- Cash provided by operations of
$33.3 million compared to$23.8 million in 1Q24, and free cash flow(9) of$13.2 million compared to$3.9 million in 1Q24 - Total company revenue of
$432.1 million ; Excluding License and Support (Ex-L&S)(13) revenue of$361.0 million - Gross profit margin of 24.9%; Ex-L&S gross profit margin of 17.8%
- Operating profit margin of 1.2 %; non-GAAP operating profit(6) margin of 2.8 %
- Ex-L&S New Business(5) Total Contract Value (TCV)(3) of
$337 million , an increase of 83% year over year (YoY) driven by new logo signings - Unisys reiterates 2025 full-year guidance
"We are pleased with the momentum in New Business signings we achieved during the quarter, which increased more than 80% year-over-year," said
Unisys Chief Financial Officer
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) |
|
1Q25 |
|
1Q24 |
|
Revenue |
|
|
|
|
|
YoY revenue change |
|
(11.4) % |
|
|
|
YoY revenue change in constant currency (1) |
|
(8.5) % |
|
|
|
Ex-L&S revenue |
|
|
|
|
|
YoY revenue change |
|
(8.5) % |
|
|
|
YoY revenue change in constant currency |
|
(5.5) % |
|
|
|
License and Support(12) revenue |
|
|
|
|
|
YoY revenue change |
|
(23.7) % |
|
|
|
YoY revenue change in constant currency |
|
(21.1) % |
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
Gross profit percent |
|
24.9 % |
|
27.9 % |
|
Ex-L&S gross profit |
|
|
|
|
|
Ex-L&S gross profit percent |
|
17.8 % |
|
18.0 % |
|
|
|
|
|
|
|
Operating profit |
|
|
|
|
|
Operating profit percent |
|
1.2 % |
|
3.6 % |
|
Non-GAAP operating profit |
|
|
|
|
|
Non-GAAP operating profit percent |
|
2.8 % |
|
7.1 % |
|
|
|
|
|
|
|
Net loss attributable to |
|
( |
|
( |
|
Non-GAAP net (loss) income attributable to |
|
( |
|
|
|
|
|
|
|
|
|
EBITDA(7) |
|
|
|
( |
|
Adjusted EBITDA(7) |
|
|
|
|
|
Adjusted EBITDA as a percentage of revenue |
9.3 % |
|
13.4 % |
|
First Quarter 2025 Results
Revenue declined 11.4% YoY, an 8.5% decrease in constant currency, primarily driven by the timing of software license renewals and lower volume with clients. Ex-L&S revenue declined 8.5% YoY, a 5.5% decrease in constant currency, primarily driven by lower volume with clients. These declines are consistent with previously provided expectations and a sequential increase is anticipated to begin in the second quarter of 2025. Prior year Ex-L&S revenue included a one-time benefit of 160 bps related to the resolution of a contractual dispute with a former client.
Gross profit margin declined 300 bps YoY primarily driven by the timing of software license renewals. Ex-L&S gross profit margin decreased 20 bps YoY. As discussed above, these declines are consistent with previously provided expectations. Prior year Ex-L&S gross profit margin included a one-time benefit of 140 bps due to the resolution of a contractual dispute with a former client.
Financial Highlights by Segment
|
(In millions, except numbers presented as percentages) |
|
1Q25 |
|
1Q24 |
|
Digital |
|
|
|
|
|
Revenue |
|
|
|
|
|
YoY revenue change |
|
(10.4) % |
|
|
|
YoY revenue change in constant currency |
|
(7.5) % |
|
|
|
Gross profit |
|
|
|
|
|
Gross profit percent |
|
14.2 % |
|
14.4 % |
|
|
|
|
|
|
|
Cloud, Applications & Infrastructure Solutions (CA&I): |
|
|
|
|
|
Revenue |
|
|
|
|
|
YoY revenue change |
|
(6.3) % |
|
|
|
YoY revenue change in constant currency |
|
(3.3) % |
|
|
|
Gross profit |
|
|
|
|
|
Gross profit percent |
|
19.5 % |
|
19.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
YoY revenue change |
|
(14.8) % |
|
|
|
YoY revenue change in constant currency |
|
(11.2) % |
|
|
|
Gross profit |
|
|
|
|
|
Gross profit percent |
|
47.7 % |
|
54.6 % |
First Quarter 2025 Segment Results
DWS revenue declined 10.4% YoY, a decrease of 7.5% in constant currency, primarily driven by lower volume with clients. DWS gross profit margin was 14.2%, a decrease of 20 bps YoY.
CA&I revenue declined 6.3% YoY, a decrease of 3.3% in constant currency, primarily driven by lower volume with existing clients due to the timing of project work. CA&I gross profit margin was 19.5%, an increase of 10 bps YoY.
ECS revenue declined 14.8% YoY, a decrease of 11.2% in constant currency. ECS gross profit margin was 47.7%, a decrease of 690 bps YoY. The decrease in revenue and gross profit margin was primarily driven by the timing of software license renewals.
Balance Sheet and Cash Flows
|
(In millions) |
|
|
|
|
|
Cash and cash equivalents |
|
$ 393.1 |
|
$ 376.5 |
|
(In millions) |
|
1Q25 |
|
1Q24 |
|
Cash provided by operations |
|
|
|
|
|
Free cash flow |
|
|
|
|
|
Pre-pension and postretirement free cash flow(10) |
|
|
|
|
|
Adjusted free cash flow(11) |
|
|
|
|
Free cash flow improved by
Other Metrics
|
(In millions, except numbers presented as percentages) |
|
Amount |
|
YoY |
|
QoQ |
|
1Q25 |
|
|
|
|
|
|
|
TCV |
|
|
|
|
|
|
|
Ex-L&S New Business |
|
$ 337 |
|
83 % |
|
55 % |
|
Ex-L&S Renewals |
|
76 |
|
(6) % |
|
(76) % |
|
L&S Renewals |
|
21 |
|
(80) % |
|
(90) % |
|
Total company |
|
$ 434 |
|
17 % |
|
(42) % |
|
|
||||||
|
* QoQ - quarter over quarter |
||||||
Total company TCV increased YoY primarily driven by new logo signings.
Backlog(2) increased both YoY and sequentially and was
2025 Financial Guidance
The company reiterates full-year 2025 revenue growth and profitability guidance:
|
|
Guidance |
|
Revenue growth in constant currency |
0.5% to 2.5% |
|
Non-GAAP operating profit margin |
6.5% to 8.5% |
Constant currency revenue guidance translates to reported revenue growth of (1.1)% to 0.9%, based on exchange rates as of the end of 1Q25, and assumes L&S revenue of approximately
Conference Call
Unisys will hold a conference call with the financial community on
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 2787914 from two hours after the end of the call until
(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
(2) Backlog – Represents the estimated amount of future revenue to be recognized under contracted work, which has not yet been delivered or performed. The company believes that actual revenue reflects the most relevant measure necessary to understand the company's results of operations, but backlog can be a useful metric and indicator of the company's estimate of contracted revenue to be realized in the future, subject to certain inherent limitations. The timing of conversion of backlog to revenue may be impacted by, among other factors, the timing of execution, the extension or early termination of existing contracts with or without penalty, adjustments to estimates in pricing or volumes for previously included contracts, seasonality and foreign currency exchange rates. Investors are cautioned that backlog should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.
(3) Total Contract Value (TCV) – Represents the initial estimated revenue related to contracts signed in the period without regard for early termination or revenue recognition rules. Changes to contracts and scope are treated as TCV only to the extent of the incremental new value. New Business TCV represents TCV attributable to expansion and new scope for existing clients and new logo contracts. L&S TCV is driven by software license renewals, and as such, changes in timing or terms of renewals can lead to fluctuations from period to period. The company believes that actual revenue reflects the most relevant measure necessary to understand the company's results of operations, but TCV can be a useful leading indicator of the company's ability to generate future revenue over time, subject to certain inherent limitations. Measuring TCV involves the use of estimates and judgments and the extent and timing of conversion of TCV to revenue may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of contract signing, and contract modifications, including terminations, over the lifetime of a contract. Investors are cautioned that TCV should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.
(4) Book-to-bill – Represents total contract value booked divided by revenue in a given period.
(5) New Business – Represents expansion and new scope for existing clients and new logo contracts.
(6) Non-GAAP operating profit – This measure excludes pretax pension and postretirement expense, pretax goodwill impairment charge and pretax charges or gains associated with certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings, and cost-reduction activities and other expenses.
(7) EBITDA & adjusted EBITDA – Earnings before interest, taxes, depreciation and amortization (EBITDA) is calculated by starting with net income (loss) attributable to
(8) Non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share – These measures exclude pension and postretirement expense and charges or (credits) in connection with goodwill impairment; 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; and 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.
(9) Free cash flow – Represents cash flow from operations less capital expenditures.
(10) Pre-pension and postretirement free cash flow – Represents free cash flow before pension and postretirement contributions.
(11) Adjusted free cash flow – Represents free cash flow less cash used for pension and postretirement funding; 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; and cost-reduction activities and other payments.
(12) License and Support (L&S) – Represents software license and related support services, primarily ClearPath Forward®, within the company's ECS segment.
(13) Excluding License and Support(Ex-L&S) – These measures exclude revenue, gross profit and gross profit margin in connection with software license and support services 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
Additional information and factors that could cause actual results to differ materially from Unisys' expectations are contained in Unisys' filings with the
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. 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
About Unisys
Unisys is a global technology solutions company that powers breakthroughs for the world's leading organizations. Our solutions – cloud, 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.
RELEASE NO.: 0430/9994
Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of
UIS-Q
|
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (Millions, except per share data) |
||||
|
|
||||
|
|
|
Three Months Ended
|
||
|
|
|
2025 |
|
2024 |
|
Revenue |
|
|
|
|
|
Services |
|
$ 386.2 |
|
$ 416.8 |
|
Technology |
|
45.9 |
|
71.0 |
|
|
|
432.1 |
|
487.8 |
|
Costs and expenses |
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
Services |
|
290.4 |
|
314.9 |
|
Technology |
|
34.2 |
|
36.9 |
|
|
|
324.6 |
|
351.8 |
|
Selling, general and administrative |
|
96.8 |
|
112.2 |
|
Research and development |
|
5.6 |
|
6.1 |
|
|
|
427.0 |
|
470.1 |
|
Operating income |
|
5.1 |
|
17.7 |
|
Interest expense |
|
8.2 |
|
7.9 |
|
Other (expense), net |
|
(16.9) |
|
(142.1) |
|
Loss before income taxes |
|
(20.0) |
|
(132.3) |
|
Provision for income taxes |
|
10.6 |
|
17.0 |
|
Consolidated net loss |
|
(30.6) |
|
(149.3) |
|
Net (loss) income attributable to noncontrolling interests |
|
(1.1) |
|
0.2 |
|
Net loss attributable to |
|
$ (29.5) |
|
$ (149.5) |
|
Loss per share attributable to |
|
|
|
|
|
Basic |
|
$ (0.42) |
|
$ (2.18) |
|
Diluted |
|
$ (0.42) |
|
$ (2.18) |
|
SEGMENT RESULTS (Unaudited) (Millions) |
||||||||||
|
|
||||||||||
|
|
|
Total |
|
DWS |
|
CA&I |
|
ECS |
|
Other |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ 432.1 |
|
$ 118.6 |
|
$ 176.6 |
|
$ 118.7 |
|
$ 18.2 |
|
Gross profit percent |
|
24.9 % |
|
14.2 % |
|
19.5 % |
|
47.7 % |
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ 487.8 |
|
$ 132.3 |
|
$ 188.4 |
|
$ 139.3 |
|
$ 27.8 |
|
Gross profit percent |
|
27.9 % |
|
14.4 % |
|
19.4 % |
|
54.6 % |
|
|
|
EXCLUDING LICENSE AND SUPPORT (EX-L&S) REVENUE AND GROSS PROFIT (Unaudited) (Millions) |
||||
|
|
||||
|
|
|
Three Months Ended |
||
|
|
|
|
||
|
|
|
2025 |
|
2024 |
|
L&S revenue |
|
$ 71.1 |
|
$ 93.2 |
|
Ex-L&S revenue |
|
361.0 |
|
394.6 |
|
Revenue |
|
$ 432.1 |
|
$ 487.8 |
|
|
|
|
|
|
|
L&S gross profit |
|
$ 43.3 |
|
$ 64.8 |
|
Ex-L&S gross profit |
|
64.2 |
|
71.2 |
|
Gross profit |
|
$ 107.5 |
|
$ 136.0 |
|
|
|
|
|
|
|
L&S gross profit percent |
|
60.9 % |
|
69.5 % |
|
Ex-L&S gross profit percent |
|
17.8 % |
|
18.0 % |
|
Gross profit percent |
|
24.9 % |
|
27.9 % |
|
CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions) |
|||
|
|
|||
|
|
|
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 393.1 |
|
$ 376.5 |
|
Accounts receivable, net |
423.0 |
|
467.2 |
|
Contract assets |
20.6 |
|
16.0 |
|
Inventories |
21.6 |
|
16.4 |
|
Prepaid expenses and other current assets |
91.7 |
|
103.2 |
|
Total current assets |
950.0 |
|
979.3 |
|
Properties |
388.2 |
|
396.2 |
|
Less-accumulated depreciation and amortization |
331.8 |
|
339.1 |
|
Properties, net |
56.4 |
|
57.1 |
|
Capitalized contract costs, net |
33.3 |
|
31.2 |
|
Marketable software, net |
164.8 |
|
165.0 |
|
Operating lease right-of-use assets |
41.3 |
|
38.4 |
|
Prepaid pension and postretirement assets |
27.9 |
|
25.6 |
|
Deferred income taxes |
111.3 |
|
96.6 |
|
|
248.2 |
|
247.9 |
|
Intangible assets, net |
34.4 |
|
35.5 |
|
Restricted cash |
14.4 |
|
14.1 |
|
Other long-term assets |
158.3 |
|
181.6 |
|
Total assets |
$ 1,840.3 |
|
$ 1,872.3 |
|
Total liabilities and deficit |
|
|
|
|
Current liabilities: |
|
|
|
|
Current maturities of long-term debt |
$ 6.5 |
|
$ 5.0 |
|
Accounts payable |
103.0 |
|
97.9 |
|
Deferred revenue |
221.9 |
|
210.4 |
|
Other accrued liabilities |
236.5 |
|
314.7 |
|
Total current liabilities |
567.9 |
|
628.0 |
|
Long-term debt |
488.3 |
|
488.2 |
|
Long-term pension and postretirement liabilities |
814.3 |
|
816.4 |
|
Long-term deferred revenue |
115.1 |
|
108.8 |
|
Long-term operating lease liabilities |
32.6 |
|
28.9 |
|
Other long-term liabilities |
76.2 |
|
71.3 |
|
Commitments and contingencies |
|
|
|
|
|
(267.8) |
|
(283.4) |
|
Noncontrolling interests |
13.7 |
|
14.1 |
|
Total deficit |
(254.1) |
|
(269.3) |
|
Total liabilities and deficit |
$ 1,840.3 |
|
$ 1,872.3 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions) |
||||
|
|
||||
|
|
|
Three Months Ended
|
||
|
|
|
2025 |
|
2024 |
|
Cash flows from operating activities |
|
|
|
|
|
Consolidated net loss |
|
$ (30.6) |
|
$ (149.3) |
|
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: |
|
|
|
|
|
Foreign currency (gains) losses |
|
(1.3) |
|
14.9 |
|
Non-cash interest expense |
|
0.3 |
|
0.3 |
|
Employee stock compensation |
|
6.8 |
|
6.7 |
|
Depreciation and amortization of properties |
|
6.4 |
|
6.2 |
|
Depreciation and amortization of capitalized contract costs |
|
3.0 |
|
6.2 |
|
Amortization of marketable software |
|
12.1 |
|
12.0 |
|
Amortization of intangible assets |
|
1.1 |
|
2.4 |
|
Other non-cash operating activities |
|
0.7 |
|
(1.5) |
|
Loss on disposal of capital assets |
|
0.2 |
|
— |
|
Pension and postretirement contributions |
|
(9.4) |
|
(7.7) |
|
Pension and postretirement expense |
|
21.9 |
|
146.6 |
|
Deferred income taxes, net |
|
(10.1) |
|
(0.4) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Receivables, net and contract assets |
|
73.6 |
|
64.0 |
|
Inventories |
|
(5.0) |
|
(0.8) |
|
Other assets |
|
18.0 |
|
(9.8) |
|
Accounts payable and current liabilities |
|
(67.2) |
|
(69.1) |
|
Other liabilities |
|
12.8 |
|
3.1 |
|
Net cash provided by operating activities |
|
33.3 |
|
23.8 |
|
Cash flows from investing activities |
|
|
|
|
|
Proceeds from foreign exchange forward contracts |
|
728.8 |
|
728.1 |
|
Purchases of foreign exchange forward contracts |
|
(728.9) |
|
(726.9) |
|
Investment in marketable software |
|
(11.2) |
|
(13.2) |
|
Capital additions of properties and other assets |
|
(8.9) |
|
(6.7) |
|
Other |
|
(0.1) |
|
(0.1) |
|
Net cash used for investing activities |
|
(20.3) |
|
(18.8) |
|
Cash flows from financing activities |
|
|
|
|
|
Payments of long-term debt |
|
(1.3) |
|
(6.1) |
|
Other |
|
(2.7) |
|
(1.6) |
|
Net cash used for financing activities |
|
(4.0) |
|
(7.7) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
7.9 |
|
(3.5) |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
|
16.9 |
|
(6.2) |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
390.6 |
|
396.7 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ 407.5 |
|
$ 390.5 |
|
RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (Unaudited) (Millions, except per share data) |
|||||
|
|
|||||
|
|
|
|
Three Months Ended |
||
|
|
|
|
|
||
|
|
|
|
2025 |
|
2024 |
|
Net loss attributable to |
|
$ (29.5) |
|
$ (149.5) |
|
|
Pension and postretirement expense |
pretax |
|
21.9 |
|
146.6 |
|
|
tax |
|
0.6 |
|
0.1 |
|
|
net of tax |
|
21.3 |
|
146.5 |
|
Certain legal matters, net |
pretax |
|
(0.4) |
|
(8.2) |
|
|
tax |
|
— |
|
(2.8) |
|
|
net of tax |
|
(0.4) |
|
(5.4) |
|
Environmental matters |
pretax |
|
0.4 |
|
0.3 |
|
|
tax |
|
— |
|
— |
|
|
net of tax |
|
0.4 |
|
0.3 |
|
Cost reduction and other expenses |
pretax |
|
4.8 |
|
11.1 |
|
|
tax |
|
— |
|
0.3 |
|
|
net of tax |
|
4.8 |
|
10.8 |
|
|
|
|
|
|
|
|
Non-GAAP net (loss) income attributable to |
|
$ (3.4) |
|
$ 2.7 |
|
|
|
|
|
|
|
|
|
Weighted average shares (thousands) |
|
|
70,106 |
|
68,704 |
|
Plus incremental shares from assumed vesting: |
|
|
|
|
|
|
|
Employee stock plans |
|
— |
|
— |
|
Adjusted weighted average shares |
|
|
70,106 |
|
68,704 |
|
|
|
|
|
|
|
|
Weighted average shares (thousands) |
|
70,106 |
|
68,704 |
|
|
Plus incremental shares from assumed vesting: |
|
|
|
||
|
|
Employee stock plans |
|
— |
|
2,267 |
|
Non-GAAP adjusted weighted average shares |
|
70,106 |
|
70,971 |
|
|
|
|
|
|
|
|
|
Diluted loss per share |
|
|
|
|
|
|
Net loss attributable to |
|
$ (29.5) |
|
$ (149.5) |
|
|
Divided by adjusted weighted average shares |
|
70,106 |
|
68,704 |
|
|
Diluted loss per share |
|
$ (0.42) |
|
$ (2.18) |
|
|
Non-GAAP basis |
|
|
|
|
|
|
Non-GAAP net (loss) income attributable to |
|
$ (3.4) |
|
$ 2.7 |
|
|
Divided by Non-GAAP adjusted weighted average shares |
70,106 |
|
70,971 |
||
|
Non-GAAP diluted (loss) earnings per share |
$ (0.05) |
|
$ 0.04 |
||
|
RECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions) |
||||
|
|
||||
|
FREE CASH FLOW |
||||
|
|
||||
|
|
|
Three Months Ended |
||
|
|
|
|
||
|
|
|
2025 |
|
2024 |
|
Cash provided by operations |
|
$ 33.3 |
|
$ 23.8 |
|
Additions to marketable software |
|
(11.2) |
|
(13.2) |
|
Additions to properties and other assets |
|
(8.9) |
|
(6.7) |
|
Free cash flow |
|
13.2 |
|
3.9 |
|
Pension and postretirement funding |
|
9.4 |
|
7.7 |
|
Pre-pension and postretirement free cash flow |
|
22.6 |
|
11.6 |
|
Certain legal payments |
|
1.0 |
|
1.4 |
|
Environmental matters payments |
|
2.2 |
|
2.5 |
|
Cost reduction and other payments, net |
|
2.5 |
|
1.9 |
|
Adjusted free cash flow |
|
$ 28.3 |
|
$ 17.4 |
|
RECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions) |
||||
|
|
||||
|
EBITDA |
||||
|
|
||||
|
|
|
Three Months Ended |
||
|
|
|
|
||
|
|
|
2025 |
|
2024 |
|
Net loss attributable to |
|
$ (29.5) |
|
$ (149.5) |
|
Net (loss) income attributable to noncontrolling interests |
|
(1.1) |
|
0.2 |
|
Interest expense, net of interest income of |
|
2.5 |
|
1.3 |
|
Provision for income taxes |
|
10.6 |
|
17.0 |
|
Depreciation |
|
9.4 |
|
12.4 |
|
Amortization |
|
13.2 |
|
14.4 |
|
EBITDA |
|
$ 5.1 |
|
$ (104.2) |
|
|
|
|
|
|
|
Pension and postretirement expense |
|
$ 21.9 |
|
$ 146.6 |
|
Certain legal matters, net (2) |
|
(0.4) |
|
(8.2) |
|
Environmental matters (1) |
|
0.4 |
|
0.3 |
|
Cost reduction and other expenses (3) |
|
3.7 |
|
8.7 |
|
Non-cash share based expense |
|
6.8 |
|
6.5 |
|
Other expense, net adjustment (4) |
|
2.7 |
|
15.6 |
|
Adjusted EBITDA |
|
$ 40.2 |
|
$ 65.3 |
|
|
|
|
|
|
|
(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 three months ended |
||||
|
(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 |
||
|
|
|
|
||
|
|
|
2025 |
|
2024 |
|
Revenue |
|
$ 432.1 |
|
$ 487.8 |
|
Net loss attributable to |
|
(6.8) % |
|
(30.6) % |
|
Non-GAAP net (loss) income attributable to |
|
(0.8) % |
|
0.6 % |
|
Adjusted EBITDA as a percentage of revenue |
|
9.3 % |
|
13.4 % |
|
RECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions) |
||||
|
|
||||
|
OPERATING PROFIT |
||||
|
|
||||
|
|
|
Three Months Ended |
||
|
|
|
|
||
|
|
|
2025 |
|
2024 |
|
Operating profit |
|
$ 5.1 |
|
$ 17.7 |
|
Certain legal matters (1) |
|
0.5 |
|
7.3 |
|
Cost reduction and other expenses (2) |
|
5.9 |
|
9.0 |
|
Pension and postretirement expense (1) |
|
0.4 |
|
0.4 |
|
Non-GAAP operating profit |
|
$ 11.9 |
|
$ 34.4 |
|
|
|
|
|
|
|
Revenue |
|
$ 432.1 |
|
$ 487.8 |
|
|
|
|
|
|
|
Operating profit percent |
|
1.2 % |
|
3.6 % |
|
Non-GAAP operating profit percent |
|
2.8 % |
|
7.1 % |
|
|
|
|
|
|
|
(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). |
||||
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