10-K/A
Table of Contents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
10-K
/A
(Amendment No. 1)
 
 
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
    
    
    
    
to
    
    
    
    
.
Commission file number
1-8729
 
 
UNISYS CORPORATION
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
38-0387840
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
801 Lakeview Drive, Suite 100
Blue Bell, Pennsylvania 19422
(215)
986-4011
(Address, zip code and telephone number, including area code of principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock
, par value $.01
 
UIS
 
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
 
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   ☒  Yes    ☐  No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   ☐  
Yes
    ☒  No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated
filer
     Smaller reporting company  
       
         Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Act).  ☐  Yes      No
Aggregate market value of the voting and
non-voting
common equity held by
non-affiliates
as of the last business day of the registrant’s most recently completed second fiscal quarter: approximately $1.7 billion.
The amount shown is based on the closing price of Unisys Common Stock as reported on the New York Stock Exchange composite tape on June 30, 2021. Voting stock beneficially held by officers and directors is not included in the computation. However, Unisys Corporation has not determined that such individuals are “affiliates” within the meaning of Rule 405 under the Securities Act of 1933.
Number of shares of Unisys Common Stock, par value $.01, outstanding as of January 31, 2022: 67,232,146
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Unisys Corporation’s Definitive Proxy Statement for the 2022 Annual Meeting of Stockholders are incorporated by reference into Part III hereof.
 
 
 

EXPLANATORY NOTE
Unisys Corporation is filing this Amendment No. 1 on Form 10-K/A (this amendment) to its Annual Report on Form 10-K for the year ended December 31, 2021, originally filed with the Securities and Exchange Commission (SEC) on February 22, 2022 (the original filing) to address management’s re-evaluation of disclosure controls and procedures and to reflect the identification of material weaknesses in the company’s disclosure controls and procedures and internal control over financial reporting. The material weaknesses did not result in any change to the company’s consolidated financial statements as set forth in the original filing. This amendment is limited in scope to make the following changes to the original filing:
 
 
 
To amend Part II - Item 9A. Controls and Procedures related to the effectiveness of our disclosure controls and procedures.
 
 
 
To amend Part I - Item 1A. Risk Factors to add an additional risk factor regarding the potential adverse impact that the failure to remediate the material weaknesses could have on our timely and accurate reporting of financial results and to amend a risk factor in the original filing regarding the potential adverse impacts of cybersecurity incidents and vulnerabilities.
 
 
 
To amend Part II - Item 8. Financial Statements and Supplementary Data to restate (i) Management’s Report on Internal Control Over Financial Reporting, and (ii) the Report of Independent Registered Public Accounting Firm, on the company’s internal control over financial reporting as of December 31, 2021.
 
 
 
To amend Part IV - Item 15. Exhibits and Financial Statement Schedules to include currently dated (i) auditor consents, which are filed herewith as Exhibits 23.1 and 23.2 and (ii) certifications from the company’s Principal Executive Officer and Principal Financial Officer as required by Sections 302 and 906 of the Sarbanes Oxley Act of 2002, which certifications are filed herewith as Exhibits 31.1, 31.2, 32.1 and 32.2.
This amendment has not been updated or amended to give effect to any subsequent events beyond those that existed as of the original filing date and should thus be read in conjunction with the original filing and any of the company’s other filings with the SEC subsequent to the original filing, together with any amendments to those filings. Other than the filing of the information identified above, this amendment does not modify or update the disclosure in the original filing in any way.


Table of Contents

Table of Contents

 

          Page
Number
 
PART I      
Item 1A.    Risk Factors      3  
PART II      
Item 8.    Financial Statements and Supplementary Data      11  
Item 9A.    Controls and Procedures      60  
PART IV      
Item 15.    Exhibits and Financial Statement Schedules      62  
   Signatures      65  


Table of Contents

Disclosure Regarding Forward-Looking Statements

In this Annual Report on Form 10-K/A, we have included information that may constitute “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “projects” and similar expressions may identify such forward-looking statements.

Factors that could affect our future results include, but are not limited to, the following:

Implementation of Business Strategy in Information Technology Market

 

   

our ability to attract and retain experienced personnel in key positions;

 

   

our ability to grow revenue and expand margin in our Digital Workplace Solutions and Cloud, Applications & Infrastructure Solutions businesses;

 

   

our ability to maintain our installed base and sell new solutions and related services;

 

   

the business and financial risk in implementing acquisitions or dispositions;

 

   

the potential adverse effects of aggressive competition in the information services and technology market;

 

   

our ability to effectively anticipate and respond to rapid technological innovation in our industry;

 

   

our ability to retain significant clients and attract new clients;

 

   

our contracts may not be as profitable as expected or provide the expected level of revenues;

 

   

our ability to develop or acquire the capabilities to enhance the company’s solutions;

Defined Benefit Pension Plans

 

   

we have significant underfunded pension obligations;

General Business Risks

 

   

the impact of the Audit & Finance Committee’s investigation;

 

   

the impact of management’s conclusion, in consultation with the Audit & Finance Committee, that material weaknesses existed in our disclosure controls and procedures and internal control over financial reporting;

 

   

the evaluation and implementation of remediation efforts designed and implemented to enhance our control environment;

 

   

the potential identification of one or more additional material weaknesses in our internal control over financial reporting of which we are not currently aware or that have not been detected;

 

   

the impact of COVID-19 on our business, growth, reputation, projections, financial condition, operations, cash flows and liquidity;

 

   

the performance and capabilities of third parties with whom we have commercial relationships;

 

   

cybersecurity incidents could result in incurring significant costs and could harm our business and reputation;

 

   

a failure to meet standards or expectations with respect to the company’s environmental, social and governance practices;

 

   

the risks of doing business internationally when a significant portion of our revenue is derived from international operations;

 

   

our ability to access financing markets;

 

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a reduction in our credit rating;

 

   

the adverse effects of global economic conditions, acts of war, terrorism, natural disasters or the widespread outbreak of infectious diseases;

 

   

a significant disruption in our IT systems could adversely affect our business and reputation;

 

   

we may face damage to our reputation or legal liability if our clients are not satisfied with our services or products;

 

   

the potential for intellectual property infringement claims to be asserted against us or our clients;

 

   

the possibility that legal proceedings could affect our results of operations or cash flow or may adversely affect our business or reputation; and

Tax Assets

 

   

our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.

Any forward-looking statement should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K/A and in our other filings made with the U.S. Securities and Exchange Commission (SEC) from time to time, which are available at the SEC’s website at www.sec.gov. All forward-looking statements rely on assumptions and are subject to risks, uncertainties and other factors that could cause the company’s actual results to differ materially from expectations. Factors that could affect future results include, but are not limited to, those discussed in “Risk Factors” in Part I, Item 1A of this Form 10-K/A. Any forward-looking statement speaks only as of the date on which that statement is made. Unisys Corporation assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made.

 

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PART I

 

ITEM 1A.

RISK FACTORS

Factors that could affect future results include the following:

IMPLEMENTATION OF BUSINESS STRATEGY IN INFORMATION TECHNOLOGY MARKET

If the company is unable to attract and retain experienced personnel in key positions, its future results could be adversely impacted.

The company’s ability to retain, train and develop its existing associate base in the skills and solutions required to service its target markets with the appropriate solutions is critical to the company’s future success. The company also needs to attract new talent to augment the skills required to deliver its solutions to its target markets. The failure of the company to attract new talent with the requisite skill set, retain key personnel or implement an appropriate succession plan could adversely impact the company’s ability to successfully carry out its business strategy and retain other key personnel.

Future results may be adversely impacted if the company is unable to grow revenue and expand margin in its Digital Workplace Solutions and Cloud and Infrastructure Solutions businesses.

The company’s strategy places an emphasis on growing revenue, including specifically from higher-value and higher-margin offerings in its Digital Workplace Solutions and Cloud and Infrastructure Solutions businesses. The company’s ability to grow revenue and profitability in these businesses will depend on the level of demand for projects and the portfolio of solutions the company offers. It will also depend on an efficient utilization of services delivery personnel. Revenue and profit margins in these businesses are a function of both the portfolio of solutions sold in a given period and the rates the company is able to charge for services and the chargeability of its professionals. If the company is unable to attain sufficient rates and chargeability for its professionals, revenue and profit margins will be adversely affected. The rates the company is able to charge for services are affected by a number of factors, including clients’ perception of the company’s ability to add value through its services; introduction of new services or products by the company or its competitors; pricing policies of competitors; and general economic conditions including increased risk of inflation. Chargeability is also affected by a number of factors, including the company’s ability to transition resources from completed projects to new engagements and across geographies, and its ability to forecast demand for services and thereby maintain appropriate resource levels. The company’s results of operations and financial condition may be adversely impacted if sales of higher-margin offerings do not offset declines in revenue and profitability of lower-margin offerings.

Future results may be adversely impacted if the company is unable to maintain its installed base and sell new solutions and related services.

The company continues to invest in its ClearPath Forward operating system software in order to retain existing clients in its Enterprise Computing Solutions business. If clients do not believe in the value proposition provided by ClearPath Forward or choose not to renew their contracts for any other reason, there may not be a meaningful return on these investments, and revenue could decline meaningfully. Furthermore, if ClearPath Forward is sold in the form of Software as a Service (SaaS) at an accelerated pace, this would have a negative impact on the company’s short- and medium-term cash position and could adversely impact the company’s operations, financial condition and liquidity. Additionally, the company also continues to invest in other software and solutions and related services. If the company is unsuccessful in selling these other solutions and related services, there may not be a meaningful return on these investments. Further, the revenues generated by other solutions and related services may be insufficient to offset any revenue declines caused if the company is unable to retain its installed base.

 

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The company could face business and financial risk in implementing acquisitions or dispositions.

As part of the company’s business strategy, it may from time to time consider acquiring complementary technologies, products and businesses, or disposing of existing technologies, products and businesses, including transactions of a material size. Any acquisitions may result in the incurrence of substantial additional indebtedness or contingent liabilities. Acquisitions could also result in potentially dilutive issuances of equity securities and an increase in amortization expenses related to intangible assets. Additional potential risks associated with acquisitions include technical, cultural and operational integration challenges; difficulties in maintaining or enhancing the profitability of any acquired business; risks of entering markets in which the company has no or limited prior experience; potential loss of employees or failure to maintain or renew any contracts of any acquired business; and expenses of any undiscovered or potential liabilities of the acquired product or business, including relating to employee benefits contribution obligations or environmental requirements. Potential risks with respect to dispositions include difficulty finding buyers or alternative exit strategies on acceptable terms in a timely manner; potential loss of employees or clients; dispositions at unfavorable prices or on unfavorable terms, including relating to retained liabilities; and post-closing indemnity claims. Further, with respect to both acquisitions and dispositions, management’s attention could be diverted from other business concerns. Adverse credit conditions could also affect the company’s ability to consummate acquisitions or dispositions. The risks associated with acquisitions and dispositions could have a material adverse effect upon the company’s business, financial condition and results of operations. There can be no assurance that the company will be successful in consummating future acquisitions or dispositions on favorable terms or at all.

The company faces aggressive competition in the information services and technology market, which could lead to reduced demand for the company’s solutions and related services and could have an adverse effect on the company’s business.

The information services and technology markets in which the company operates include a large number of companies vying for customers and market share both domestically and internationally. The company’s competitors include systems integrators, consulting and other professional services firms, outsourcing providers, infrastructure services providers, computer hardware manufacturers and software providers. Some of the company’s competitors may develop competing services and products that offer better price-performance or that reach the market in advance of the company’s offerings. Some competitors also have or may develop greater financial and other resources than the company, with enhanced ability to compete for market share, in some instances through significant economic incentives to secure contracts. Some also may be better able to compete for skilled professionals. Any of these factors could lead to reduced demand for the company’s solutions and related services and could have an adverse effect on the company’s business. Future results will depend on the company’s ability to mitigate the effects of aggressive competition on revenues, pricing and margins.

The company’s future results may be adversely impacted if it is unable to effectively anticipate and respond to rapid technological innovation in its industry.

The company operates in an industry characterized by rapid technological innovation, evolving technology standards, short product life cycles and continually changing customer demand patterns. Future success will depend in part on the company’s ability to anticipate and respond to these market trends and to design, develop, introduce, deliver or obtain new and innovative services and products on a timely and cost-effective basis using newer delivery models such as cloud computing. Additionally, the company may not be successful in anticipating or responding to changes in technology, industry standards or customer preferences, and the market may not demand or accept its services and product offerings. In addition, services and products developed by competitors may make the company’s offerings less competitive.

 

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The company’s future results will depend on its ability to retain significant clients and attract new clients.

The company has a number of significant long-term contracts with clients, including governmental entities, and its future success will depend, in part, on retaining its relationships with these clients and attracting new clients. The company could lose clients for reasons such as contract expiration, conversion to a competing service provider, disputes with clients or a decision to in-source services. The company could also lose clients as a result of their merger, acquisition or business failure. The company may not be able to replace the revenue and earnings from any such lost client. The company is expecting revenue, margin and market share expansion due to decisions by some of the company’s competitors to exit or de-emphasize their focus on the company’s target markets. If such competitors’ change that position, it could impact the company’s ability to gain market share.

The company’s contracts may not be as profitable as expected or provide the expected level of revenues.

In a number of the company’s long-term services contracts, the company’s revenue is based on the volume of services and products provided. As a result, revenue levels anticipated at contract inception are not guaranteed. The company’s contracts with governmental entities are subject to the availability of appropriated funds. In addition, some of these contracts may permit termination at the customer’s discretion before the end of the contract term or may permit termination or impose other penalties if the company does not meet the performance levels specified in the contracts.

Some of the company’s services contracts are fixed-price contracts under which the company assumes the risk for delivery of the contracted services and products at an agreed-upon fixed price. Should the company experience problems in performing fixed-price contracts on a profitable basis, adjustments to the estimated cost to complete may be required. Future results will depend on the company’s ability to perform these services contracts profitably.

The inability of the company to develop or acquire the capabilities to enhance the company’s solutions could adversely impact the company’s revenue and margins and result in the failure to expand the company’s market share.

The company’s financial objectives require it to develop, acquire or orchestrate with its strategic partnership network the prerequisite capabilities to enhance the company’s solutions so they contain higher-growth, higher-margin offerings and allow for the expansion of market share. If the company is unable to do so, its financial performance may be adversely impacted.

DEFINED BENEFIT PENSION PLANS

The company has significant underfunded pension obligations.

The company has significant underfunded obligations under its U.S. and non-U.S. defined benefit pension plans. In 2021, the company made cash contributions of $52.4 million, primarily for its international defined benefit pension plans. Based on current legislation, global regulations, recent interest rates and expected returns, in 2022 the company expects to make cash contributions of approximately $40.2 million, primarily for its international defined benefit pension plans. Estimates for future cash contributions are likely to change based on a number of factors including market conditions and changes in discount rates. If estimates for future contributions change materially, the company may need to obtain additional funding in order to make future contributions. In this event, there is no assurance that the company would be able to obtain such funding or that the company will have enough cash on hand to pay the required cash contributions.

 

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Deterioration in the value of the company’s worldwide defined benefit pension plan assets, as well as discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions to its defined benefit pension plans in the future in an amount larger than currently anticipated. Increased cash contribution requirements or an acceleration in the due date of such cash contributions would further reduce the cash available for working capital, capital expenditures and other corporate uses and may worsen the adverse impact on the company’s operations, financial condition and liquidity.

GENERAL BUSINESS RISKS

We have identified material weaknesses in our disclosure controls and procedures and internal control over financial reporting. Failure to remediate the material weaknesses or any other material weaknesses that we identify in the future could result in material misstatements in our financial statements.

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, as amended, our management is required to report on, and our independent registered public accounting firm is required to attest to, the effectiveness of our internal control over financial reporting. The rules governing the standards that must be met for management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. Annually, we perform activities that include reviewing, documenting and testing our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control over financial reporting, we will not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment, we could suffer misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could result in significant expenses to remediate any internal control deficiencies and lead to a decline in our stock price.

Subsequent to the original filing, following an investigation by the company’s Audit & Finance Committee (Audit Committee) into the company’s internal control environment, the company has reevaluated the effectiveness of the company’s disclosure controls and procedures and internal control over financial reporting and identified material weaknesses in the company’s disclosure controls and procedures and internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis. Our management may be unable to conclude in future periods that our disclosure controls and procedures are effective due to the effects of various factors, which may, in part, include unremediated material weaknesses in internal control over financial reporting. For further discussion of the material weaknesses, see Item 9A, Controls and Procedures.

Management is committed to maintaining a strong internal control environment and believes its remediation efforts will represent an improvement in existing controls. Management anticipates that the new controls, as implemented and when tested for a sufficient period of time, will remediate the material weaknesses. We may not be successful in promptly remediating the material weaknesses identified by management, or be able to identify and remediate additional control deficiencies, including material weaknesses, in the future. If not remediated, our failure to establish and maintain effective disclosure controls and procedures and internal control over financial reporting could result in material misstatements in our financial statements and a failure to meet our reporting and financial obligations, each of which could have a material adverse effect on our financial condition and the trading price of our common stock.

 

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The company has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters. Professional costs resulting from the investigation that resulted in the identification of the material weaknesses have been significant and are expected to continue to be significant, in particular if litigation costs relating to these regulatory, investigative and enforcement inquiries, subpoenas and demands grow. Although we believe that no significant business has been lost to date, it is possible that a change in the perceptions of our business partners could occur as a result of the investigation and the material weaknesses. In addition, as a result of the investigation and remediation efforts, certain operational changes have occurred and may continue to occur in the future. Any or all of these impacts based on the findings of the investigation and related matters and the surrounding circumstances could exacerbate the other risks described herein and directly or indirectly have a material adverse effect on our operations and/or financial performance.

The company’s business, results of operations and financial condition have been and will continue to be impacted by the COVID-19 pandemic and such impact could be materially adverse.

Since March 2020, the COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and workforces and created significant volatility and disruption of financial markets. The full extent of the impact of the COVID-19 pandemic on the company’s operational and financial performance, including the company’s ability to execute its business strategies and initiatives in the expected time frame, will depend on numerous factors that are uncertain and difficult to predict, including the duration, severity and spread of the pandemic and related restrictions on travel and transportation; the emergence of new variants; the imposition of vaccine mandates and government lockdowns; the effect on the company’s clients and demand for the company’s products and services; the company’s ability to sell and provide its products and services as a result of travel restrictions and people working from home; the ability of the company’s clients to pay for its services and solutions; and any closures of the company’s and its clients’ offices and facilities. Continued impacts of the pandemic could materially adversely impact global economic conditions, the company’s business, results of operations and financial condition, including the company’s cash flow and liquidity, the company’s potential to conduct financings on terms acceptable to it, if at all, and may require significant actions in response, including but not limited to expense reductions or discounting of pricing of the company’s products, in an effort to mitigate such impacts. The situation with COVID-19 is constantly evolving and additional impacts may arise of which the company is not aware currently.

Future results will depend in part on the performance and capabilities of third parties with whom the company has commercial relationships.

The company maintains business relationships with key partners, suppliers, channel partners and other parties that have complementary products, services or skills. Future results will depend, in part, on the performance and capabilities of these third parties, on the ability of external suppliers to deliver components at reasonable prices and in a timely manner, and on the financial condition of, and the company’s relationship with, distributors and other indirect channel partners, which can affect the company’s capacity to effectively and efficiently serve current and potential customers and end users. Additionally, cost inflation and supply chain disruptions may lead to higher labor and other costs, as well as an inability to procure products needed to deliver the company’s solutions, which could adversely affect its results of operations.

 

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Cybersecurity incidents could result in the company incurring significant costs and could harm the company’s business and reputation.

The company’s business includes managing, processing, storing and transmitting proprietary and confidential data, including personal information, intellectual property and proprietary business information, within the company’s own IT systems and those that the company designs, develops, hosts or manages for clients. These systems are critical to the company’s business activities, and shutdowns or disruptions of, and cybersecurity attacks on, these systems pose increasing risks. Cybersecurity incidents and network security incidents may include, but are not limited to, attempts to access or unauthorized access of information, exploitation of vulnerabilities (including those of third-party software or systems), computer viruses, ransomware, denial of service and other electronic security incidents. Attacks also include social engineering and cyber extortion to induce customers, contractors, business partners, vendors, employees and other third parties to disclose information, transfer funds, or unwittingly provide access to systems or data. Cyberattacks from computer hackers and cyber criminals and other malicious internet-based activity continue to increase generally, and the company’s services and systems, including the systems of the company’s outsourced service providers, have been and may in the future continue to be the target of various forms of cybersecurity incidents such as DNS attacks, wireless network attacks, viruses and worms, malicious software, ransomware, cyber extortion, misconfigurations, supply chain attacks, application centric attacks, peer-to-peer attacks, phishing attempts, backdoor trojans and distributed denial of service attacks.

The techniques used by computer hackers and cyber criminals to obtain unauthorized access to data or to sabotage computer systems change frequently and are growing in sophistication, and these new techniques generally are not detected until after an incident has occurred. Cybersecurity incidents involving the company’s systems, despite established security controls, could result in disruption of the company’s services, misappropriation, misuse, alteration, theft, loss, corruption, leakage, falsification, and accidental or premature release or improper disclosure or misuse of confidential or other information, including intellectual property and personal information (of the company, third parties, employees, clients or others). The company could be exposed to liability, litigation, and regulatory or other government action, as well as the loss of existing or potential customers, damage to the company’s brand and reputation, damage to the company’s competitive position, and other financial loss, any of which could have a material adverse effect on the company’s business, financial condition and results of operations. In addition, the cost and operational consequences of responding to cybersecurity incidents and implementing remediation measures could be significant. In the company’s industry, security vulnerabilities are increasingly discovered, publicized and exploited across a broad range of hardware, software or other infrastructure, elevating the risk of attacks and the potential cost of response and remediation for the company.

Although the company continuously takes significant steps to mitigate cybersecurity risk across a range of functions, such measures can never eliminate the risk entirely or provide absolute security, and the company has experienced and expects to continue to experience cyberattacks on its information systems. While there have not been cybersecurity incidents or vulnerabilities that have had a material adverse effect on the company, there is no assurance that there will not be cybersecurity incidents or vulnerabilities that will have a material adverse effect in the future.

A failure to meet standards or expectations with respect to the company’s environmental, social and governance practices could adversely impact the company’s business and reputation.

Many governmental bodies and current and prospective investors, clients, partners, and employees are increasing their focus on corporate environmental, social and governance (ESG) practices. If the company fails to meet the standards or expectations of any of these groups, the company may suffer reputational damage, the company’s business may be adversely impacted and the company may find it more difficult to recruit or retain key personnel.

 

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A significant portion of the company’s revenue is derived from operations outside of the United States, and the company is subject to the risks of doing business internationally.

A significant amount of the company’s total revenue is derived from international operations. The risks of doing business internationally include foreign currency exchange rate fluctuations, changing global data privacy regulations, currency restrictions and devaluations, changes in political or economic conditions, increases in inflation rate, trade protection measures, import or export licensing requirements, multiple and possibly overlapping and conflicting tax laws, new tax legislation, weaker intellectual property protections in some jurisdictions and additional legal and regulatory compliance requirements applicable to businesses that operate internationally, including the U.S. Foreign Corrupt Practices Act, economic and trade sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control, regulations in the European Union such as the General Data Protection Regulation, the U.K. Bribery Act and other U.S. and non-U.S. laws and regulations.

If the company is unable to access the financing markets, it may adversely impact the company’s business and liquidity.

Market conditions may impact the company’s ability to access the financing markets on terms acceptable to the company or at all. If the company is unable to access the financing markets, the company would be required to use cash on hand to fund operations and the company’s required pension contributions and repay outstanding debt as it comes due. There is no assurance that the company will generate sufficient cash to fund its operations and required pension contributions and refinance such debt. A failure by the company to generate such cash would have a material adverse effect on its business if the company were unable to access financing markets and may result in a default with respect to the company’s pension obligation and under the company’s debt agreements. Market conditions may also impact the company’s ability to utilize surety bonds, letters of credit, foreign exchange derivatives or other financial instruments the company uses to conduct its business.

A reduction in the company’s credit rating could adversely affect its business and/or the holders of its securities.

The credit rating agencies rating the company’s indebtedness regularly evaluate the company, and credit ratings are based on a number of factors, including the company’s financial strength and ability to generate earnings, as well as factors not entirely within the company’s control, including conditions affecting the information technology industry and the economy and changes in rating methodologies. There can be no assurance that the company will maintain its current credit ratings. A downgrade of the company’s credit ratings could adversely affect its access to liquidity and capital, and could significantly increase its cost of funds, decrease the number of investors and counterparties willing to lend to the company or purchase its securities and impact the company’s ability to utilize surety bonds or other financial instruments the company uses to conduct its business. This could affect the company’s growth, profitability, and financial condition, including liquidity.

The company’s business may be adversely affected by global economic conditions, acts of war, terrorism, natural disasters or the widespread outbreak of infectious diseases.

If global economic conditions deteriorate, the company could see reductions in demand and increased pressure on revenue and profit margins. The company could also see a further consolidation of clients, which could also result in a decrease in demand. The company’s business could also be affected by acts of war, terrorism, natural disasters and the widespread outbreak of infectious diseases. Geopolitical conditions could escalate, and this could have unpredictable consequences on the world economy and on the company’s business. If, as a result of such an event, the company’s clients in a particular industry were to suffer material adverse impacts, the company may experience a reduction in demand for its services and products from such clients, which may materially and adversely affect the company’s business, results of operations and financial condition.

 

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A significant disruption in the company’s IT systems could adversely affect the company’s business and reputation.

The company relies extensively on its IT systems to conduct its business and perform services for its clients. The company’s systems are subject to damage or interruption from power outages, telecommunications failures, computer viruses and malicious attacks, cybersecurity incidents and catastrophic events. If the company’s systems are accessed without its authorization, damaged or fail to function properly, the company could incur substantial repair or replacement costs, experience data loss and impediments to its ability to conduct its business, and damage the market’s perception of the company’s services and products. In addition, a disruption could result in the company failing to meet performance standards and obligations in its client contracts, which could subject the company to liability, penalties and contract termination. This may adversely affect the company’s reputation and financial results.

The company may face damage to its reputation or legal liability if its clients are not satisfied with its services or products.

The success of the company’s business is dependent on strong, long-term client relationships and on its reputation for responsiveness and quality. As a result, if a client is not satisfied with the company’s services or products, its reputation could be damaged and its business adversely affected. Allegations by private litigants or regulators of improper conduct, as well as negative publicity and press speculation about the company, whatever the outcome and whether or not valid, may harm its reputation. In addition to harm to reputation, if the company fails to meet its contractual obligations, it could be subject to legal liability, which could adversely affect its business, operating results and financial condition.

The company’s services or products may infringe upon the intellectual property rights of others.

The company cannot be sure that its services and products do not infringe on the intellectual property rights of third parties, and it may have infringement claims asserted against it or against its clients. These claims could cost the company money, prevent it from offering some services or products, or damage its reputation.

Legal proceedings could affect the company’s results of operations or cash flow or may adversely affect the company’s business or reputation.

Various lawsuits, claims, investigations and proceedings have been brought or asserted against the company in the past relating to matters arising in the ordinary course of business, including actions with respect to commercial and government contracts, labor and employment, employee benefits, environmental matters, intellectual property and non-income tax matters. The company believes that it has valid defenses with respect to legal matters pending against it. Litigation is inherently unpredictable, however, and it is possible that the company’s results of operations or cash flows could be materially affected in any particular period as a result of future developments of the legal matters pending against it, including the resolution of any such matters. In addition, legal proceedings or environmental matters may arise in the future with respect to the company’s existing and legacy operations that may adversely affect the company’s business or reputation.

TAX ASSETS

The company’s ability to use its net operating loss (NOL) carryforwards and certain other tax attributes may be limited.

A corporation’s ability to deduct its federal NOL carryforwards and utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the U.S. Internal Revenue Code (Section 382) if it undergoes an “ownership change” as defined in Section 382 (generally where cumulative stock ownership changes among material shareholders exceed 50 percent during a rolling three-year period). Similar rules may apply under state tax laws. A future tax “ownership change” pursuant to Section 382 or future changes in tax laws that impose tax attribute utilization limitations may severely limit or effectively eliminate the company’s ability to utilize its NOL carryforwards and other tax attributes.

Other factors discussed in this report, although not listed here, also could materially affect the company’s future results.

 

 

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P3Y0.51
PART II
 
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
Index
  
Page
Number
 
  
 
12
 
  
 
13
 
  
 
16
 
  
 
17
 
  
 
18
 
  
 
19
 
  
 
20
 
  
 
21
 
 
11

Report of Management
Management’s Report on the Financial Statements
The management of the company is responsible for the integrity of its financial statements. These statements have been prepared in conformity with U.S. generally accepted accounting principles and include amounts based on the best estimates and judgments of management. Financial information included elsewhere in this report is consistent with that in the financial statements.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the company’s 2021 consolidated financial statements. Its accompanying report is based on an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States).
The Board of Directors, through its Audit & Finance Committee, which is composed entirely of independent directors, oversees management’s responsibilities in the preparation of the financial statements and selects the independent registered public accounting firm, subject to stockholder ratification. The Audit & Finance Committee meets regularly with the independent registered public accounting firm, representatives of management, and the internal auditors to review the activities of each and to assure that each is properly discharging its responsibilities. To ensure complete independence, the internal auditors and representatives of PricewaterhouseCoopers LLP have full access to meet with the Audit & Finance Committee, with or without management representatives present, to discuss the results of their audits and their observations on the adequacy of internal controls and the quality of financial reporting.
Management’s Report on Internal Control Over Financial Reporting (as restated)
The management of the company is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.
Management assessed the effectiveness of the company’s internal control over financial reporting as of December 31, 2021, based on criteria established in
Internal Control - Integrated Framework (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In Management’s Report on Internal Control Over Financial Reporting included in the original filing, management concluded that we maintained effective internal control over financial reporting as of December 31, 2021.
The company has reevaluated the effectiveness of the company’s internal control over financial reporting and identified material weaknesses in the company’s internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Specifically, subsequent to the original filing, management concluded that our internal control over financial reporting was not effective as of December 31, 2021. The company did not design and maintain effective formal policies and procedures to ensure appropriate information is communicated from the IT function and the legal and compliance function to the accounting function and those responsible for governance on a timely basis so as to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. These material weaknesses did not result in a misstatement of the company’s financial statements, however, they could have resulted in misstatements of interim or annual consolidated financial statements and disclosures that would result in a material misstatement that would not be prevented or detected.
Management subsequently concluded that the material weaknesses described above existed as of December 31, 2021. As a result, we have concluded that we did not maintain effective internal control over financial reporting as of December 31, 2021, based on the criteria in
Internal Control - Integrated Framework (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission. Accordingly, management has revised its report on internal control over financial reporting.
The effectiveness of our internal control over financial reporting as of December 31, 2021, has been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, as stated in their report, which is included herein.
Plan for Remediation of Material Weaknesses
Management is actively engaged in the planning for, and implementation of, remediation efforts to address the material weaknesses in the company’s disclosure controls and procedures and internal control over financial reporting identified above. Management intends to implement remediation steps, including the following:
 
 
 
The company will enhance its written policy regarding information escalation for cyber-incidents. In addition, the company completed an assessment of staffing within the company’s incident response team.
 
 
 
The company will enhance its disclosure committee (the Disclosure Committee) and the disclosure working group that supports the Disclosure Committee.
 
 
 
The company will require all direct reports to the CEO to confirm that they have made the Disclosure Committee aware of any matters under their purview that the Disclosure Committee should be considering in advance of applicable SEC filings.
 
 
 
The company will provide training and policies (including any policy revisions) to non-finance executives regarding escalation of significant matters related to SEC reporting requirements.
 
 
 
Procedures will be drafted to address the proper handling of information so that the Security & Risk Committee and Audit Committee are properly informed.
 
 
 
Management has revised its Speak Up Policy to make all associates aware that they have direct access to, and may approach, company executives and the Board of Directors, and that they have access to the company’s whistleblower hotline.
Management believes the measures described above and others that have been, or may be, implemented will remediate the material weaknesses that we have identified. As management continues to evaluate and improve our disclosure controls and procedures and internal control over financial reporting, the company may decide to take additional measures to address control deficiencies or determine to modify, or in appropriate circumstances not to complete, certain of the remediation measures identified.
 
/s/ Peter A. Altabef
 
 
/s/ Debra McCann
Peter A. Altabef
 
 
Debra McCann
Chair and Chief Executive Officer
 
 
Executive Vice President and Chief Financial Officer
 
 
(Principal Financial Officer)
 
12

Report of Independent Registered Public Accounting Firm
To the
Board of Directors and Stockholders of Unisys Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Unisys Corporation and its subsidiaries
(the “Company”) as of December 31, 2021 and 2020,
and the related consolidated statements of income (loss), of comprehensive income (loss), of deficit and of cash flows for each of the two years in the period ended December 31, 2021 , including the related notes and schedule of valuation and qualifying accounts for each of the two years in the period ended December 31, 2021 listed under Item 15(1) (collectively referred to as the “consolidated
financial statements”).
We also have audited the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in
Internal Control—Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021
in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in
Internal Control—Integrated Framework
(2013) issued by the COSO because
material weaknesses in internal control over financial reporting existed as of that date related to the design and maintenance of effective formal policies and procedures to ensure appropriate information is communicated
from
 the IT function and the legal and compliance function to the accounting function and those responsible for governance on a timely basis.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses referred to above are described in the accompanying
Management’s Report on Internal Control over Financial Reporting. We considered these material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the December 31, 2021 consolidated
financial statements, and our opinion regarding the effectiveness of the Company’s internal control over financial reporting does not affect our opinion on those consolidated
financial statements.
Restatement of Management’s Conclusion Regarding Internal Control over Financial Reporting
Management and we previously concluded that the Company maintained effective internal control over financial reporting as of December 31, 2021. However, management has subsequently determined that material weaknesses in internal control over financial reporting related to the design and maintenance of effective formal policies and procedures to ensure appropriate information is communicated
from
 the IT function and the legal and compliance function to the accounting function and those responsible for governance on a timely basis existed as of that date. Accordingly, management’s report has been restated and our present opinion on internal control over financial reporting, as presented herein, is different from that expressed in our previous report.
Change in Accounting Principle
As discussed in Note 3 of the consolidated financial statements, the Company changed the manner in which it accounts for income taxes in 2020.
Basis for Opinions
The Company’s management is responsible for these consolidated
financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in management’s report referred to above. Our responsibility is to express opinions on the Company’s consolidated
financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated
financial statements included performing procedures to assess the risks of material misstatement of the consolidated
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
 
1
3

Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Valuation of the U.S. and Certain International Defined Benefit Pension Plan Obligations
As described in Notes 1 and 18 to the consolidated financial statements, the Company’s consolidated defined benefit pension plan obligation was $6,324 million as of December 31, 2021. Additionally, the Company recorded settlement losses associated with its pension plans of $499 million for the year ended December 31, 2021. Management develops the actuarial assumptions used by its U.S. and international defined benefit pension plan obligations based upon the circumstances of each particular plan. The determination of the defined benefit pension plan obligations requires the use of estimates. Management’s significant assumption used in the determination of the defined benefit pension plan obligations, and settlement losses associated with respect to the U.S. pension plans, is the discount rate.
The principal considerations for our determination that performing procedures relating to the valuation of the U.S. and certain international defined benefit pension plan obligations is a critical audit matter are the (i) significant judgment by management to determine the defined benefit pension plan obligations; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate management’s significant assumption related to the discount rates; (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of the U.S. and certain international defined benefit pension plan obligations, including controls over the Company’s methods, significant assumption, and data. These procedures also included, among others, testing the completeness, accuracy and relevance of the underlying data used in developing the estimate, and the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the appropriateness of the actuarial methods used to estimate the defined benefit pension plan obligations, and (ii) evaluating the reasonableness of management’s significant assumption related to the discount rate. Evaluating the reasonableness of management’s significant assumption related to the discount rate included (i) developing an independent range of discount rates for each U.S. and certain international defined benefit pension plan obligations based on publicly available market data for high-quality, fixed income investments, and (ii) comparing management’s discount rate to the independently developed range to evaluate the reasonableness of the discount rate assumption.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 22, 2022, except with respect to our opinion on internal control over financial reporting insofar as it relates to the effects of the matter discussed in the penultimate paragraph of Management’s Report on Internal Control Over Financial Reporting, as to which the date is November 23, 2022
We have served as the Company’s auditor since 2020.

 
1
4

Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
Unisys Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of income (loss), comprehensive income (loss), cash flows, and deficit for the year ended December 31, 2019, and the related notes and financial statement schedule II (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/ KPMG LLP
We served as the Company’s auditor from 2008 to 2020.
Philadelphia, Pennsylvania
February 28, 2020, except for Note 2 and Note 21, as to which the dates are February 26, 2021 and February 22, 2022, respectively

 
15

UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Millions, except per share data)
 
Year ended December 31,
  
2021
    2020     2019  
Revenue
      
Services
  
$
1,699.3
    $ 1,692.9     $ 1,892.7  
Technology
  
 
355.1
 
    333.4       330.1  
  
 
 
   
 
 
   
 
 
 
  
 
2,054.4
 
    2,026.3       2,222.8  
  
 
 
   
 
 
   
 
 
 
Costs and expenses
      
Cost of revenue:
      
Services
  
 
1,358.7
 
    1,429.4       1,590.6  
Technology
  
 
123.7
 
    113.9       98.2  
  
 
 
   
 
 
   
 
 
 
  
 
1,482.4
 
    1,543.3       1,688.8  
Selling, general and administrative
  
 
389.5
 
    369.4       364.8  
Research and development
  
 
28.5
 
    26.6       31.3  
  
 
 
   
 
 
   
 
 
 
  
 
1,900.4
 
    1,939.3       2,084.9  
  
 
 
   
 
 
   
 
 
 
Operating income
  
 
154.0
 
    87.0       137.9  
Interest expense
  
 
35.4
 
    29.2       62.1  
Other (expense), net
  
 
(580.3
    (329.6     (136.4
  
 
 
   
 
 
   
 
 
 
Loss from continuing operations before income taxes
  
 
(461.7
    (271.8     (60.6
(Benefit) provision for income taxes
  
 
(11.9
    45.4       27.7  
  
 
 
   
 
 
   
 
 
 
Consolidated net loss from continuing operations
  
 
(449.8
    (317.2     (88.3
Net (loss) income attributable to noncontrolling interests
  
 
(1.3
    0.5       3.9  
  
 
 
   
 
 
   
 
 
 
Net loss from continuing operations attributable to Unisys Corporation
  
 
(448.5
    (317.7     (92.2
Income from discontinued operations, net of tax
  
 
  
 
    1,068.4       75.0  
  
 
 
   
 
 
   
 
 
 
Net (loss) income attributable to Unisys Corporation
  
$
(448.5
  $ 750.7     $ (17.2
  
 
 
   
 
 
   
 
 
 
Earnings (loss) per common share attributable to Unisys Corporation
      
Basic
      
Continuing operations
  
$
(6.75
  $ (5.05   $ (1.65
Discontinued operations
  
 
  
 
    16.98       1.34  
  
 
 
   
 
 
   
 
 
 
Total
  
$
(6.75
  $ 11.93     $ (0.31
  
 
 
   
 
 
   
 
 
 
Diluted
      
Continuing operations
  
$
(6.75
  $ (5.05   $ (1.65
Discontinued operations
  
 
  
 
    16.98       1.34  
  
 
 
   
 
 
   
 
 
 
Total
  
$
(6.75
  $ 11.93     $ (0.31
  
 
 
   
 
 
   
 
 
 
See notes to consolidated financial statements.
 
16

UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Millions)
 
Year ended December 31,
  
2021
    2020     2019  
Consolidated net loss from continuing operations
  
$
(449.8
  $ (317.2   $ (88.3
Income from discontinued operations, net of tax
  
 
  
 
    1,068.4       75.0  
  
 
 
   
 
 
   
 
 
 
Total
  
 
(449.8
    751.2       (13.3
  
 
 
   
 
 
   
 
 
 
Other comprehensive income (loss)
      
Foreign currency translation
  
 
(40.5
    49.3       24.4  
Postretirement adjustments, net of tax of $64.5 in 2021, $(9.2) in 2020 and $(11.3) in 2019
  
 
721.8
 
    106.9       (38.9
  
 
 
   
 
 
   
 
 
 
Total other comprehensive income (loss)
  
 
681.3
 
    156.2       (14.5
  
 
 
   
 
 
   
 
 
 
Comprehensive income (loss)
  
 
231.5
 
    907.4       (27.8
Comprehensive income (loss) attributable to noncontrolling interests
  
 
4.6
 
    7.6       (6.8
  
 
 
   
 
 
   
 
 
 
Comprehensive income (loss) attributable to Unisys Corporation
  
$
226.9
 
  $ 899.8     $ (21.0
  
 
 
   
 
 
   
 
 
 
See notes to consolidated financial statements.
 
17

UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions)
 
As of December 31,
  
2021
    2020  
Assets
    
Current assets
    
Cash and cash equivalents
  
$
552.9
 
  $ 898.5  
Accounts receivable, net
  
 
451.7
 
    460.5  
Contract assets
  
 
42.0
 
    44.3  
Inventories
  
 
7.6
 
    13.4  
Prepaid expenses and other current assets
  
 
78.8
 
    89.3  
  
 
 
   
 
 
 
Total current assets
  
 
1,133.0
 
    1,506.0  
  
 
 
   
 
 
 
Properties
  
 
468.0
 
    727.0  
Less – Accumulated depreciation and amortization
  
 
381.5
 
    616.5  
  
 
 
   
 
 
 
Properties, net
  
 
86.5
 
    110.5  
  
 
 
   
 
 
 
Outsourcing assets, net
  
 
124.6
 
    173.9  
Marketable software, net
  
 
176.2
 
    193.6  
Operating lease
right-of-use
assets
  
 
62.7
 
    79.3  
Prepaid postretirement assets
  
 
159.7
 
    187.5  
Deferred income taxes
  
 
125.3
 
    136.2  
Goodwill
  
 
315.0
 
    108.6  
Intangible assets, net
  
 
34.9
 
        
Restricted cash
  
 
7.7
 
    8.2  
Assets
held-for-sale
  
 
20.0
 
        
Other long-term assets
  
 
173.9
 
    204.1  
  
 
 
   
 
 
 
Total assets
  
$
2,419.5
 
  $ 2,707.9  
  
 
 
   
 
 
 
Liabilities and deficit
    
Current liabilities:
    
Current maturities of long-term debt
  
$
18.2
 
  $ 102.8  
Accounts payable
  
 
180.2
 
    223.2  
Deferred revenue
  
 
253.2
 
    257.1  
Other accrued liabilities
  
 
300.9
 
    352.0  
  
 
 
   
 
 
 
Total current liabilities
  
 
752.5
 
    935.1  
  
 
 
   
 
 
 
Long-term debt
  
 
511.2
 
    527.1  
Long-term postretirement liabilities
  
 
976.2
 
    1,286.1  
Long-term deferred revenue
  
 
150.7
 
    137.9  
Long-term operating lease liabilities
  
 
46.1
 
    62.4  
Other long-term liabilities
  
 
47.2
 
    71.4  
Commitments and contingencies (see Note 19)
    
Deficit:
    
Common stock, par value $.01 per share (150.0 shares authorized; shares issued: 2021, 72.5 and 2020, 66.8)
  
 
0.7
 
    0.7  
Accumulated deficit
  
 
(1,409.0
    (960.5
Treasury stock, shares at cost: 2021, 5.3 and 2020, 3.8
  
 
(152.2
    (114.4
Paid-in
capital
  
 
4,710.9
 
    4,656.9  
Accumulated other comprehensive loss
  
 
(3,264.1
    (3,939.5
  
 
 
   
 
 
 
Total Unisys Corporation stockholders’ deficit
  
 
(113.7
    (356.8
Noncontrolling interests
  
 
49.3
 
    44.7  
  
 
 
   
 
 
 
Total deficit
  
 
(64.4
    (312.1
  
 
 
   
 
 
 
Total liabilities and deficit
  
$
2,419.5
 
  $ 2,707.9  
  
 
 
   
 
 
 
See notes to consolidated financial statements.
 
18

UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions)
 
Year ended December 31,
  
2021
    2020     2019  
Cash flows from operating activities
      
Consolidated net loss from continuing operations
  
$
(449.8
  $ (317.2   $ (88.3
Income from discontinued operations, net of tax
  
 
  
 
    1,068.4       75.0  
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used for) operating activities:
      
Gain on sale of U.S. Federal business
  
 
  
 
    (1,060.0         
Foreign currency losses
  
 
2.6
 
    36.2       11.0  
Non-cash
interest expense
  
 
1.8
 
    4.6       9.2  
Debt extinguishment charge
  
 
  
 
    28.5       20.1  
Employee stock compensation
  
 
18.8
 
    14.5       13.2  
Depreciation and amortization of properties
  
 
30.5
 
    29.7       35.3  
Depreciation and amortization of outsourcing assets
  
 
68.0
 
    65.8       63.8  
Amortization of marketable software
  
 
71.9
 
    65.5       48.3  
Amortization of intangible assets
  
 
3.0
 
                 
Other
non-cash
operating activities
  
 
(0.6
    (0.3     (1.6
Loss on disposal of capital assets
  
 
2.2
 
    4.5       1.5  
Postretirement contributions
  
 
(56.4
    (832.2     (109.4
Postretirement expense
  
 
552.0
 
    239.2       96.6  
Deferred income taxes, net
  
 
(59.2
    (13.4     4.4  
Changes in operating assets and liabilities, excluding the effect of acquisitions:
      
Receivables, net and contract assets
    
47.4
      (74.8     (8.3
Inventories
  
 
6.0
 
    3.0       6.1  
Other assets
  
 
8.0
 
    5.9       9.9  
Accounts payable and current liabilities
    
(149.4
)
 
    3.4       (114.4
Other liabilities
    
35.7
      47.5       51.5  
  
 
 
   
 
 
   
 
 
 
Net cash provided by (used for) operating activities
  
 
132.5
 
    (681.2     123.9  
  
 
 
   
 
 
   
 
 
 
Cash flows from investing activities
      
Purchases of businesses, net of cash acquired
  
 
(239.3
                 
Net proceeds from sale of U.S. Federal business
  
 
  
 
    1,162.9           
Proceeds from investments
  
 
4,148.2
 
    3,388.5       3,568.9  
Purchases of investments
  
 
(4,168.1
    (3,379.2     (3,566.1
Capital additions of properties
  
 
(27.3
    (27.7     (38.0
Capital additions of outsourcing assets
  
 
(18.5
    (30.1     (48.8
Investment in marketable software
  
 
(54.4
    (72.3     (73.0
Net proceeds from sale of properties
  
 
  
 
             (0.3
Other
  
 
(0.9
    (0.5     (0.9
  
 
 
   
 
 
   
 
 
 
Net cash (used for) provided by investing activities
  
 
(360.3
    1,041.6       (158.2
  
 
 
   
 
 
   
 
 
 
Cash flows from financing activities
      
Proceeds from issuance of long-term debt
  
 
1.5
 
    497.3       30.5  
Payments of long-term debt
  
 
(103.1
    (454.8     (14.4
Cash paid for debt extinguishment
  
 
  
 
    (23.7     (56.7
Issuance costs relating to long-term debt
  
 
  
 
    (7.9         
Proceeds from exercise of stock options
  
 
4.5
 
                 
Proceeds from capped call transactions
  
 
  
 
             7.2  
Other
  
 
(8.4
    (5.8     (4.6
  
 
 
   
 
 
   
 
 
 
Net cash (used for) provided by financing activities
  
 
(105.5
    5.1       (38.0
  
 
 
   
 
 
   
 
 
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
  
 
(12.8
    (10.6         
  
 
 
   
 
 
   
 
 
 
(Decrease) increase in cash, cash equivalents and restricted cash
  
 
(346.1
    354.9       (72.3
Cash, cash equivalents and restricted cash, beginning of year
  
 
906.7
 
    551.8       624.1  
  
 
 
   
 
 
   
 
 
 
Cash, cash equivalents and restricted cash, end of year
  
$
560.6
 
  $ 906.7     $ 551.8  
  
 
 
   
 
 
   
 
 
 
See notes to consolidated financial statements.
 
19

UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF DEFICIT
(Millions)
 
          
Unisys Corporation
       
     Total     Total
Unisys
Corporation
    Common
Stock Par
Value
     Accumu-
lated
Deficit
    Treasury
Stock At
Cost
   
Paid-in

Capital
     Accumu-
lated Other
Compre-
hensive
Loss
   
Non-

controlling
Interests
 
Balance at December 31, 2018
   $ (1,299.6   $ (1,343.5   $ 0.5      $ (1,694.0   $ (105.0   $ 4,539.8      $ (4,084.8   $ 43.9  
Consolidated net income (loss)
     (13.3     (17.2        (17.2            3.9  
Stock-based activity
     8.0       8.0       0.1          (4.6     12.5       
Debt exchange
     83.9       83.9       0.1            83.8       
Capped call on debt exchange
     7.2       7.2              7.2       
Translation adjustments
     24.4       23.8                 23.8       0.6  
Postretirement plans
     (38.9     (27.6               (27.6     (11.3
  
 
 
   
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
Balance at December 31, 2019
   $ (1,228.3   $ (1,265.4   $ 0.7      $ (1,711.2   $ (109.6   $ 4,643.3      $ (4,088.6   $ 37.1  
Consolidated net income
     751.2       750.7          750.7              0.5  
Stock-based activity
     8.8       8.8            (4.8     13.6       
Translation adjustments
     49.3       46.3                 46.3       3.0  
Postretirement plans
     106.9       102.8                 102.8       4.1  
  
 
 
   
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
Balance at December 31, 2020
   $ (312.1   $ (356.8   $ 0.7      $ (960.5   $ (114.4   $ 4,656.9      $ (3,939.5   $ 44.7  
Consolidated net loss
  
 
(449.8
 
 
(448.5
    
 
(448.5
        
 
(1.3
Capped call on conversion of debt
  
 
  
 
 
 
  
 
      
 
(30.8
 
 
30.8
 
    
Stock-based activity
  
 
16.2
 
 
 
16.2
 
      
 
(7.0
 
 
23.2
 
    
Translation adjustments
  
 
(40.5
 
 
(39.6
           
 
(39.6
 
 
(0.9
Postretirement plans
  
 
721.8
 
 
 
715.0
 
           
 
715.0
 
 
 
6.8
 
  
 
 
   
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
Balance at December 31, 2021
  
$
(64.4
 
$
(113.7
 
$
0.7
 
  
$
(1,409.0
 
$
(