Company: UIS
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000746838-25-000020
Chunk: 3

Company: UNISYS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 3
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 expense for the three months ended June 30, 2025 and 2024 was $6.1 million and $4.9 million, respectively. 

For the three months ended June 30, 2025, the company reported an operating profit of $30.3 million compared with an operating profit of $23.6 million in the three months ended June 30, 2024. The increase was primarily driven by reduction in selling, general and administrative expense, as discussed above.

Interest expense for the three months ended June 30, 2025 and 2024 was $8.2 million and $7.9 million, respectively. 

Other (expense), net was expense of $22.1 million for the three months ended June 30, 2025 compared with expense of $9.4 million for the three months ended June 30, 2024. Other (expense), net for the three months ended June 30, 2025 included a loss on debt extinguishment of $6.8 million related to the repurchase, satisfaction and discharge of the 2027 Notes. See Note 5 of the Notes to Consolidated Financial Statements for details of other (expense), net.

The company had no income or loss before income taxes for the three months ended June 30, 2025 due to the factors discussed above. For the three months ended June 30, 2024, income before income taxes was $6.3 million.

The provision for income taxes was $20.0 million for the three months ended June 30, 2025 compared with a provision of $18.8 million for the three months ended June 30, 2024. The change in the tax provision was primarily driven by the geographic distribution of income. The effective tax rate for the three months ended June 30, 2025 is not a meaningful measure due to the lack of pre-tax income or loss. The effective tax rate for the three months ended June 30, 2024 was 298.4% primarily driven by U.S. operating losses with no tax benefit as the deferred tax assets are subject to a full valuation allowance, non-creditable withholding taxes in the U.S. and jurisdictions with no valuation allowance that are subject to tax.

The company evaluates quarterly the realizability of its deferred tax assets by assessing its valuation allowance and by adjusting such amount, if necessary. The company records a tax provision or benefit for those international subsidiaries that do not have a full valuation allowance