Q4 2024 Unisys Corp Earnings Call Transcript
Key Points
- Unisys Corp (UIS) reported a solid fourth quarter with a 10% sequential revenue growth and a strong non-GAAP operating margin of 11.6%.
- The company exceeded its initial free cash flow outlook, nearly doubling free pension free cash flow to $82 million in 2024.
- Unisys Corp (UIS) raised its L&S revenue expectations to approximately $390 million in 2025 and $400 million in 2026, reflecting a $25 million annual increase.
- Fourth quarter new business TCV was approximately $220 million, marking the strongest quarter of the year and a 24% increase compared to the prior year period.
- The company received multiple leader designations from reputable firms, validating its investments in innovation, sales, and marketing.
- Fourth quarter revenue was down 2.2% year over year as reported, and 1.5% in constant currency.
- Ex-L&S revenue declined 4.7% as reported and 4.8% in constant currency during the fourth quarter.
- Digital Workplace Solutions revenue declined 8.2% year over year in the fourth quarter.
- Cloud Applications and Infrastructure Solutions revenue declined 5.2% year over year in the fourth quarter.
- The company experienced a modest decline in backlog and book-to-bill ratio due to renewal timing and FX movements.
Good morning and welcome to the Unisys Corporation 4th quarter and full year 2024 financial results conference call. All participants will be in listen-only mode. [Operator Instructions]
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 fourth quarter and full year of financial results. I'm joined this morning to discuss those results by Peter Altabef, our Chair and CEO; Deb McCann, our CFO; and Mike Thomson, our President and COO, who will participate in the Q&A session.
As a reminder, certain statements in today's conference call contain estimates and other forward-looking statements within the meaning of the securities laws. We caution listeners that the current expectations, assumptions, and beliefs forming the basis for forward-looking
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