Unisys Q1 revenue down 5.5% YoY; Ex-L&S up 4%; New Logo TCV doubles

UNISYS CORP

2024-Q1 EPS reported -$2.18 revenue$487,800,000

Revenue $487.8M, down 5.5% YoY; Ex-L&S revenue $394.6M, up 4.0% YoY (3.0% constant currency).
GAAP net loss $149.5M includes $132.3M non-cash pension settlement loss; non-GAAP net income $2.7M.
New Logo Total Contract Value more than doubled YoY; full-year guidance reaffirmed: constant currency revenue growth -1.5% to 1.5%.
Segment: DWS +1.0%, CA&I +2.4%, ECS -21.9% (driven by software license timing).
Free cash flow improved to $3.9M (vs. -$7.5M in 1Q23); cash $382.8M.

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