uis-20210331

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, 2021


☐			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, 2021: 67,022,500

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	28
Item 4.	Controls and Procedures	28
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 6.	Exhibits	30

Exhibit Index		31
Signatures		32

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,
		2021		2020
Revenue
Services		$	420.4	$	425.9
Technology		89.4		89.5
		509.8		515.4
Costs and expenses
Cost of revenue
Services		338.7		375.7
Technology		31.9		26.6
		370.6		402.3
Selling, general and administrative		90.0		86.8
Research and development		5.6		6.2
		466.2		495.3
Operating income		43.6		20.1
Interest expense		10.1		13.9
Other (expense), net		(182.6)		(48.1)
Loss from continuing operations before income taxes		(149.1)		(41.9)
Provision for income taxes		8.4		10.8
Consolidated net loss from continuing operations		(157.5)		(52.7)
Net income attributable to noncontrolling interests		0.3		0.5
Net loss from continuing operations attributable to Unisys Corporation		(157.8)		(53.2)
Income from discontinued operations, net of tax		—		1,068.5
Net income (loss) attributable to Unisys Corporation		$	(157.8)	$	1,015.3
Earnings (loss) per share attributable to Unisys Corporation
Basic
Continuing operations		$	(2.45)	$	(0.85)
Discontinued operations		—		17.06
Total		$	(2.45)	$	16.21
Diluted
Continuing operations		$	(2.45)	$	(0.85)
Discontinued operations		—		17.06
Total		$	(2.45)	$	16.21

See notes to consolidated financial statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(Millions)


	Three Months Ended March 31,
		2021		2020
Consolidated net loss from continuing operations		$	(157.5)	$	(52.7)
Income from discontinued operations, net of tax		—		1,068.5
Total		(157.5)		1,015.8
Other comprehensive income
Foreign currency translation		(17.1)		(87.6)
Postretirement adjustments, net of tax of $3.1 in 2021 and $13.9 in 2020		202.2		91.2
Total other comprehensive income		185.1		3.6
Comprehensive income		27.6		1,019.4
Less comprehensive income (loss) attributable to noncontrolling interests		1.1		(1.8)
Comprehensive income attributable to Unisys Corporation		$