Unisys Announces 4Q and Full-Year 2024 Results

Core Insights - Unisys Corporation exceeded its profitability guidance and met its revenue guidance for 2024, showing significant improvements in operating and free cash flow year over year [3][8][17] Financial Performance - Fourth quarter 2024 revenue was $545.4 million, a decline of 2.2$2,008.4 million, down 0.3% year-over-year [5][8] - Excluding License and Support (Ex-L&S) revenue for Q4 2024 was $393.7 million, a decrease of 4.7$1,576.9 million, down 0.6% year-over-year [5][6] - License and Support (L&S) revenue for Q4 2024 was $151.7 million, an increase of 5.1$431.5 million, up 0.6% year-over-year [5][6] - Gross profit margin for FY24 improved to 29.2%, up 180 basis points year-over-year, while Ex-L&S gross profit margin improved to 17.6%, an increase of 250 basis points year-over-year [8][10] Cash Flow and Profitability - Full-year operating cash flow was $135.1 million, compared to$74.2 million in 2023, and free cash flow was $55.3 million, compared to a negative$4.5 million in 2023 [8][13] - Pre-pension and postretirement free cash flow nearly doubled to $82 million for the full year [3][8] Business Growth and Contracts - The company signed 29$791 million for FY24 [3][8] - Total company TCV for FY24 was $1,946 million, a decline of 11$128.2 million, down 7.9% year-over-year, while Cloud, Applications & Infrastructure Solutions (CA&I) revenue was $132.1 million, down 4.9$208.9 million in Q4 2024, driven by software license renewals [12] Guidance for 2025 - The company issued guidance for 2025, projecting revenue growth in constant currency of 0.5% to 2.5% and a non-GAAP operating profit margin of 6.5% to 8.5% [17][18]