Unisys Revises Estimate Of One-Time, Non-Cash, Pre-Tax Settlement Charge Of ~$244M Related To Previously Announced Purchase Of Group Annuity Contracts

12/14/23 4:31:44 PM ET

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Unisys (NYSE:UIS) announced in a previous statement released on November 27, 2023, annuity purchase agreements to transfer a portion of its U.S. pension obligations. In the release, the company anticipated the action would result in a one-time, non-cash, pre-tax settlement charge of approximately $244 million. The company is revising that estimate to approximately $179 million. The settlement charge will be finalized and communicated as part of the company's year-end 2023 financial results.

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Recent Analyst Ratings for
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Date	Price Target	Rating	Analyst
2/24/2023		Buy → Hold	Maxim Group
11/9/2022		Market Outperform → Market Perform	CJS Securities
11/9/2022	$20.00 → $5.00	Buy → Hold	Canaccord Genuity
9/15/2021	$35.00	Buy	Maxim Group
8/4/2021		Hold → Buy	Canaccord Genuity

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Unisys Continues Strong New Business(6) Signings and Raises Profitability Guidance Revenue growth of 7.0% year over year (YoY), an 8.2% increase in constant currency(1) Gross profit margin of 29.2%, up 870 bps YoY; Excluding License and Support (Ex-L&S)(15) gross profit margin of 17.9%, up 390 bps YoYOperating profit margin of 1.5 %, up 520 bps YoY; non-GAAP operating profit(8) margin of 9.9 %, up 980 bps YoYCash provided by operations of $32.0 million, compared to cash used for operations of $(4.1) million for the third quarter of 2023 (3Q23), and free cash flow(11) of $14.2 million compared to $(25.7) million for 3Q23New Business Total Contract Value (TCV)(4) increased 50% YoY driven by m
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Unisys Transfers $200M of its US Defined Benefit Pension Obligations to F&G Through the Purchase of Group Annuity Contracts
Unisys (NYSE:UIS) today announced it closed agreements with F&G Annuities & Life, Inc. ("F&G") on March 28th to purchase group annuity contracts totaling almost $200 million using plan assets. Unisys will transfer projected benefit obligations valued at a similar amount related to certain retirees under one of the company's U.S. qualified pension plans to F&G. As part of the transfer, F&G's insurance subsidiaries, Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, will assume responsibility for pension benefits for approximately 3,800 retirees and beneficiaries with monthly benefits lower than certain thresholds. There will be no changes
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Unisys Revises Estimate Of One-Time, Non-Cash, Pre-Tax Settlement Charge Of ~$244M Related To Previously Announced Purchase Of Group Annuity Contracts

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$UIS SEC Filings

SEC Form 10-Q filed by Unisys Corporation New

Unisys Corporation New filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits

Unisys Corporation New filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

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Amendment: SEC Form SC 13G/A filed by Unisys Corporation New

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SVP, GC, Secretary & CAO Prohl Kristen converted options into 3,632 shares and covered exercise/tax liability with 3,420 shares, increasing direct ownership by 0.23% to 92,118 units (SEC Form 4)

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