Company: UIS
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021581
Chunk: 7

Company: UNISYS CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 7
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, or considered in isolation from, measures in accordance with generally accepted accounting principles in the United States of America.

Financial condition

The company’s principal sources of liquidity are cash on hand, cash from operations and its revolving credit facility, discussed below. The company and certain international subsidiaries have access to uncommitted lines of credit from various banks. The company believes that it will have adequate sources of liquidity to meet its expected cash requirements for at least the next twelve months.

Cash and cash equivalents at March 31, 2025 were $393.1 million compared to $376.5 million at December 31, 2024.  

As of March 31, 2025, $271.2 million of cash and cash equivalents were held by the company’s foreign subsidiaries and branches operating outside of the U.S. The company may not be able to readily transfer approximately one-fifth of these funds out of the country in which they are located as a result of local restrictions, contractual or other legal arrangements or 

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commercial considerations. Additionally, any transfers of these funds to the U.S. in the future may require the company to accrue or pay withholding or other taxes on a portion of the amount transferred. At March 31, 2025, the company maintained cash balances in various operating accounts in excess of federally insured limits. The company monitors this risk by evaluating the creditworthiness of the financial institutions.

During the three months ended March 31, 2025, cash provided by operations was $33.3 million compared to cash provided of $23.8 million during the three months ended March 31, 2024, primarily driven by working capital improvement.

Cash used for investing activities during the three months ended March 31, 2025 was $20.3 million compared to cash usage of $18.8 million during the three months ended March 31, 2024. Net purchases of foreign exchange forward contracts were $0.1 million for the three months ended March 31, 2025 compared with net proceeds of $1.2 million in the prior-year period. Proceeds from foreign exchange forward contracts and purchases of foreign exchange forward contracts represent derivative financial instruments used to reduce the company’s currency exposure to market risks from changes in foreign currency exchange rates. In the current period, the investment in marketable software was $11.2 million compared with $13.2 million in the prior-year period, capital additions of properties and other assets were $8.9 million compared with $6.7 million