Post on 22-Jun-2020
Fourth-Quarter 2012 Financial Results January 29, 2013
www.unisys.com/investor
Ed Coleman
Chairman & CEO
Janet Haugen
Chief Financial Officer
© 2013 Unisys Corporation. All rights reserved. 2
Disclaimer
• Statements made by Unisys during today's presentation that are not historical facts, including those regarding future performance, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ from expectations. These risks and uncertainties are discussed in the company's reports filed with the SEC and in today's earnings release.
• This presentation also includes non-GAAP financial measures including Constant Currency, non-GAAP Diluted Earnings per Share, Free Cash Flow, non-GAAP Operating Profit, EBITDA, Adjusted EBITDA, Net Cash (Debt) and non-GAAP Pretax Income. Definitions of these non-GAAP financial measures and reconciliations to GAAP measures are included in this presentation.
• These presentation materials can be accessed through a link on the Unisys Investor Web site at www.unisys.com/investor. Information in this presentation is as of January 29, 2013 and Unisys undertakes no duty to update this information.
Ed Coleman
Chairman & CEO
© 2013 Unisys Corporation. All rights reserved. 4
4Q and Full-Year 2012 Overview
• Good finish to the year
• Strong performance in our technology business
• 4Q12 diluted EPS of $1.67 vs. $1.94 in 4Q11
• 4Q12 non-GAAP diluted EPS* of $2.27 vs. $2.22 in 4Q11
• FY12 diluted EPS of $2.84 vs. $2.71 for FY11
• FY12 non-GAAP diluted EPS* of $5.50 vs. $5.18 for FY11
• Strong cash flow
– $330M in free cash flow* before pension contribution in 2012 vs. $266M in 2011
*See Schedules A, B, and C: GAAP to non-GAAP Reconciliation
© 2013 Unisys Corporation. All rights reserved. 5
Three Year Financial Goals
Three Year Goals
2011 – 2013
Full-Year 2012
Progress
Pre-tax Profit
• Increase annual pre-tax profit to $350M in
2013, excluding any change in pension
income/expense from 2010 levels
• 2012 pretax profitability was $254M
• 2012 pension expense was $111M
above 2010 levels
Debt Reduction
• By year end 2013, reduce our outstanding
debt by 75% (or $625M) from September
30, 2010 levels
• Achieved debt reduction goal in 3Q12
• Net cash positive for nine consecutive quarters
Operational Efficiency
• Consistently deliver 8-10% services
operating margin
• Services operating margin was 6.4%
• Excluding U.S. Federal, services operating
margin was 7.6%
Revenue Growth
• Grow IT outsourcing and system
integration at market rates
• Maintain stable Technology revenue
• ITO revenue declined 2% Y/Y
• SI revenue declined 7% Y/Y
• Technology revenue grew 3% Y/Y
© 2013 Unisys Corporation. All rights reserved. 6
Unisys – Delivering a Safer and More Secure Connected World
Our Four Areas
of Strength How We Compete
Growth Opportunities
Through Disruptive IT Trends
Security
• Differentiate with our expertise in
delivering mission critical IT
solutions and services.
• Place the customer at the center of
our actions to continuously improve
their loyalty.
• Build a high performing sales culture
that delivers predictable, profitable
growth.
• Maintain a narrow focus in our
portfolio of solutions and markets we
serve.
• Go-to-market through direct and
reseller sales channels.
• Continuously improve our
operational efficiencies.
Data Center
Transformation
and Outsourcing (including our
ClearPath offerings)
Application
Modernization
and Outsourcing
End User
Outsourcing
and Support
© 2013 Unisys Corporation. All rights reserved. 7
New Investments to Drive Growth
ClearPath Forward Unisys Stealth Solution Suite
Reseller Channel
Marketing Apps Management
Janet Haugen
SVP & CFO
© 2013 Unisys Corporation. All rights reserved. 9
$M (excluding EPS) 4Q12 4Q11 Y/Y Ch FY12 FY11 Y/Y Ch
Revenue $979 $985 (1%) $3,706 $3,854 (4%)
Gross Profit $286 $280 2% $974 $987 (1%)
Gross Profit Margin 29.2% 28.4% 0.8 pts 26.3% 25.6% 0.7 pts
Operating Expenses (SG&A plus R&D) $171 $159 8% $654 $662 (1%)
Operating Profit $115 $122 (6%) $319 $325 (2%)
Operating Profit Margin 11.7% 12.3% (0.6 pts) 8.6% 8.4% 0.2 pts
Interest Expense $3 $11 $28 $63
Other Income (Expense) ($3) $1 ($38) ($56)
Pretax Income $109 $111 (2%) $254 $206 23%
Tax Provision $21 $12 $97 $65
Net Income $82 $94 (13%) $129 $121 7%
Diluted Earnings per Share $1.67 $1.94 (14%) $2.84 $2.71 5%
Non-GAAP Diluted Earnings per Share* $2.27 $2.22 2% $5.50 $5.18 6%
Financial Results
*See Schedules A and B: GAAP to non-GAAP Reconciliation
© 2013 Unisys Corporation. All rights reserved. 10
Operating Profit
-3
52
140
330
373
411
375 376
359
301
338 325
347
378
326 319
-45
9
107
306
352
397
366 373 366
317
363 359
398
441
411 427
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-$100
$0
$100
$200
$300
$400
$500
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
TTM Operating Profit (OP) TTM OP Excluding Pension*
OP as a % of Revenue OP (Excluding Pension) as a % of Revenue*
$M Trailing Twelve Months Operating Profit % of
Revenue
*See Schedule D: GAAP to non-GAAP Reconciliation
© 2013 Unisys Corporation. All rights reserved. 11
Segment Revenue
4Q11
Revenue = $985M
4Q12
Revenue = $979M
Technology 15%
Technology 18%
Services 85% Services 82%
Full Year 2012
Revenue = $3,706M
Technology 13%
Services 87%
Full Year 2011
Revenue = $3,854M
• Services revenue down 4%Y/Y; down 3% in constant currency
• Technology revenue grew 16% Y/Y; up 17% in constant currency
4Q12 Full Year 2012
Technology 14%
Services 86%
• Services revenue down 5% Y/Y; down 2% in constant currency
• Technology revenue grew 3% Y/Y; up 6% in constant currency
© 2013 Unisys Corporation. All rights reserved. 12
Services Revenue by Portfolio
$M 4Q12 Y/Y Ch FY12 Y/Y Ch
Services Revenue $806 (4%) $3,192 (5%)
Gross Margin 20.2% 20 bp 20.0% --
Operating Margin 6.6% (100 bp) 6.4% (50 bp)
Revenue by Portfolio 4Q12 Y/Y Ch FY12 Y/Y Ch
Systems Integration $278 (4%) $1,079 (7%)
Information
Technology
Outsourcing
$298 (4%) $1,213 (2%)
Infrastructure Services $112 (9%) $442 (9%)
Core Maintenance $51 3% $195 (10%)
Business Process
Outsourcing $67 6% $263 3%
34% 35%
38% 37%
14% 14%
6% 6%
8% 8%
0%
25%
50%
75%
100%
FY12 FY11
BPO
Core
ISS
ITO
SI
Services Revenue
Services portfolio revenue as a %
of Unisys services revenue
© 2013 Unisys Corporation. All rights reserved. 13
Technology Revenue by Portfolio
Technology Revenue $M 4Q12 Y/Y Ch FY12 Y/Y Ch
Technology
Revenue $174 16% $514 3%
Gross Margin 68.1% 220 bp 63.9% 700 bp
Operating Margin 43.9% 620 bp 33.1% 1160 bp
Revenue by
Portfolio 4Q12 Y/Y Ch FY12 Y/Y Ch
Enterprise Class
Software & Servers $160 13% $480 8%
Other Technology $14 52% $34 (39%)
93% 89%
7% 11%
0%
25%
50%
75%
100%
FY12 FY11
OtherTechnology
EnterpriseClassSoftware &Servers
Technology portfolio revenue as a %
of Unisys technology revenue
© 2013 Unisys Corporation. All rights reserved. 14
U.S.
Federal
14%
Unisys Revenue Profile
U.S.
Federal
14%
Industry Full Year 2012
Geography Full Year 2012
4Q12
Y/Y
FY12
Y/Y
North America Excluding U.S. Federal
(5%) (3%)
(7%) 2%
Europe/Africa 9% (2%)
Asia Pacific (3%) 8%
Latin America (8%) (13%)
4Q12
Y/Y
FY12
Y/Y
Public Sector Excluding U.S. Federal
(5%) (3%)
(9%) (2%)
Commercial (11%) (2%)
Financial 26% 2%
Europe/ Africa
33%
North America
41%
Latin America
11% Asia Pacific
15%
Public Sector
41%
Commercial 35%
Financial 24%
© 2013 Unisys Corporation. All rights reserved. 15
38% 47%
38% 28%
24% 25%
0%
25%
50%
75%
100%
4Q12 FY12
HomelandSecurity
Defense &Intelligence
Civilian
U.S. Federal Government Business
Business Mix
Revenue Y/Y
4Q12 (9%)
Full Year 2012 (20%)
$157 $152
$181
$162
$125 $121
$129
$148
$0
$50
$100
$150
$200
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Federal Revenue $M
FY11 = $652 FY12 = $523
© 2013 Unisys Corporation. All rights reserved. 16
4Q12 Services Order Highlights
• Services orders declined Y/Y; increased sequentially
• Services orders by geography:
– Orders rose Y/Y in Asia Pacific
– Orders declined Y/Y in North America, Europe and Latin America
• Services orders by portfolio:
– Systems Integration and BPO orders grew Y/Y
– ITO and Core Maintenance orders down Y/Y but up sequentially
– Infrastructure services orders declined Y/Y
• Closed 4Q12 with $5.1B in services backlog vs. $5.5B at 4Q11
– $640M of services backlog expected to turn into 1Q13 services revenue
– Approximately $2.1B (41%) of services backlog expected to convert to revenue in 2013
© 2013 Unisys Corporation. All rights reserved. 17
Cash Flow Comparison
$M 4Q12 4Q11 FY12 FY11
Cash Flow From Operations $154 $159 $261 $317
Capital Expenditures $36 $33 $132 $134
Free Cash Flow* $118 $126 $129 $183
Pension Funding $26 $19 $202 $83
Free Cash Flow Before Pension Funding* $144 $145 $330 $266
Depreciation & Amortization $46 $45 $175 $195
EBITDA* $155 $167 $445 $457
Adjusted EBITDA* $187 $183 $584 $590
Cash Balance at December 31 $656 $715
Debt Balance at December 31 $210 $360
Net Cash at December 31 $445 $355
*See Schedules C and E : GAAP to non-GAAP Reconciliation
© 2013 Unisys Corporation. All rights reserved. 18
Reducing Leverage
-$750
-$500
-$250
$0
$250
$500
$750
$1,000
$1,250
$1,500
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Long-Term Debt (LTD) AR Securitization\Revolver Cash Net Cash*$M
See Schedule F: GAAP to non-GAAP Reconciliation
*Net Cash = Cash less LTD and utilization under AR securitization\revolver facility.
© 2013 Unisys Corporation. All rights reserved. 19
Update on Pension
Worldwide P&L Impact ($M) 2012 2013E
Total Pension Expense $108 $93
U.S. Qualified Defined Benefit Pension Plan
Expected Return on Assets 8.00% 8.00%
Actual Return 13.78% --
U.S. GAAP Discount Rate at 12/31/11
4.96%
at 12/31/12
4.01%
International Qualified Defined Benefit Pension Plans
Expected Return on Assets 6.59% 6.40%
Weighted Average U.S. GAAP Discount Rate at 12/31/11
4.65%
at 12/31/12
3.92%
All estimates are based on expected asset returns and discount rate assumptions as calculated at December 31, 2012.
© 2013 Unisys Corporation. All rights reserved. 20
Update on Pension Cash Requirements
Cash Funding Requirements ($M) 2012 2013E 2014E 2015E 2016E 2017E
U.S. Qualified Defined Benefit Pension Plan $111 $34 $95 $150 $145 $160
Other Defined Benefit Pension Plans $91 $112 $95 $85 $75 $75
Total $202 $146 $190 $235 $220 $235
All estimates are based on expected asset returns and discount rate assumptions as calculated at December 31, 2012. Contributions to
international plans are based on local regulations and agreements. Funding requirements are likely to change for 2014 and beyond based
on -- among other items -- market conditions, changes in discount rates, and changes in currency rates.
Questions & Answers
© 2013 Unisys Corporation. All rights reserved. 22
Non-GAAP Financial Measures
In an effort to provide investors with additional information regarding the company's results as
determined by generally accepted accounting principles (GAAP), the company also discusses, in its
earnings press release and/or earnings presentation materials, the following non-GAAP information
which management believes provides useful information to investors.
Constant Currency – The company refers to growth rates at constant currency or adjusting for currency 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 for
revenue is calculated by retranslating current and prior period results at a consistent rate. This approach is based
on the pricing currency for each country which is typically the functional currency. Generally, when the dollar
either strengthens or weakens against other currencies, the growth at constant currency rates will be higher or
lower, respectively, than growth reported at actual exchange rates.
Non-GAAP Diluted Earnings Per Share – As a result of debt reductions, Unisys recorded charges, net of tax, of
$0.0 million and $7.6 million, respectively, during the fourth quarters of 2012 and 2011. Unisys recorded debt
reduction charges, net of tax, of $30.6 million and $85.2 million, respectively, during 2012 and 2011. The
company also recorded pension expense, net of tax, of $30.4 million and $6.7 million, respectively, during the
fourth quarters of 2012 and 2011. Unisys recorded pension expense, net of tax, of $105.4 million and $28.0
million, respectively, during 2012 and 2011. In addition, during the second quarter of 2011 the company recorded
an after-tax charge of $8.9 million related to the loss of an old non-income tax case concerning the company's
former Brazilian manufacturing operations. In an effort to provide investors with a perspective on the company's
earnings without these charges, they are excluded from the non-GAAP diluted earnings per share calculations.
© 2013 Unisys Corporation. All rights reserved. 23
Non-GAAP Financial Measures
Free Cash Flow – To better understand the trends in our business, we believe that it is helpful to present free
cash flow, which we define as cash flow from operations less capital expenditures. Management believes this
measure gives investors an additional perspective on cash flow from operating activities in excess of amounts
required for reinvestment. Because of the significance of the company's pension funding obligations in 2012, free
cash flow before pension funding is also provided.
Non-GAAP Operating Profit – In order to provide investors a better understanding of the company's operational
results, this measure attempts to show operating profit excluding the effect of pension income and expense.
EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is an approximate measure
of a company's operating cash flow based on data from the company's income statement. EBITDA is calculated
as earnings before the deduction of interest expenses, taxes, depreciation, and amortization. Management
believes this measure may be relevant to investors due to the level of fixed assets and related depreciation
charges. This measure is also of interest to the company's creditors, since it provides a perspective on earnings
available for interest payments.
Adjusted EBITDA – Unisys completed debt reductions in 4Q11. As a result of these reductions, Unisys recorded
a pretax charge of $7.6 million during the fourth quarter of 2011. Unisys recorded pretax debt reduction charges of
$30.6 million and $85.2 million, respectively, during 2012 and 2011. In addition, during the second quarter of 2011
the company recorded a pre-tax charge of $13.5 million related to the loss of an old non-income tax case
concerning the company's former Brazilian manufacturing operations. The company also recorded pretax pension
expense of $31.5 million and $8.1 million, respectively, during the fourth quarter of 2012 and 2011. Unisys
recorded pretax pension expense of $108.2 million and $34.3 million, respectively, during 2012 and 2011. In order
to provide investors with additional understanding of the company's operating results, these charges are excluded
from the Adjusted EBITDA calculation.
© 2013 Unisys Corporation. All rights reserved. 24
Non-GAAP Financial Measures
Net Cash (Debt) – In an effort to help investors better understand the debt held by the company, this measure
takes into account not only the total debt obligations of the company, but the significance of debt compared to its
cash balances. Net Cash (Debt) is calculated by subtracting Long-Term Debt and utilization under the company's
Accounts Receivable securitization/revolver facility from the company's cash balance.
Non-GAAP Pretax Income – Unisys completed debt reductions in 4Q11. As a result of these reductions, Unisys
recorded a pretax charge of $7.6 million during the fourth quarter 2011. Unisys recorded pretax debt reduction
charges of $30.6 million and $85.2 million, respectively, during 2012 and 2011. In addition, during the second
quarter of 2011 the company recorded a pre-tax charge of $13.5 million related to the loss of an old non-income
tax case concerning the company's former Brazilian manufacturing operations. The company also recorded pretax
pension expense of $31.5 million and $8.1 million, respectively, during the fourth quarters of 2012 and 2011.
Unisys recorded pretax pension expense of $108.2 million and $34.3 million, respectively, during 2012 and 2011.
In order to provide investors with additional understanding of the company's operating results, these charges are
excluded from the Pretax Income calculation.
© 2013 Unisys Corporation. All rights reserved. 25
Schedule A: GAAP to Non-GAAP Reconciliation
Non-GAAP Diluted Earnings per Share
$M except share and per share data 4Q12 4Q11
GAAP net income attributable to Unisys Corporation common shareholders $81.8 $94.3
Debt reduction charge, net of tax -- 7.6
Pension expense, net of tax 30.4 6.7
Non-GAAP net income attributable to Unisys Corporation common shareholders $112.2 $108.6
Add preferred stock dividends 4.1 4.0
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share $116.3 $112.6
Weighted average shares (thousands) 43,976 43,392
Plus incremental shares from assumed conversion of employee stock plans and preferred stock 7,331 7,407
Adjusted weighted average shares 51,307 50,799
Earnings per Share
GAAP basis
GAAP net income attributable to Unisys Corporation common shareholders $85.9 $98.3
Divided by weighted average shares 51,307 50,799
GAAP net income per share $1.67 $1.94
Non-GAAP basis
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share $116.3 $112.6
Divided by adjusted weighted average shares 51,307 50,799
Non-GAAP diluted earnings per share $2.27 $2.22
© 2013 Unisys Corporation. All rights reserved. 26
Schedule B: GAAP to Non-GAAP Reconciliation
Non-GAAP Diluted Earnings per Share
$M except share and per share data FY12 FY11
GAAP net income attributable to Unisys Corporation common shareholders $129.4 $120.5
Debt reduction charges, net of tax 30.6 85.2
Brazil non-income tax case, net of tax -- 8.9
Pension expense, net of tax 105.4 28.0
Non-GAAP net income attributable to Unisys Corporation common shareholders $265.4 $242.6
Add preferred stock dividends 16.2 13.5
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share $281.6 $256.1
Weighted average shares (thousands) 43,864 43,145
Plus incremental shares from assumed conversion of employee stock plans and preferred stock 7,352 6,333
Adjusted weighted average shares 51,216 49,478
Earnings per Share
GAAP basis
GAAP net income attributable to Unisys Corporation common shareholders $145.6 $134.0
Divided by weighted average shares 51,216 49,478
GAAP net income per share $2.84 $2.71
Non-GAAP basis
Non-GAAP net income attributable to Unisys Corporation for diluted earnings per share $281.6 $256.1
Divided by adjusted weighted average shares 51,216 49,478
Non-GAAP diluted earnings per share $5.50 $5.18
© 2013 Unisys Corporation. All rights reserved. 27
Schedule C: GAAP to Non-GAAP Reconciliation
Free Cash Flow
$M 4Q12 4Q11 FY12 FY11
Cash Provided by Operations $153.9 $159.5 $261.3 $317.2
Capital Expenditures (35.9) (33.3) (132.6) (134.4)
Free Cash Flow $118.0 $126.2 $128.7 $182.8
Pension Funding 26.4 19.1 201.5 82.7
Free Cash Flow Before Pension Funding $144.4 $145.3 $330.2 $265.5
© 2013 Unisys Corporation. All rights reserved. 28
Schedule D: GAAP to Non-GAAP Reconciliation
Trailing Twelve Months Operating Profit Excluding Pension
$M 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Reported
Revenue 1,269.3 1,242.3 1,213.0 1,043.8 1,076.9 1,106.4 1,158.6 977.4 1,037.0 960.6 1,044.6 911.2 937.2 1,020.1 985.3 928.4 921.3 877.4 979.3
Operating
Profit 14.8 23.2 (55.7) 15.2 69.1 111.6 134.1 58.5 106.5 76.1 134.6 41.9 48.1 113.0 121.6 64.4 79.0 61.2 114.6
Pension
(Inc)/Exp (8.8) (15.0) (16.0) (2.9) (8.9) (5.2) (6.6) (0.3) (1.2) (0.8) (0.6) 9.0 8.7 8.5 8.1 25.7 21.1 29.9 31.5
TTM
Revenue 4,768.4 4,576.0 4,440.1 4,385.7 4,319.3 4,279.4 4,133.6 4,019.6 3,953.4 3,853.6 3,913.1 3,853.8 3,871.0 3,855.1 3,712.4 3,706.4
TTM
Operating
Profit
(2.5) 51.8 140.2 330.0 373.3 410.7 375.2 375.7 359.1 300.7 337.6 324.6 347.1 378.0 326.2 319.2
OPM % (0.1%) 1.1% 3.2% 7.5% 8.6% 9.6% 9.1% 9.3% 9.1% 7.8% 8.6% 8.4% 9.0% 9.8% 8.8% 8.6%
Excluding
Pension
Op Profit
Excluding
Pension
6.0 8.2 (71.7) 12.3 60.2 106.4 127.5 58.2 105.3 75.3 134.0 50.9 56.8 121.5 129.7 90.1 100.1 91.1 146.1
TTM Op
Profit
Excluding
Pension
(45.2) 9.0 107.2 306.4 352.3 397.4 366.3 372.8 365.5 317.0 363.2 358.9 398.1 441.4 411.0 427.4
OPM % (0.9%) 0.2% 2.4% 7.0% 8.2% 9.3% 8.9% 9.3% 9.2% 8.2% 9.3% 9.3% 10.3% 11.4% 11.1% 11.5%
© 2013 Unisys Corporation. All rights reserved. 29
Schedule E: GAAP to Non-GAAP Reconciliation
EBITDA and Adjusted EBITDA
$M 4Q12 4Q11 FY12 FY11
Net Income Attributable to Unisys $85.9 $98.3 $145.6 $134.0
Interest Expense 2.5 11.4 27.5 63.1
Income Tax Provision 20.5 12.4 97.3 64.8
Depreciation & Amortization 46.2 44.9 174.6 194.8
EBITDA $155.1 $167.0 $445.0 $456.7
Debt Reduction Charges -- 7.6 30.6 85.2
Pension Expense 31.5 8.1 108.2 34.3
Brazil Tax Matter -- -- -- 13.5
Adjusted EBITDA $186.6 $182.7 $583.8 $589.7
Earnings before Interest, Taxes, Depreciation and Amortization
© 2013 Unisys Corporation. All rights reserved. 30
Schedule F: GAAP to Non-GAAP Reconciliation
Net Cash (Debt)
$M 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Long-Term Debt
(Including
Current
Maturities)
1,060.6 1,060.3 1,061.2 911.0 911.7 847.4 836.4 837.5 824.0 619.3 447.4 445.3 359.7 295.5 292.4 210.8 210.3
AR
Securitization /
Revolver Usage
141.0 120.0 130.0 118.0 100.0 - - - - - - - - - - - -
Subtotal 1,201.6 1,180.3 1,191.2 1,029.0 1,011.7 847.4 836.4 837.5 824.0 619.3 447.4 445.3 359.7 295.5 292.4 210.8 210.3
Cash 544.0 468.7 475.0 473.6 647.6 468.5 496.5 688.7 828.3 833.1 625.0 667.3 714.9 654.7 659.7 541.6 655.6
Net Cash (Debt) (657.6) (711.6) (716.2) (555.4) (364.1) (378.9) (339.9) (148.8) 4.3 213.8 177.6 222.0 355.2 359.2 367.3 330.8 445.3
© 2013 Unisys Corporation. All rights reserved. 31
Schedule G: GAAP to Non-GAAP Reconciliation
Non-GAAP Pretax Income
$M 4Q12 4Q11 FY12 FY11
Pretax Income $109.4 $111.3 $254.1 $206.0
Debt Reduction -- 7.6 30.6 85.2
Pension Expense 31.5 8.1 108.2 34.3
Brazil Tax Matter -- -- -- 13.5
Non-GAAP Pre-tax Income $140.9 $127.0 $392.9 $339.0
© 2013 Unisys Corporation. All rights reserved. 32
Thank You
www.unisys.com/investor