Q3 2024 Unisys Corp Earnings Call Transcript
Key Points
- Unisys Corp (UIS) reported an 8.2% revenue growth in constant currency for Q3 2024, keeping them on track to meet their full-year revenue guidance.
- The company raised its full-year non-GAAP operating margin guidance and improved its outlook for 2024 free cash flow.
- New business total contract value (TCV) grew 50% year-over-year in Q3, with significant contributions from new logo signings.
- Unisys Corp (UIS) achieved year-over-year expansion in both gross margin and non-GAAP operating margin, benefiting from delivery and operational efficiency initiatives.
- The company reported a strong backlog of $2.8 billion, up 18% year-over-year, with a trailing 12-month book-to-bill ratio of 1.2 times.
- Digital Workplace Solutions (DWS) revenue declined by 7.1% year-over-year, primarily due to lower discretionary volume with clients.
- Cloud Applications and Infrastructure Solutions revenue decreased by 1.5% compared to the prior year, driven by nonrecurring revenue and project volume fluctuations.
- Unisys Corp (UIS) reported a GAAP net loss of $62 million for Q3 2024, including a non-cash goodwill impairment of $39 million related to the DWS segment.
- The company experienced a decline in third-party technology revenue, impacting overall revenue growth.
- Despite strong new business signings, the mix of 2024 signings resulted in lower annual revenue, affecting the full-year Ex-L&S revenue growth expectations.
Good morning and welcome to the Unisys Corporation third quarter, 2024 financial results and conference call.
All participants will be in a listen-only mode.
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After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your telephone keypad to withdraw your question. Please press star. Then two.
Please note this event is being recorded.
I would now like to turn the conference over to Michaela Pewarski, Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good morning everyone. Thank you for joining us. Yesterday afternoon, Unisys released its third quarter financial results.
I'm joined this morning to discuss those results with Peter Altabef, our chair and CEO Deb mccann, our CFO and Mike Thompson, our President and COO who will participate in
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