Technology
Unisys Announces 2Q24 Results
Published
2 years agoon
By
Unisys Continues Strong Momentum in New Business(6) Signings and Reiterates Full-Year Guidance
Revenue growth of 0.3% year over year (YoY), a 0.5% increase in constant currency(1); Excluding License and Support (Ex-L&S)(15) revenue was flat YoY, a 0.1% increase in constant currencyGross profit margin of 27.2%, an improvement of 290 bps YoY; Ex-L&S gross profit margin of 18.7%, an increase of 270 bps YoYOperating profit margin of 4.9 %; non-GAAP operating profit(8) margin of 6.1 %New Business Total Contract Value (TCV)(4) increased 64% YoY and 17% quarter-over-quarter (QoQ) driven by more than doubling of new logo signings in both YoY and QoQ
BLUE BELL, Pa., Aug. 5, 2024 /PRNewswire/ — Unisys Corporation (NYSE: UIS) reported financial results for the second quarter of 2024.
“Unisys had another strong quarter of new logo signings, which more than doubled sequentially for the third consecutive quarter,” said Unisys Chair and CEO Peter A. Altabef. “Overall New Business TCV grew double-digit year-over-year, which we believe signals strong marketplace momentum for our solution portfolio and recognition of the innovation we are bringing to our clients. We are also continuing to advance industry solutions that bring together data, engineering and industry expertise to drive tangible business value.”
Unisys Chief Financial Officer Deb McCann said, “Unisys reported another solid quarter, with slightly stronger than expected Ex-L&S revenue growth. Our second quarter Ex-L&S gross profit margin improvement of 270 bps compared to prior year extends a track record of execution against our plan to improve profitability. Looking ahead for the second half of the year, we anticipate sequential revenue growth and operating profit and cash flow improvement as New Business signings begin to generate revenue and we further benefit from our operating efficiency initiatives.”
Financial Highlights
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.
(In millions, except numbers presented as percentages)
2Q24
2Q23
YTD24
YTD23
Revenue
$478.2
$476.8
$966.0
$993.2
YoY revenue growth
0.3 %
(2.7) %
YoY revenue growth in constant currency
0.5 %
(3.5) %
Ex-L&S revenue
$396.1
$396.0
$790.7
$775.5
YoY revenue growth
— %
2.0 %
YoY revenue growth in constant currency
0.1 %
1.5 %
License and Support(14) revenue
$82.1
$80.8
$175.3
$217.7
YoY revenue growth
1.6 %
(19.5) %
YoY revenue growth in constant currency
2.1 %
(21.1) %
Gross profit
$129.9
$115.8
$265.9
$274.8
Gross profit percent
27.2 %
24.3 %
27.5 %
27.7 %
Ex-L&S gross profit
$74.2
$63.4
$145.4
$115.9
Ex-L&S gross profit percent
18.7 %
16.0 %
18.4 %
14.9 %
Operating profit
$23.6
$0.1
$41.3
$50.0
Operating profit percent
4.9 %
— %
4.3 %
5.0 %
Non-GAAP operating profit
$29.3
$16.3
$63.7
$76.4
Non-GAAP operating profit percent
6.1 %
3.4 %
6.6 %
7.7 %
Net loss attributable to Unisys Corporation
($12.0)
($40.0)
($161.5)
($215.4)
Non-GAAP net income (loss) attributable to Unisys Corporation(10)
$11.0
($6.1)
$13.7
$28.6
EBITDA
$35.6
$9.2
($68.6)
($108.6)
Adjusted EBITDA(9)
$58.4
$50.3
$123.7
$148.5
Adjusted EBITDA as a percentage of revenue
12.2 %
10.5 %
12.8 %
15.0 %
Second Quarter 2024 Results
Revenue growth of 0.3% YoY, a 0.5% increase in constant currency. Ex-L&S revenue was flat YoY, a 0.1% increase in constant currency.
Gross profit margin improved 290 bps YoY and Ex-L&S gross profit margin improved 270 bps YoY primarily driven by delivery improvements and an increase in higher-margin solutions in our New Business signings.
Financial Highlights by Segment
(In millions, except numbers presented as percentages)
2Q24
2Q23
YTD24
YTD23
Digital Workplace Solutions (DWS):
Revenue
$132.1
$135.0
$264.4
$266.0
YoY revenue growth
(2.1) %
(0.6) %
YoY revenue growth in constant currency
(2.2) %
(1.1) %
Gross profit
$21.4
$18.4
$40.4
$34.0
Gross profit percent
16.2 %
13.6 %
15.3 %
12.8 %
Cloud, Applications & Infrastructure Solutions (CA&I):
Revenue
$134.3
$132.6
$263.3
$258.6
YoY revenue growth
1.3 %
1.8 %
YoY revenue growth in constant currency
1.3 %
1.8 %
Gross profit
$23.9
$22.4
$45.3
$38.8
Gross profit percent
17.8 %
16.9 %
17.2 %
15.0 %
Enterprise Computing Solutions (ECS):
Revenue
$137.5
$134.6
$284.5
$322.8
YoY revenue growth
2.2 %
(11.9) %
YoY revenue growth in constant currency
2.5 %
(13.3) %
Gross profit
$76.9
$72.8
$161.9
$198.3
Gross profit percent
55.9 %
54.1 %
56.9 %
61.4 %
Second Quarter 2024 Segment Results
DWS revenue declined 2.1% YoY, a decline of 2.2% in constant currency, but was better than expected at the beginning of the second quarter, as the decline in discretionary volume was more modest than anticipated. DWS gross profit margin was 16.2%, an increase of 260 bps YoY, reflecting results from delivery modernization and efficiency initiatives as well as higher-margin solutions in our New Business signings.
CA&I revenue increased 1.3% in both YoY and constant currency. CA&I gross profit margin was 17.8%, an increase of 90 bps YoY, primarily driven by labor cost savings initiatives.
ECS revenue increased 2.2% YoY, an increase of 2.5% in constant currency. ECS gross profit margin was 55.9%, an increase of 180 bps YoY. The increase in revenue and gross profit margin was primarily driven by the timing of software license renewals and managed services growth.
Balance Sheet and Cash Flows
(In millions)
June 30, 2024
December 31,
2023
Cash and cash equivalents
$ 344.9
$ 387.7
(In millions)
2Q24
2Q23
YTD24
YTD23
Cash provided by operations
$2.7
$42.5
$26.5
$55.3
Free cash flow(11)
($18.5)
$24.7
($14.6)
$17.2
Pre-pension and postretirement free cash flow(12)
($13.8)
$39.4
($2.2)
$48.3
Adjusted free cash flow(13)
($8.0)
$68.1
$9.3
$88.2
Free cash flow declined by ($43.2) million YoY in the second quarter of 2024 and by ($31.8) million in the six months ended June 30, 2024, primarily due to the timing of collections and other fluctuations in working capital.
Other Key Performance Metrics
YoY
Change
QoQ
Change*
TCV
Total company
19 %
25 %
Ex-L&S TCV
10 %
35 %
Pipeline(3)
Total company
(25) %
(7) %
Ex-L&S pipeline
(25) %
(8) %
*
QoQ – quarter over quarter
TCV improvements reported above were primarily impacted by increased New Business TCV of 64% YoY and 17% QoQ, primarily driven by new logo signings more than doubling YoY and QoQ.
Total company and Ex-L&S pipeline declines YoY resulted from strong New Business conversion and timing of the renewal schedule.
Backlog(2) was $2.79 billion for the second quarter of 2024 compared to $2.69 billion for the second quarter of 2023.
2024 Financial Guidance
The company reiterates full-year 2024 revenue growth and profitability guidance:
Guidance
Revenue growth in constant currency
(1.5)% to 1.5%
Non-GAAP operating profit margin
5.5% to 7.5%
Constant currency revenue guidance implies (1.7)% to 1.3% revenue growth as reported, based on recent exchange rates, and assumes Ex-L&S full-year revenue growth of 1.5% to 5.0% and L&S revenue of approximately $375 million.
Conference Call
Unisys will hold a conference call with the financial community on Tuesday, August 6 at 8 a.m. Eastern Time to discuss the results of the second quarter of 2024.
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 webcast replay 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 6869066 from two hours after the end of the call until August 20, 2024.
(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 canceled, 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 recorded revenue.
(4) 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 expansion and new scope for existing clients and new logo contracts.
(5) Book-to-bill – Represents total contract value booked divided by revenue in a given period.
(6) New Business – Represents expansion and new scope for existing clients and new logo contracts.
(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. The company uses estimated Next-Gen Solutions metrics to provide insight into the company’s progress in shifting the revenue mix towards solutions that are generally higher-growth and higher-margin.
(8) Non-GAAP operating profit – This measure excludes pretax pension and postretirement expense and pretax charges in connection with certain legal matters related to professional services and legal fees, including legal defense costs, associated with certain legal proceedings, and 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 pension and postretirement expense; certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; cost-reduction activities and other expenses, non-cash share-based expense, and other (income) expense adjustments.
(10) Non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share – These measures excluded pension and postretirement expense and charges or (credits) in connection with certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; cost-reduction activities and other expenses. The tax amounts related to these items for the calculation of non-GAAP diluted earnings (loss) 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) Pre-pension and postretirement free cash flow – Represents free cash flow before pension and postretirement contributions.
(13) Adjusted free cash flow – Represents free cash flow less cash used for pension and postretirement funding; certain legal matters related to professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other payments.
(14) License and Support (L&S) – Represents software license and related support revenue within the company’s ECS segment.
(15) Excluding License and Support (Ex-L&S) – These measures exclude revenue, gross profit and gross profit margin 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 significant and impactful based on timing, and related support services in order to evaluate the company’s business outside of these areas.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys’ ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and that TCV is based, in part, on the assumption that each of those contracts will continue for their full contracted term. 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 upon Unisys. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on Unisys will be those anticipated by management. Forward-looking statements in this release and the accompanying presentation include, but are not limited to, statements made in Mr. Altabef’s and Ms. McCann’s quotations, any projections or expectations of revenue growth, margin expansion, achievement of operational efficiencies and savings, future growth of our Next-Gen Solutions(7), TCV and New Business TCV, the impact of New Logo signings, the impact of Unisys Logistics Optimization, backlog, pipeline, book-to-bill(5), full-year 2024 revenue growth and profitability guidance, including constant currency revenue, Ex-L&S revenue growth, L&S revenue, non-GAAP operating profit margin, free cash flow generation and the assumptions and other expectations made in connection with our full-year 2024 financial guidance, our pension liability, future economic benefits from net operating losses and statements regarding future economic conditions or performance.
Additional information and factors that could cause actual results to differ materially from Unisys’ expectations are contained in Unisys’ filings with the U.S. Securities and Exchange Commission (SEC), including Unisys’ Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of the date of this release only and while Unisys periodically reassesses material trends and uncertainties affecting Unisys’ results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, Unisys does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Non-GAAP Information
This release includes certain non-GAAP financial measures that exclude certain items such as postretirement expense; certain legal and other matters related to professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; 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.
Non-GAAP financial measures are often provided and utilized by the company’s management, analysts, and investors to enhance comparability of year-over-year results and to isolate in some instances 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. These items are uncertain, depend on various factors, and could have a material impact on the company’s GAAP results for the applicable period. These measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below except for financial guidance and other forward-looking information since such a reconciliation is not practicable without unreasonable efforts as the company is unable to reasonably forecast certain amounts that are necessary for such reconciliation. This information has been provided pursuant to the requirements of SEC Regulation G.
About Unisys
Unisys is a global technology solutions company that powers breakthroughs for the world’s leading organizations. Our solutions – cloud, data and AI, digital workplace, logistics and enterprise computing – help our clients challenge the status quo and unlock their full potential. To learn how we have been helping clients push what’s possible for more than 150 years, visit unisys.com and follow us on LinkedIn.
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RELEASE NO.: 0805/9954
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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenue
Services
$ 416.1
$ 417.0
$ 832.9
$ 820.9
Technology
62.1
59.8
133.1
172.3
478.2
476.8
966.0
993.2
Costs and expenses
Cost of revenue
Services
312.1
323.5
627.0
639.6
Technology
36.2
37.5
73.1
78.8
348.3
361.0
700.1
718.4
Selling, general and administrative
101.4
110.3
213.6
213.2
Research and development
4.9
5.4
11.0
11.6
454.6
476.7
924.7
943.2
Operating income
23.6
0.1
41.3
50.0
Interest expense
7.9
7.5
15.8
15.1
Other (expense), net
(9.4)
(16.7)
(151.5)
(213.6)
Earnings (loss) before income taxes
6.3
(24.1)
(126.0)
(178.7)
Provision for income taxes
18.8
15.4
35.8
35.3
Consolidated net loss
(12.5)
(39.5)
(161.8)
(214.0)
Net (loss) income attributable to noncontrolling interests
(0.5)
0.5
(0.3)
1.4
Net loss attributable to Unisys Corporation
$ (12.0)
$ (40.0)
$ (161.5)
$ (215.4)
Loss per share attributable to Unisys Corporation
Basic
$ (0.17)
$ (0.59)
$ (2.34)
$ (3.16)
Diluted
$ (0.17)
$ (0.59)
$ (2.34)
$ (3.16)
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total
DWS
CA&I
ECS
Other
Three Months Ended June 30, 2024
Revenue
$ 478.2
$ 132.1
$ 134.3
$ 137.5
$ 74.3
Gross profit percent
27.2 %
16.2 %
17.8 %
55.9 %
Three Months Ended June 30, 2023
Revenue
$ 476.8
$ 135.0
$ 132.6
$ 134.6
$ 74.6
Gross profit percent
24.3 %
13.6 %
16.9 %
54.1 %
Total
DWS
CA&I
ECS
Other
Six Months Ended June 30, 2024
Revenue
$ 966.0
$ 264.4
$ 263.3
$ 284.5
$ 153.8
Gross profit percent
27.5 %
15.3 %
17.2 %
56.9 %
Six Months Ended June 30, 2023
Revenue
$ 993.2
$ 266.0
$ 258.6
$ 322.8
$ 145.8
Gross profit percent
27.7 %
12.8 %
15.0 %
61.4 %
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
June 30, 2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 344.9
$ 387.7
Accounts receivable, net
432.6
454.5
Contract assets
17.4
11.7
Inventories
16.5
15.3
Prepaid expenses and other current assets
96.5
101.8
Total current assets
907.9
971.0
Properties
395.1
396.4
Less-accumulated depreciation and amortization
334.9
332.1
Properties, net
60.2
64.3
Outsourcing assets, net
26.1
31.6
Marketable software, net
169.6
166.2
Operating lease right-of-use assets
38.3
35.4
Prepaid postretirement assets
41.6
38.0
Deferred income taxes
108.9
114.0
Goodwill
287.2
287.4
Intangible assets, net
38.1
42.7
Restricted cash
7.8
9.0
Assets held-for-sale
4.9
4.9
Other long-term assets
177.2
200.9
Total assets
$ 1,867.8
$ 1,965.4
Total liabilities and deficit
Current liabilities:
Current maturities of long-term debt
$ 7.2
$ 13.0
Accounts payable
150.2
130.9
Deferred revenue
190.4
198.6
Other accrued liabilities
244.4
308.4
Total current liabilities
592.2
650.9
Long-term debt
489.2
491.2
Long-term postretirement liabilities
772.3
787.7
Long-term deferred revenue
103.7
104.4
Long-term operating lease liabilities
29.7
25.6
Other long-term liabilities
41.3
44.0
Commitments and contingencies
Total Unisys Corporation stockholders’ deficit
(174.1)
(151.8)
Noncontrolling interests
13.5
13.4
Total deficit
(160.6)
(138.4)
Total liabilities and deficit
$ 1,867.8
$ 1,965.4
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Six Months Ended
June 30,
2024
2023
Cash flows from operating activities
Consolidated net loss
$ (161.8)
$ (214.0)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Foreign currency losses (gains)
12.6
(0.5)
Non-cash interest expense
0.6
0.6
Employee stock compensation
11.4
8.9
Depreciation and amortization of properties
12.1
13.7
Depreciation and amortization of outsourcing assets
12.6
25.1
Amortization of marketable software
24.2
24.5
Amortization of intangible assets
4.6
4.9
Other non-cash operating activities
(1.0)
0.4
Loss on disposal of capital assets
—
0.1
Pension and postretirement contributions
(12.4)
(31.1)
Pension and postretirement expense
159.0
203.8
Deferred income taxes, net
0.1
9.3
Changes in operating assets and liabilities, excluding the effect of acquisitions:
Receivables, net and contract assets
31.9
71.0
Inventories
(1.7)
(5.7)
Other assets
(13.4)
(16.1)
Accounts payable and current liabilities
(59.4)
(37.6)
Other liabilities
7.1
(2.0)
Net cash provided by operating activities
26.5
55.3
Cash flows from investing activities
Proceeds from foreign exchange forward contracts
1,519.2
1,485.4
Purchases of foreign exchange forward contracts
(1,524.8)
(1,470.4)
Investment in marketable software
(25.7)
(21.3)
Capital additions of properties
(7.3)
(11.9)
Capital additions of outsourcing assets
(8.1)
(4.9)
Other
(0.1)
(0.4)
Net cash used for investing activities
(46.8)
(23.5)
Cash flows from financing activities
Payments of long-term debt
(10.1)
(10.6)
Other
(1.8)
(0.4)
Net cash used for financing activities
(11.9)
(11.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(11.8)
8.7
(Decrease) increase in cash, cash equivalents and restricted cash
(44.0)
29.5
Cash, cash equivalents and restricted cash, beginning of period
396.7
402.7
Cash, cash equivalents and restricted cash, end of period
$ 352.7
$ 432.2
UNISYS CORPORATION
RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net loss attributable to Unisys Corporation
$ (12.0)
$ (40.0)
$ (161.5)
$ (215.4)
Pension and postretirement expense
pretax
12.4
10.6
159.0
203.8
tax
0.1
(0.2)
0.2
(0.4)
net of tax
12.3
10.8
158.8
204.2
Certain legal matters
pretax
6.5
8.7
(1.7)
14.4
tax
—
—
(2.8)
—
net of tax
6.5
8.7
1.1
14.4
Environmental matters
pretax
0.7
7.5
1.0
17.8
tax
—
—
—
—
net of tax
0.7
7.5
1.0
17.8
Cost reduction and other expenses
pretax
3.5
7.2
14.6
7.9
tax
—
0.3
0.3
0.3
net of tax
3.5
6.9
14.3
7.6
Non-GAAP net income (loss) attributable to Unisys Corporation
$ 11.0
$ (6.1)
$ 13.7
$ 28.6
Weighted average shares (thousands)
69,275
68,289
68,990
68,116
Plus incremental shares from assumed vesting:
Employee stock plans
1,636
—
1,952
646
Non-GAAP adjusted weighted average shares
70,911
68,289
70,942
68,762
Diluted loss per share
Net loss attributable to Unisys Corporation
$ (12.0)
$ (40.0)
$ (161.5)
$ (215.4)
Divided by weighted average shares
69,275
68,289
68,990
68,116
Diluted loss per share
$ (0.17)
$ (0.59)
$ (2.34)
$ (3.16)
Non-GAAP basis
Non-GAAP net income (loss) attributable to Unisys Corporation for
diluted earnings (loss) per share
$ 11.0
$ (6.1)
$ 13.7
$ 28.6
Divided by Non-GAAP adjusted weighted average shares
70,911
68,289
70,942
68,762
Non-GAAP diluted earnings (loss) per share
$ 0.16
$ (0.09)
$ 0.19
$ 0.42
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Cash provided by operations
$ 2.7
$ 42.5
$ 26.5
$ 55.3
Additions to marketable software
(12.5)
(11.0)
(25.7)
(21.3)
Additions to properties
(5.1)
(4.6)
(7.3)
(11.9)
Additions to outsourcing assets
(3.6)
(2.2)
(8.1)
(4.9)
Free cash flow
(18.5)
24.7
(14.6)
17.2
Pension and postretirement funding
4.7
14.7
12.4
31.1
Pre-pension and postretirement free cash flow
(13.8)
39.4
(2.2)
48.3
Certain legal payments
1.2
10.9
2.6
13.0
Environmental matters payments
2.0
5.0
4.4
10.8
Cost reduction and other payments, net
2.6
12.8
4.5
16.1
Adjusted free cash flow
$ (8.0)
$ 68.1
$ 9.3
$ 88.2
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net loss attributable to Unisys Corporation
$ (12.0)
$ (40.0)
$ (161.5)
$ (215.4)
Net (loss) income attributable to noncontrolling interests
(0.5)
0.5
(0.3)
1.4
Interest expense, net of interest income of $5.3, $6.5, $11.9 and $13.2,
respectively(1)
2.6
1.0
3.9
1.9
Provision for income taxes
18.8
15.4
35.8
35.3
Depreciation
12.3
17.4
24.7
38.8
Amortization
14.4
14.9
28.8
29.4
EBITDA
$ 35.6
$ 9.2
$ (68.6)
$ (108.6)
Pension and postretirement expense
$ 12.4
$ 10.6
$ 159.0
$ 203.8
Certain legal matters(2)
6.5
8.7
(1.7)
14.4
Environmental matters(1)
0.7
7.5
1.0
17.8
Cost reduction and other expenses(3)
1.3
4.8
10.0
3.1
Non-cash share based expense
4.6
4.1
11.1
8.7
Other (income) expense, net adjustment(4)
(2.7)
5.4
12.9
9.3
Adjusted EBITDA
$ 58.4
$ 50.3
$ 123.7
$ 148.5
(1) Included in other (expense), net on the consolidated statements of income (loss).
(2) Included in selling, general and administrative expenses and other (expense), net within the consolidated statements of income (loss). For the six months ended June 30, 2024, certain legal matters includes a net gain of $14.9 million related to a favorable judgement received in a Brazilian services tax matter.
(3) Reduced for depreciation and amortization included above.
(4) Other expense, net as reported on the consolidated statements of income (loss) less pension and postretirement expense, interest income and items included in certain legal and environmental matters, cost reduction and other expenses.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Revenue
$ 478.2
$ 476.8
$ 966.0
$ 993.2
Net loss attributable to Unisys Corporation as a percentage of revenue
(2.5) %
(8.4) %
(16.7) %
(21.7) %
Non-GAAP net income (loss) attributable to Unisys Corporation as a
percentage of revenue
2.3 %
(1.3) %
1.4 %
2.9 %
Adjusted EBITDA as a percentage of revenue
12.2 %
10.5 %
12.8 %
15.0 %
UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
OPERATING PROFIT
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Operating profit
$ 23.6
$ 0.1
$ 41.3
$ 50.0
Certain legal matters(1)
3.1
8.7
10.4
14.4
Cost reduction and other expenses(2)
2.3
7.1
11.3
11.3
Pension and postretirement expense(1)
0.3
0.4
0.7
0.7
Non-GAAP operating profit
$ 29.3
$ 16.3
$ 63.7
$ 76.4
Revenue
$ 478.2
$ 476.8
$ 966.0
$ 993.2
Operating profit percent
4.9 %
— %
4.3 %
5.0 %
Non-GAAP operating profit percent
6.1 %
3.4 %
6.6 %
7.7 %
(1) Included in selling, general and administrative on the consolidated statements of income (loss).
(2) Included in cost of revenue, selling, general and administrative and research and development on the consolidated statements of income (loss).
EXCLUDING LICENSE AND SUPPORT (EX-L&S) REVENUE AND GROSS PROFIT
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Revenue
$ 478.2
$ 476.8
$ 966.0
$ 993.2
L&S revenue
82.1
80.8
175.3
217.7
Ex-L&S Non-GAAP revenue
$ 396.1
$ 396.0
$ 790.7
$ 775.5
Gross profit
$ 129.9
$ 115.8
$ 265.9
$ 274.8
L&S gross profit
55.7
52.4
120.5
158.9
Ex-L&S Non-GAAP gross profit
$ 74.2
$ 63.4
$ 145.4
$ 115.9
Gross profit percent
27.2 %
24.3 %
27.5 %
27.7 %
Ex-L&S Non-GAAP gross profit percent
18.7 %
16.0 %
18.4 %
14.9 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/unisys-announces-2q24-results-302214731.html
SOURCE Unisys Corporation
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Feed the Children Launches End Holiday Hunger Campaign, Uniting a Global Movement to Help Children Thrive This Season
Published
31 minutes agoon
November 10, 2026By
OKLAHOMA CITY, Nov. 10, 2026 /PRNewswire/ — This holiday season, Feed the Children is inviting communities around the world to act on a shared truth: every child deserves reliable access to nutritious, culturally relevant food and essentials, no matter the season. For millions of children, the holidays only intensify the hunger and hardship families already face. When schools close for winter break, many children also lose access to meals that are central to their daily nutrition, widening a gap that communities, donors and partners have the power to help close.
Feed the Children, a global movement working to end child hunger, is launching its End Holiday Hunger campaign this week, running through Dec. 31, 2026. The organization is asking donors, corporate partners, volunteers and communities to join a collective effort, so Feed the Children can provide the food and essentials they need most — because hunger doesn’t take a holiday.
“Every child deserves the chance not just to survive, but to thrive,” said Emily Callahan, president and CEO of Feed the Children. “Hunger doesn’t pause for the holidays — it intensifies. The season is a powerful reminder of what’s at stake and a meaningful opportunity for all of us to come together and change that. When we give now and give monthly, we can help children have consistent access to nutritious, culturally relevant food and essentials they urgently need.”
From Urgent Support to Lasting Stability
Feed the Children has focused on providing the support families need most urgently, and that commitment remains. Now, the organization is also working to make that support more consistent, so families can build stability.
Rising food, housing, fuel, insurance and other household costs are stretching family budgets and leaving children’s basic needs uncertain, especially during the holidays. That is why Feed the Children is asking people to give now, when holiday need is greatest, and to go a step further by signing up as a sustaining donor at $19/month. Monthly giving allows the organization to plan ahead and provide families with more consistent support, so children’s needs are met now and in the winter months to come.
A Global Crisis That Knows No Borders
The scale of child hunger is both vast and urgent. According to UNICEF, one in four children under age 5 worldwide is living in severe child food poverty — 181 million children who don’t have reliable access to the nutritious food they need to grow, learn and thrive.
In the U.S. alone, more than 14.1 million children lived in households that experienced food insecurity in 2024, according to the USDA. This challenge extends well beyond the United States. From Malawi to Honduras, from the Philippines to Uganda, children and families are facing hunger and hardship, and seasonal pressures can intensify the strain.
The challenge is compounded by economic pressure. Across the world, rising food costs and household expenses stretch community resources in ways that fall hardest on children. Whether in a farming community in Malawi, a neighborhood in Honduras or a city in the United States, children and families are experiencing hunger — and sustained economic strain can affect children’s health, development and ability to learn.
For many families, the holidays bring added financial strain, and parents like Lyn feel it most. “During the holidays, money is a challenge,” Lyn said. “I don’t want my kids to be hungry. I don’t want any child or anyone to be hungry. There’s no words to explain the feeling that you get when you know your children are going to have dinner on the table for Christmas or Thanksgiving.”
A Growing Need, A Global Response
Across the regions Feed the Children serves, that pressure is real and immediate. In Tanzania, 12-year-old Catherine knows firsthand how hunger can stand in the way of learning. “It was hard to study when I was hungry,” she said. “Sometimes I couldn’t even finish my assignments because I was tired and hungry. Now I can learn with energy.”
Feed the Children works across nine countries – the United States, El Salvador, Guatemala, Honduras, Kenya, Malawi, Tanzania, Uganda and the Philippines — to deliver food, essentials and educational resources through strategic community partnerships. In fiscal year 2025, the organization distributed nearly 78 million meals to nearly 15 million people spanning almost every U.S. state and those eight countries. That impact is made possible by supporters: every $1 given provides $8 in food and essentials for children and families around the world.
“Hunger is not always visible, but it is everywhere,” Callahan said. “From rural communities to urban neighborhoods, children go without the food and essentials they need to grow. When we come together — donors, partners, communities — we can help rewrite that story.”
A Season for Global Action
The End Holiday Hunger campaign, kicking off this week, reflects a broader truth about food insecurity: the holiday season is one of the most critical times for collective action. As communities across East Africa, Central America, Asia and the United States enter a season often marked by celebration, families experiencing food insecurity see demand for food and essential resources rise — and the opportunity for partners, donors and communities to make a meaningful difference grows with it.
Feed the Children is uniting communities, corporate partners and individual supporters around a shared conviction: every child should start the new year with enough to eat. The most powerful way to help is to become a monthly donor at $19/month. Monthly gifts allow Feed the Children to plan ahead and provide food and essentials more consistently.
Every gift helps, and donations made through Dec. 31, 2026 will bring food and essentials to children and families across the U.S. and around the world.
Watch the End Holiday Hunger PSA
See how communities are coming together to help children survive and thrive this season: Watch the PSA
Campaign Partners
Feed the Children is proud to work alongside a coalition of mission-aligned organizations committed to helping end holiday hunger for children and families everywhere. Feed the Children is grateful for the support of Magic Johnson Foundation, Mattel, StarKist, Operation Warm, Los Angeles Football Club, Detroit Pistons and Premier Nutrition, whose generous contributions are helping to put food and essentials into the hands of children and families in the U.S. and around the world this holiday season.
Each week through December, Feed the Children will share the story of a child from one of the four regions where it works—the United States, Africa, Central America and Asia. These firsthand accounts reflect what’s possible when communities unite around a common cause: ensuring every child can survive and thrive. Sharing these stories helps more people understand that hunger exists everywhere right now. Follow their stories, and become a monthly donor at $19/month and join the global movement to end holiday hunger at EndHolidayHunger.org.
About Feed the Children
Feed the Children is a global movement focused on ending childhood hunger in the U.S. and around the world. Working alongside communities, we provide food, essentials, and opportunities to children and families who need them most so every child can survive and thrive. We are committed to helping families experiencing hunger and hardship so children have what they need to stay healthy, learn, and grow. By uniting people and inspiring action, we work to create a world where no child goes to bed hungry. Compassion has no borders. We believe that every child deserves a chance to thrive. Learn how you can help create a world without childhood hunger at feedthechildren.org.
Feed the Children | Create a world where no child goes to bed hungry.
Media Contact: Richard Presser | 405-247-0345 | richard.presser@feedthechildren.org
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SOURCE Feed the Children
Technology
Bryten in the Bilt Neighborhood: Unifying the Resident Experience In and Around the Home Through Bilt Neighborhood OS
Published
31 minutes agoon
November 10, 2026By
Bilt Neighborhood OS connects every step of Bryten’s resident experience from discovery through renewal, at home and across the neighborhood, with AI agents simplifying operations, driving retention and unlocking new revenue
PHOENIX, Nov. 10, 2026 /PRNewswire/ — Bryten®, a multifamily property management company, today announced an expanded partnership with Bilt, the neighborhood commerce and rewards platform, to unify the resident experience from discovery to renewal, in and around the home.
Bryten will power its operations with Bilt Neighborhood OS™, an AI platform that helps businesses grow by reaching new customers and building loyalty through personalized experiences in their neighborhood. It integrates with Bryten’s existing systems to bring together property services, payments, rewards and Neighborhood Benefits™ in one connected resident experience that extends across Bilt’s network of 50,000+ merchant partners, including sports venues, restaurants, fitness studios, pharmacies, parking lots, retail shops and more.
With Neighborhood OS, Bryten residents will gain access to leasing, move-in checklists, package management, service requests, amenity bookings, building access and smart-home integrations through the same Bilt experience they already use to pay rent, earn and redeem rewards and engage with the neighborhood. They can AI Concierge to handle tasks for them, from submitting a service request to reserving a table at a restaurant nearby.
More value at home and around the neighborhood
Neighborhood OS puts AI agents to work across Bryten’s existing property systems and Bilt’s network of merchant partners. Teams can simply text their agents to generate a lease, approve a maintenance request or reserve a building amenity, or arrange personalized neighborhood benefits, like a home essentials kit on move-in day, two tickets to a sports game ahead of renewal, or a dining credit while a resident’s stove is being repaired. By connecting property operations with neighborhood hospitality, teams can reduce manual work and deliver thoughtful service that strengthens resident loyalty and retention.
“Home is our specialty, and that means making residents feel cared for in the moments that matter,” said John Vranich, Partner, Bryten. “With Bilt Neighborhood OS, we can give our teams more time to focus on residents while connecting everyday service with personalized benefits beyond the community. From a smoother move-in to a thoughtful offer from a nearby restaurant, those experiences help us build lasting relationships and give residents more reasons to stay.”
Through Bilt’s new Rent a Home product, Bryten can also surface available apartments to prospective residents within Bilt’s network of 8 million members and help current residents discover another home within its managed portfolio when they need to move. Listings can include personalized leasing incentives and Neighborhood Benefits™ tailored to the applicant, introducing the value of living in a Bryten-managed community before a prospective resident signs a lease.
One in four U.S. apartment buildings run on Bilt, and Bilt has delivered more than $1 billion in value back to members, helping them pay student loans, cover housing payments, book travel and more.
Built around how residents live
Bilt’s inaugural State of the Neighborhood Study, conducted with 451 Research by S&P Global, found that two-thirds of U.S. consumers do at least 80% of their everyday spending within 15 miles of home. The study also found:
77% of renters say rewards on housing payment alone would make them more likely to stay in their home long term;83% of renters say one platform for everything, from rent payments to dinner reservations, would meaningfully improve their experience; and95% of consumers say they would try a local business if they could earn rewards there.
“Your relationship with a resident starts before they sign a lease and grows through the experiences they have every day,” said Ankur Jain, Founder and CEO of Bilt. “Neighborhood OS helps Bryten connect each of those moments, from finding the apartment to getting a repair handled to going out for dinner around the corner or attending a home game for their favorite sports team. Our AI agents help property managers get tasks done and deliver neighborhood benefits that give residents more value from where they live, building loyalty long before renewal.”
About Bryten
Bryten® is nationally recognized as a leader in multifamily property management, collectively managing more than 60,000 homes across the United States. With decades of experience in conventional multifamily, build-to-rent, affordable housing, new development, lease-ups, and value-add communities, Bryten helps owners and investors improve property performance, strengthen occupancy & resident retention, manage expenses, and protect long-term asset value. Using a people-first approach, Bryten helps create communities where residents can thrive. For more information, visit www.livebryten.com.
About Bilt
Launched in 2021, Bilt is the membership for where you live and the Neighborhood Operating System (OS) powering everything around it. More than 8.2 million members use Bilt to earn rewards on housing payments, build a path to homeownership, and redeem the highest value rewards currency on the market across travel, dining, fitness, sports, and more. With Neighborhood OS™, the AI platform to help businesses grow through the neighborhood, Bilt connects multifamily property managers, travel advisors, sports organizations, and more than 50,000 merchants nationwide with nearby customers. Bilt powers 1 in 4 U.S. apartment buildings, including those in the Bilt Alliance, built with some of the nation’s largest owners and operators. For more information, visit www.bilt.com and download the Bilt app.
View original content to download multimedia:https://www.prnewswire.com/news-releases/bryten-in-the-bilt-neighborhood-unifying-the-resident-experience-in-and-around-the-home-through-bilt-neighborhood-os-302935236.html
SOURCE Bryten
Technology
Index Industries Raises $50 Million in Funding to Reinvent How the World Invests in Real Estate
Published
31 minutes agoon
November 10, 2026By
Index Industries is co-founded by Josh Rosenthal, formerly the President of Polychain Capital, joining as CEO, and Brian Hardecker, CEO of Longmark and formerly of Blackstone, joining as Chairman.
The round is backed by Lightspeed Venture Partners, Galaxy Ventures, Polychain Capital, Wintermute Ventures and more.
Index Industries will launch the USHP Index, a proprietary benchmark for U.S. home prices, made investable through USHP, a liquid index product, issued by USHP Limited.
NEW YORK, Nov. 10, 2026 /PRNewswire/ — Index Industries emerges from stealth with a $50 million seed round led by Lightspeed Venture Partners, with participation from Polychain Capital, Galaxy Ventures, Wintermute Ventures, and other institutional investors. The company is building the technology and infrastructure to transform U.S. housing into a broadly investable asset class. Its platform combines a daily-reporting index with tokenization technology and real estate and capital markets services to power third-party housing-linked investment products. USHP, based on Index Industries’ U.S. Home Price Index and issued by USHP Limited (BVI), will be the first investment product built on the platform.
U.S. housing is a $55 trillion market, making it one of the largest asset classes in the U.S. Yet despite its scale, broad-based investment exposure to U.S. home prices has remained difficult to access through traditional financial products. Index Industries was founded to close that gap.
Index Industries’ first offering will be the U.S. Home Price Index (USHP Index), a proprietary benchmark for U.S. home prices. Calculated daily, it integrates data from the major housing indices into a single national measure, providing a continuous and comprehensive read on home prices. The index is intended to support housing-market research, reporting, and portfolio monitoring and housing-related financial products.
Index Industries is co-founded by Josh Rosenthal, who joins as CEO following his role as President and General Partner of Polychain Capital, and Brian Hardecker, a former Principal at Blackstone and the Founder and CEO of Longmark, a leading residential real estate platform formed in 2021 that has $2 billion in assets under management. Index Industries combines two worlds of expertise to bring breakthrough tokenization technology to new real estate assets.
“Indexing is one of the most important and least celebrated innovations in modern finance. It reduces the expertise and cost barriers to investing in an entire market, which is what U.S. housing needs,” said Josh Rosenthal, co-founder & CEO of Index Industries. “I’ve spent my career looking for industry-shaping financial technology, and Index Industries is exactly that. It has the potential to change how the world sees housing: not just as a roof over your head or something that is out of reach, but as an investable asset class.”
“U.S. housing is a massive market. It accounts for roughly a quarter of the aggregate value of the U.S. economy, yet it draws far less attention because there haven’t been accessible ways to take a position in it,” said Brian Hardecker, co-founder and chairman of Index Industries and CEO of Longmark Group. “Housing is uniquely inflation-protected, uncorrelated to other asset classes, and has arguably been one of the most stable paths to wealth accumulation. It hasn’t seen the benefits of financial innovation that other sectors have. That’s beginning to change with USHP, and we’re proud to play a role.”
“Real estate is one of tokenization‘s biggest opportunities, but bringing a $55 trillion asset class onchain requires traditional institutional infrastructure no crypto-native team has ever had. That’s the gap Index Industries closes. It’s rare to see two worlds of expertise converge at this caliber: traditional institutional rigor paired with scalable, secure, compliant technology that will unlock access and liquidity for the world’s largest asset class. Index Industries’ partnership with Longmark made leading this investment an easy decision for Lightspeed,” said Justin Overdorff, Partner at Lightspeed Venture Partners.
Tokenization is a defining innovation in financial markets today, and the world’s largest institutions are racing to adopt it. Index Industries applies tokenization to one of the most sought-after asset classes and is designed to create entirely new financial products that unlock access, income, and liquidity at institutional scale.
The USHP Index is expected to launch imminently. USHP Limited plans to release USHP in 2026 on Ethereum and expand to Solana in 2027. For more information, visit indexindustries.com.
About Index Industries
Index Industries is building the technology and infrastructure to transform U.S. housing into a broadly investable asset class. Founded in 2026 by Josh Rosenthal, CEO of Index Industries and former President of Polychain, and Brian Hardecker, Chairman of Index Industries and CEO of Longmark Group, formerly of Blackstone Real Estate, Index Industries manages the U.S. Home Price Index and provides technology for USHP. To learn more, visit indexindustries.com and follow us on X at @index_inds.
Media Contact: indexindustries@serotonin.co
Important Notice
This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or other financial instrument in any jurisdiction, including the United States, or to or for the account or benefit of any U.S. person. No securities described or referenced herein have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States, and no such securities may be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration. Index Industries is not the issuer of USHP and will not offer, sell, distribute, market, redeem, or accept subscriptions for USHP. USHP is expected to be issued by USHP Limited, a British Virgin Islands company and a subsidiary of the USHP Foundation, a Cayman Islands foundation company. Any offering of USHP, if made, will be made solely by the issuer pursuant to separate offering materials and only to eligible non-U.S. persons outside the United States in accordance with applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/index-industries-raises-50-million-in-funding-to-reinvent-how-the-world-invests-in-real-estate-302935231.html
SOURCE Index Industries
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