uis-20220331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 1-8729

UNISYS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						38-0387840
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

801 Lakeview Drive, Suite 100

Blue Bell, Pennsylvania 19422

(215) 986-4011

(Address, zip code and telephone number, including area code, of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01	UIS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of Common Stock outstanding as of March 31, 2022: 67,637,858

UNISYS CORPORATION

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		Page Number
Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Statements of Income (Loss)	2
	Consolidated Statements of Comprehensive Income (Loss)	3
	Consolidated Balance Sheets	4
	Consolidated Statements of Cash Flows	5
	Consolidated Statements of Deficit	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	27
Item 4.	Controls and Procedures	27
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 6.	Exhibits	29

Exhibit Index		30
Signatures		31

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(Millions, except per share data)


	Three Months Ended March 31,
		2022		2021
Revenue
Services		$	392.1	$	420.4
Technology		54.6		89.4
		446.7		509.8
Costs and expenses
Cost of revenue
Services		321.3		338.7
Technology		38.0		31.9
		359.3		370.6
Selling, general and administrative		104.4		90.0
Research and development		6.5		5.6
		470.2		466.2
Operating (loss) income		(23.5)		43.6
Interest expense		8.4		10.1
Other (expense), net		(21.0)		(182.6)
Loss before income taxes		(52.9)		(149.1)
Provision for income taxes		4.1		8.4
Consolidated net loss		(57.0)		(157.5)
Net income attributable to noncontrolling interests		0.3		0.3
Net loss attributable to Unisys Corporation		$	(57.3)	$	(157.8)


Loss per share attributable to Unisys Corporation



Basic		$	(0.85)	$	(2.45)



Diluted		$	(0.85)	$	(2.45)

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(Millions)


	Three Months Ended March 31,
		2022		2021


Consolidated net loss		$	(57.0)	$	(157.5)
Other comprehensive income (loss)
Foreign currency translation		(17.7)		(17.1)
Postretirement adjustments, net of tax of $6.7 in 2022 and $3.1 in 2021		57.3		202.2
Total other comprehensive income		39.6		185.1
Comprehensive (loss) income		(17.4)		27.6
Less comprehensive (loss) income attributable to noncontrolling interests		(0.9)		1.1
Comprehensive (loss) income attributable to Unisys Corporation		$	(16.5)	$	26.5

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Millions)


	March 31, 2022		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	491.4	$	552.9
Accounts receivable, net	369.4		451.7
Contract assets	39.9		42.0
Inventories	13.0		7.6
Prepaid expenses and other current assets	108.3		78.8
Total current assets	1,022.0		1,133.0
Properties	475.4		468.0
Less-accumulated depreciation and amortization	393.3		381.5
Properties, net	82.1		86.5
Outsourcing assets, net	109.8		124.6
Marketable software, net	171.5		176.2
Operating lease right-of-use assets	56.0		62.7
Prepaid postretirement assets	164.1		159.7
Deferred income taxes	126.6		125.3
Goodwill	314.8

SEC Form 10-Q filed by Unisys Corporation New