; our failure to remediate material weaknesses in our disclosure
controls and procedures and internal controls over financial reporting or any
other material weaknesses in the future could result in material misstatements
in our financial statements; our ability to access financing markets; the risks
of doing business internationally when a significant portion of our revenue is
derived from international operations; the adverse effects of global economic
conditions, acts of war, terrorism, natural disasters or the widespread
outbreak of infectious diseases; a reduction in our credit rating; a
significant disruption in our IT systems could adversely affect our business
and reputation; the performance and capabilities of third parties with whom we
have commercial relationships; we may face damage to our reputation or legal
liability if our clients are not satisfied with our services or products; the
potential for intellectual property infringement claims to be asserted against
us or our clients; the possibility that legal proceedings could affect our
results of operations or cash flow or may adversely affect our business or
reputation; a potential impairment of goodwill or intangible assets; a failure
to meet standards or expectations with respect to our environmental, social and
governance practices; and our ability to use our net operating loss
carryforwards and certain other tax attributes may be limited. Additional
discussion of factors that could affect our future results is contained in our
periodic filings with the Securities and Exchange Commission. We assume no
obligation to update any forward-looking statements. While included under the
definition of forward-looking statements, for the avoidance of doubt, any
specific guidance or color that we may provide from time to time regarding our
expected future financial performance is effective only on the date given. We
generally will not update, reaffirm or otherwise comment on any such
information except as we deem necessary, and then only in a manner that
complies with Regulation FD.
RELEASE NO.: 0502/9905
Unisys and other Unisys products and services mentioned herein, as well as
their respective logos, are trademarks or registered trademarks of Unisys
Corporation. Any other brand or product referenced herein is acknowledged to be
a trademark or registered trademark of its respective holder.
UIS-Q
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(Millions, except per share data)
Three Months Ended
March 31,
2023 2022
Revenue
Services $ 403.9 $ 392.1
Technology 112.5 54.6
516.4 446.7
Costs and expenses
Cost of revenue
Services 316.1 321.3
Technology 41.3 38.0
357.4 359.3
Selling, general and administrative 102.9 104.4
Research and development 6.2 6.5
466.5 470.2
Operating income (loss) 49.9 (23.5)
Interest expense 7.6 8.4
Other (expense), net (196.9) (21.0)
Loss before income taxes (154.6) (52.9)
Provision for income taxes 19.9 4.1
Consolidated net loss (174.5) (57.0)
Net income attributable to noncontrolling interests 0.9 0.3
Net loss attributable to Unisys Corporation $ (175.4) $ (57.3)
Loss per share attributable to Unisys Corporation
Basic $ (2.58) $ (0.85)
Diluted $ (2.58) $ (0.85)
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total DWS CA&I ECS Other
Three Months Ended March
31, 2023
Revenue $ $ $ $ $
516.4 131.0 126.0 188.2 71.2
Gross profit percent 30.8 % 11.9 % 13.0 % 66.7 %
Three Months Ended March
31, 2022
Revenue $ $ $ $ $
446.7 124.8 129.1 120.6 72.2
Gross profit percent 19.6 % 12.8 % 5.4 % 52.1 %
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
March 31, December 31,
2023 2022
Assets
Current assets:
Cash and cash equivalents $ $
391.9 391.8
Accounts receivable, net 443.8 402.5
Contract assets 17.2 28.9
Inventories 15.9 14.9
Prepaid expenses and other current assets 108.9 92.3
Total current assets 977.7 930.4
Properties 397.9 410.8
Less-accumulated depreciation and amortization 324.6 334.9
Properties, net 73.3 75.9
Outsourcing assets, net 58.7 66.4
Marketable software, net 164.9 165.1
Operating lease right-of-use assets 39.0 42.5
Prepaid postretirement assets 115.5 119.5
Deferred income taxes 113.5 118.6
Goodwill 287.2 287.1
Intangible assets, net 49.9 52.4
Restricted cash 8.6 10.9
Assets held-for-sale 6.4 6.4
Other long-term assets 171.7 190.4
Total assets $ $
2,066.4 2,065.6
Total liabilities and equity
Current liabilities:
Current maturities of long-term debt $ $
16.0 17.4
Accounts payable 151.1 160.8
Deferred revenue 231.6 200.7
Other accrued liabilities 254.1 271.6
Total current liabilities 652.8 650.5
Long-term debt 490.1 495.7
Long-term postretirement liabilities 697.3 714.6
Long-term deferred revenue 115.3 122.3
Long-term operating lease liabilities 25.6 29.7
Other long-term liabilities 31.3 31.0
Commitments and contingencies
Total Unisys Corporation stockholders' equity 16.7 (14.7)
(deficit)
Noncontrolling interests 37.3 36.5
Total equity 54.0 21.8
Total liabilities and equity $ $
2,066.4 2,065.6
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Three Months Ended
March 31,
2023 2022
Cash flows from operating activities
Consolidated net loss $ $
(174.5) (57.0)
Adjustments to reconcile consolidated net loss to net cash
provided by (used for) operating activities:
Foreign currency gains (3.7) (2.2)
Non-cash interest expense 0.3 0.4
Employee stock compensation 4.7 6.6
Depreciation and amortization of properties 9.2 10.4
Depreciation and amortization of outsourcing assets 12.2 18.3
Amortization of marketable software 12.0 15.8
Amortization of intangible assets 2.5 2.4
Other non-cash operating activities 0.2 0.4
Loss on disposal of capital assets - 0.5
Postretirement contributions (16.4) (16.2)
Postretirement expense 193.2 10.2
Deferred income taxes, net 6.3 (3.7)
Changes in operating assets and liabilities, excluding the
effect of acquisitions:
Receivables, net and contract assets (1.1) 94.2
Inventories (0.8) (5.4)
Other assets (12.2) (26.4)
Accounts payable and current liabilities (15.3) (79.0)
Other liabilities (3.8) (2.3)
Net cash provided by (used for) operating activities 12.8 (33.0)
Cash flows from investing activities
Proceeds from investments 830.2 939.0
Purchases of investments (821.0) (941.3)
Investment in marketable software (10.3) (11.1)
Capital additions of properties (7.3) (5.2)
Capital additions of outsourcing assets (2.7) (2.4)
Purchase of businesses, net of cash acquired - (0.3)
Other (0.4) (0.4)
Net cash used for investing activities (11.5) (21.7)
Cash flows from financing activities
Payments of long-term debt (7.2) (7.7)
Other (0.4) (3.5)
Net cash used for financing activities (7.6) (11.2)
Effect of exchange rate changes on cash, cash equivalents 4.1 6.2
and restricted cash
Decrease in cash, cash equivalents and restricted cash (2.2) (59.7)
Cash, cash equivalents and restricted cash, beginning of 402.7 560.6
period
Cash, cash equivalents and restricted cash, end of period $ $
400.5 500.9
UNISYS CORPORATION
RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months
Ended
March 31,
2023 2022
GAAP net loss attributable to Unisys Corporation $ $
(175.4) (57.3)
Postretirement expense: pretax 193.2 10.2
tax (0.2) 0.2
net of tax 193.4 10.0
Cost reduction and other pretax 16.7 20.1
expenses:
tax - 0.1
net of tax 16.7 20.0
noncontrolling interest - -
net of noncontrolling 16.7 20.0
interest
Non-GAAP net income (loss) attributable to Unisys Corporation $ $
34.7 (27.3)
Weighted average shares (thousands) 67,943 67,387
Plus incremental shares from assumed conversion:
Employee stock plans 391 -
Non-GAAP adjusted weighted average shares 68,334 67,387
Diluted earnings (loss) per share
GAAP basis
GAAP net loss attributable to Unisys Corporation for diluted $ $
loss per share (175.4) (57.3)
Divided by weighted average shares 67,943 67,387
GAAP diluted loss per share $ $
(2.58) (0.85)
Non-GAAP basis
Non-GAAP net income (loss) attributable to Unisys Corporation $ $
for diluted earnings (loss) per share 34.7 (27.3)
Divided by Non-GAAP adjusted weighted average shares 68,334 67,387
Non-GAAP diluted earnings (loss) per share $ $
0.51 (0.41)
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Ended
March 31,
2023 2022
Cash provided by (used for) operations $ 12.8 $ (33.0)
Additions to marketable software (10.3) (11.1)
Additions to properties (7.3) (5.2)
Additions to outsourcing assets (2.7) (2.4)
Free cash flow (7.5) (51.7)
Postretirement funding 16.4 16.2
Cost reduction and other payments, net 11.2 8.5
Adjusted free cash flow $ 20.1 $ (27.0)
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Ended
March 31,
2023 2022
Net loss attributable to Unisys Corporation $ (175.4) $ (57.3)
Net income attributable to noncontrolling interests 0.9 0.3
Interest expense, net of interest income of $6.7 0.9 6.0
and $2.4, respectively*
Provision for income taxes 19.9 4.1
Depreciation 21.4 28.7
Amortization 14.5 18.2
EBITDA $ (117.8) $ -
Postretirement expense $ 193.2 $ 10.2
Cost reduction and other expenses** 14.3 15.0
Non-cash share based expense 4.6 6.5
Other expense, net adjustment*** 3.9 2.5
Adjusted EBITDA $ 98.2 $ 34.2
*Included in other (expense), net on the consolidated statements of income
(loss)
**Reduced for depreciation and amortization included above
***Other expense, net as reported on the consolidated statements of income
(loss) less postretirement expense, interest income
and items included in cost reduction and other expenses
Three Months Ended
March 31,
2023 2022
Revenue $ 516.4 $ 446.7
Net loss attributable to Unisys Corporation as a (34.0) % (12.8) %
percentage of revenue
Non-GAAP net income (loss) attributable to Unisys 6.7 % (6.1) %
Corporation as a percentage of revenue
Adjusted EBITDA as a percentage of revenue 19.0 % 7.7 %
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
OPERATING PROFIT (LOSS)
Three Months Ended
March 31,
2023 2022
GAAP operating income (loss) $ 49.9 $ (23.5)
Cost reduction and other expenses* 9.9 8.9
Postretirement expense** 0.3 0.5
Non-GAAP operating profit (loss) $ 60.1 $ (14.1)
Revenue $ 516.4 $ 446.7
GAAP operating profit (loss) percent 9.7 % (5.3) %
Non-GAAP operating profit (loss) percent 11.6 % (3.2) %
*Included in cost of revenue, selling, general and administrative and research
and development on the consolidated
statements of income (loss)
**Included in selling, general and administrative on the consolidated
statements of income (loss)
EXCLUDING LICENSE AND SUPPORT (EX-L&S) REVENUE AND GROSS PROFIT
Three Months Ended
March 31,
2023 2022
GAAP revenue $ 516.4 $ 446.7
L&S revenue 136.9 73.4
Ex-L&S Non-GAAP revenue $ 379.5 $ 373.3
GAAP gross profit $ 159.0 $ 87.4
L&S gross profit 106.5 47.4
Ex-L&S Non-GAAP gross profit $ 52.5 $ 40.0
GAAP gross profit margin percent 30.8 % 19.6 %
Ex-L&S Non-GAAP gross profit margin percent 13.8 % 10.7 %
Contacts: For Investors: Michaela Pewarski, Unisys, +1 215-274-1254,
Investor@unisys.com; For Press: Patricia Gonzalez, Unisys, +1 817-846-7662,
Patricia.Gonzalez@unisys.com
END
(END) Dow Jones Newswires
May 03, 2023 02:00 ET (06:00 GMT)
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