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Press Release: Unisys Announces Second-Quarter Results

新闻稿:Unisys公布第二季业绩

2020/08/05 04:01  Dow Jones Newswires

*DJ Unisys 2Q Rev $438.8M >UIS

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

August 04, 2020 16:01 ET (20:01 GMT)

Press Release: Unisys Announces Second-Quarter Results

Unisys Announces Second-Quarter Results

Full-Year Revenue Expectations Unchanged, First Detailed Post COVID-19 Perspective on Profitability Expectations, Sequential Services Margin Expansion and Strong Liquidity Position

PR Newswire

BLUE BELL, Pa., Aug. 4, 2020

BLUE BELL, Pa., Aug. 4, 2020 /PRNewswire/ --

-- Full-year revenue expectations unchanged relative to end of Q1 at (10)% YoY -- Current expectations for full-year non-GAAP operating profit margin between 5.2% and 6.7% -- Services gross profit margin of 15.5%, up 260 basis points sequentially -- Strong cash balance of $782 million, relative to $790 million at the end of the first quarter -- Total company revenue of $439 million, relative to $569 million in prior-year period -- Total company operating profit margin of (1.9)%, relative to 9.3% in prior-year period, largely due to timing of ClearPath Forward(R) renewals within Technology -- Non-GAAP operating profit(5) margin of 0.2%, relative to 9.8% in prior-year period -- Total company pipeline(2) up 10.1% sequentially versus the first quarter -- Services Total Contract Value(3) ("TCV") up 1.4% year over year

Unisys Corporation (NYSE: UIS) today reported second-quarter 2020 financial results. "Our revenue expectations are unchanged for the full year 2020 and we now have enough visibility to provide profitability expectations for the year. Our client satisfaction is high, represented by an industry-leading Net Promoter Score, and our liquidity is strong coming out of the most challenging COVID-19 quarter." said Unisys Chairman and CEO Peter A. Altabef. "Approximately half of the year-over-year revenue decline in the quarter was due to COVID-related impacts within Services. The rest was driven by intra-year shifts in ClearPath Forward(R) renewal timing, currency movement and expected declines in our check-processing JV. While non-GAAP operating profit was down year over year, over 90 percent of this was due to lighter ClearPath Forward renewals in the quarter, which we view as a timing issue only."

Second-Quarter 2020 Highlights

YoY Revenue Growth YoY Profitability Services Technology Operating Net Revenue Revenue Revenue Profit Income EBITDA Diluted Growth Growth Growth Margin Margin Margin EPS
GAAP (22.9%) (17.7%) (51.6%) GAAP (1.9%) (17.4%) (4.1%) ($1.21)
Constant-Currency YoY (1,120) (1,750) (1,430) (GAAP) (19.8%) (14.4%) (49.7%) Change bps bps bps N/M
Non-GAAP (22.0%) (16.5%) N/A Non-GAAP 0.2% (2.2%) 11.4% ($0.15) YoY (960) bps (820) (540) N/M Change bps bps

Beginning January 1, 2020, the historical results of the company's U.S. Federal business have been reflected in the company's consolidated financial statements as discontinued operations. Prior-period amounts have been reclassified to reflect the company's U.S. Federal business as discontinued operations. Throughout this release we only refer to the company's continuing operations.

Summary of Second-Quarter 2020 Business Results

Company:

Second-quarter revenue was $438.8 million, versus $569.4 million in the prior-year period, down 22.9% year over year (down 19.8% on a constant-currency(1) basis). Non-GAAP adjusted revenue(4) was $438.8 million, relative to $562.9 million in the prior-year period. Of the year-over-year declines, approximately half were due to impacts of COVID-19, including declines in field services, travel and transportation and volume-based BPO contracts; while the rest were due to the timing of ClearPath Forward contract renewals, currency movement and expected declines in the company's UK-based check-processing JV.

Second-quarter total company operating profit was $(8.5) million, versus $53.0 million in the prior-year period, and operating profit margin was (1.9)%, versus 9.3% in the second quarter of 2019. Total company non-GAAP operating profit was $0.8 million, versus $55.3 million in the prior-year period, and non-GAAP operating profit margin was 0.2%, versus 9.8% in the second quarter of 2019. Of the year-over-year decline in non-GAAP operating profit, $50.2 million was attributable to the flow through effect of lower Technology revenue (due to ClearPath Forward renewal timing) on a relatively fixed base of software development and support costs.

Net loss for the second quarter was $76.5 million versus net income of $0.7 million in the prior-year period. Similarly, the loss per share was $1.21, compared to earnings per share of $0.01 in the prior-year period. These metrics were impacted by $66.8 million of charges ($1.06 per share) in the period, including $28.5 million related to the early extinguishment of debt associated with the repayment of the previously-outstanding senior secured notes. Non-GAAP net loss for the second quarter was $9.7 million, versus non-GAAP net income of $33.6 million in the prior-year period. Non-GAAP diluted loss per share(9) was $0.15, versus non-GAAP earnings per share of $0.52 in the prior-year period. These year-over-year declines were largely due to the issues noted above with respect to revenue and operating profit.

Adjusted EBITDA(8) was $50.2 million, relative to $94.5 million in the prior-year period, due to the issues noted above with respect to revenue and operating profit. Net income margin was (17.4)%, compared to 0.1% in the prior-year period, due to the profitability and charges noted above. Adjusted EBITDA margin was 11.4%, relative to 16.8% in the prior-year period.

Second-quarter cash used in operations was $14.2 million, versus operating cash flow of $50.9 million in the prior-year period. Adjusted free cash flow(11) was $(37.1) million, versus $14.3 million in the prior-year period. The year-over-year cash flow comparisons were impacted by significantly higher Technology revenue in the second quarter of 2019, based on ClearPath Forward renewal timing. At June 30, 2020, the company had $782.2 million in cash and cash equivalents, relative to $789.6 million at the end of the first quarter.

Pipeline:

Total company pipeline was up 10.1% sequentially versus the end of the first quarter.

Full-Year Expectations:

Full-year revenue expectations are unchanged relative to the end of the first quarter at (10)% YoY. Profitability expectations were not provided in the first quarter; however, the company's current expectations for full-year non-GAAP operating profit margin are between 5.2% and 6.7%.

Services:

Services revenue in the second quarter was $396.0 million, relative to $481.0 million in the prior-year period, down 17.7% year over year (down 14.4% in constant-currency). Services non-GAAP adjusted revenue was $396.0 million, relative to $474.5 million in the prior-year period. These declines were largely due to the COVID-19-related impact on field services, travel and transportation and volume-based BPO contracts, as well as anticipated declines in the company's UK-based check-processing JV. Services gross profit margin was 15.5%, versus 16.5% in the second quarter of 2019 and up 260 basis points sequentially versus the first quarter. Non-GAAP adjusted Services gross profit margin(6) was up 20 basis points year over year to 15.5%, versus 15.3% in the prior-year period, and was up 280 basis points sequentially. Services operating profit margin was (0.4)%, versus 1.9% in the second quarter of 2019. Second-quarter non-GAAP adjusted Services operating profit(7) margin was (0.4)%, versus 0.5% in the prior-year period, and was up 310 basis points sequentially. The year-over-year declines in operating profit margin were largely due to the flow-through impact of lower revenues against SG&A costs that are more fixed in the short-term, relative to cost of revenue. Services backlog was $3.6 billion, relative to $3.7 billion at the end of the first quarter. Services TCV was up 1.4% year over year.

Technology:

Second-quarter Technology revenue was $42.8 million, relative to $88.4 million in the prior-year period, down 51.6% year over year (down 49.7% in constant currency), largely driven by intra-year timing shifts of four ClearPath Forward contract renewals. Two of these were signed earlier than expected as noted in the first quarter, and two were delayed from the second quarter and are now expected to be signed in the third quarter. Second-quarter Technology gross profit margin was 42.0%, compared to 78.1% in the prior-year period. Technology operating profit margin was 2.2%, versus 56.7% in the prior-year period. Technology costs are largely related to software development and overhead and so are relatively fixed in the short term. As a result, margins in Technology were down more significantly than the declines in Services.

Select Second-Quarter Contract Signings:

(MORE TO FOLLOW) Dow Jones Newswires

August 04, 2020 16:01 ET (20:01 GMT)

*DJ Unisys第二季度修订版$4.38亿>UIS

(更多关注)道琼斯通讯社(212-416-2800)

2020年8月4日东部时间16:01(格林尼治标准时间20:01)

新闻稿:Unisys公布第二季业绩

Unisys宣布第二季度业绩

全年收入预期不变,首次详细发帖新冠肺炎透视盈利预期、顺序服务利润率扩大和强劲的流动性状况

美通社

宾夕法尼亚州蓝贝尔,2020年8月4日

宾夕法尼亚州蓝贝尔,2020年8月4日电/美通社/--

--全年收入预期与第一季度末持平,同比为(10)%--目前对全年非GAAP营业利润率的预期在5.2%至6.7%之间--服务毛利率为15.5%,环比增长260个基点--强劲的现金余额为7.82亿美元,相对第一季度末为7.9亿美元--公司总收入为4.39亿美元,上年同期为5.69亿美元--公司总营业利润率为(1.9)%,相对这在很大程度上是由于技术内部ClearPath Forward(R)续订的时机--非GAAP营业利润(5)利润率为0.2%,而去年同期为9.8%--公司管道总数(2)比第一季度增长10.1%--服务总合同价值(3)(“TCV”)同比增长1.4%

Unisys公司(纽约证券交易所市场代码:UIS)今天公布了2020年第二季度的财务业绩。“我们对2020年全年的营收预期保持不变,现在我们有足够的可见性来提供全年的盈利预期。我们的客户满意度很高,以行业领先的Net Promoter得分为代表,我们的流动性也很强劲,走出了最具挑战性的新冠肺炎季度。”Unisys董事长兼首席执行官彼得·A·阿尔塔贝夫(Peter A.Altabef)说。本季度收入同比下降的大约一半是由于服务部门与COVID相关的影响。其余的原因是ClearPath Forward(R)续订时间的年内变化、汇率变动以及我们的支票处理合资企业的预期下降。虽然非GAAP营业利润同比下降,但其中90%以上是由于本季度ClearPath的远期续订较少,我们认为这只是一个时间问题。“

2020年第二季度亮点

年收入增长年年盈利能力服务技术营业净收入利润收入EBITDA稀释增长利润率每股收益
GAAP(22.9%)(17.7%)(51.6%)GAAP(1.9%)(17.4%)(4.1%)(1.21美元)
不变货币YoY(1,120)(1,750)(1,430)(GAAP)(19.8%)(14.4%)(49.7%)更改bps N/M
非GAAP(22.0%)(16.5%)不适用非GAAP 0.2%(2.2%)11.4%(0.15美元)同比(960)bps(820)(540)N/M更改bps

从2020年1月1日开始,公司美国联邦业务的历史业绩已作为非连续性业务反映在公司的合并财务报表中。上期金额已重新分类,以反映该公司的美国联邦业务为非连续性业务。在本新闻稿中,我们仅指该公司的持续运营。

2020年第二季度业务结果摘要

公司:

第二季度营收为4.388亿美元,上年同期为5.694亿美元,同比下降22.9%(按不变货币计算下降19.8%(1))。非GAAP调整后的收入(4)为4.388亿美元,而去年同期为5.629亿美元。在同比下降中,大约一半是由于新冠肺炎的影响,包括现场服务、旅行和运输以及基于数量的业务流程外包合同的下降;其余的是由于Clearpath远期合同续签的时间、汇率变动以及该公司总部设在英国的支票处理合资企业的预期下降。

第二季度公司总营业利润为850万美元,而去年同期为5300万美元,营业利润率为(1.9%),而2019年第二季度为9.3%。公司总非GAAP营业利润为80万美元,而去年同期为5530万美元,非GAAP营业利润率为0.2%,而2019年第二季度为9.8%。在非GAAP营业利润同比下降中,5020万美元归因于技术收入下降(由于ClearPath向前更新时间)对相对固定的软件开发和支持成本基数的流动影响。

第二季度的净亏损为7650万美元,而去年同期的净收益为70万美元。同样,每股亏损为1.21美元,而去年同期每股收益为0.01美元。这些指标在此期间受到6680万美元的费用(每股1.06美元)的影响,其中包括2850万美元与提前清偿与偿还先前未偿还的优先担保票据有关的债务。第二季度非GAAP净亏损为970万美元,而去年同期非GAAP净收益为3360万美元。非GAAP稀释每股亏损(9)为0.15美元,而去年同期非GAAP每股收益为0.52美元。这些同比下降在很大程度上是由于上文提到的收入和营业利润方面的问题。

由于上述有关收入和营业利润的问题,调整后的EBITDA(8)为5020万美元,而去年同期为9450万美元。由于上述盈利能力和费用,净收入利润率为(17.4)%,而去年同期为0.1%。调整后的EBITDA利润率为11.4%,而去年同期为16.8%。

第二季度运营中使用的现金为1420万美元,而去年同期的运营现金流为5090万美元。调整后的自由现金流(11)为3710万美元,而去年同期为1430万美元。根据ClearPath远期续订时间,2019年第二季度的技术收入大幅增加,影响了同比现金流的比较。截至2020年6月30日,该公司拥有7.822亿美元的现金和现金等价物,而第一季度末为7.896亿美元。

管道:

与第一季度末相比,公司管道总数环比增长了10.1%。

全年预期:

全年营收预期与第一季末相比持平,同比为(10)%。第一季未提供盈利预期;不过,该公司目前对全年非GAAP营业利润率的预期介于5.2%至6.7%之间。

服务:

第二季度服务收入为3.96亿美元,而去年同期为4.81亿美元,同比下降17.7%(按不变货币计算下降14.4%)。服务非GAAP调整后的收入为3.96亿美元,而去年同期为4.745亿美元。这些下降在很大程度上是由于新冠肺炎对现场服务、旅行和运输以及基于数量的业务流程外包合同的相关影响,以及该公司位于英国的支票处理合资企业的预期下降。服务毛利率为15.5%,而2019年第二季度为16.5%,环比增长260个基点。非GAAP调整后的服务毛利率(6)同比增长20个基点,达到15.5%,而去年同期为15.3%,环比增长280个基点。服务运营利润率为(0.4%),而2019年第二季度为1.9%。第二季度非GAAP调整后的服务营业利润(7)利润率为(0.4)%,而去年同期为0.5%,环比上升310个基点。营业利润率同比下降的主要原因是收入对SG&A成本的影响较低,相对于收入成本,SG&A成本在短期内更固定。服务积压为36亿美元,而第一季度末为37亿美元。服务TCV同比增长1.4%。

技术:

第二季度技术收入为4280万美元,与去年同期的8840万美元相比,同比下降51.6%(按不变货币计算下降49.7%),主要是由于四次ClearPath远期合同续签的年内时间变化。其中两份早于第一季度的预期签署,两份从第二季度推迟,现在预计将在第三季度签署。第二季度技术毛利率为42.0%,而去年同期为78.1%。技术运营利润率为2.2%,而去年同期为56.7%。技术成本在很大程度上与软件开发和管理费用有关,因此在短期内是相对固定的。因此,技术领域的利润率降幅比服务领域的降幅更大。

选择第二季度合同签约量:

(更多后续报道)道琼斯通讯社

2020年8月4日东部时间16:01(格林尼治标准时间20:01)

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