Unisys Chief Financial Officer Michael Thomson Receives Philadelphia Business Journal "2020 CFO of the Year" Award

Rhea-AI Summary

Unisys Corporation (NYSE: UIS) announced that Michael M. Thomson, its CFO, has been honored with the '2020 CFO of the Year' award by the Philadelphia Business Journal. Thomson has been pivotal in leading Unisys's Global Finance organization since April 2019, achieving significant financial growth, including a 6.1% increase in non-GAAP adjusted revenue for 2019. Additionally, he successfully managed the sale of Unisys' U.S. Federal business to SAIC, enhancing the company's capital structure by reducing net debt by over $1 billion and addressing $600 million in pension contributions.

Positive

• Michael M. Thomson awarded '2020 CFO of the Year' by Philadelphia Business Journal.
• Non-GAAP adjusted revenue increased 6.1% year-over-year in 2019, marking the highest growth since 1998.
• Successfully sold U.S. Federal business to SAIC for $1.2 billion, significantly improving capital structure.
• Reduced net debt by more than $1 billion from the transaction.

Negative

• None.

BLUE BELL, Pa., July 30, 2020 /PRNewswire/ -- Unisys Corporation (NYSE: UIS) today announced that the Philadelphia Business Journal has honored Michael M. Thomson, Unisys senior vice president and Chief Financial Officer, with a "2020 CFO of the Year" award.

Thomson and other winners will receive formal recognition at a virtual award ceremony today.

The award recognizes the success Thomson has achieved in leading Unisys Global Finance organization since assuming the role of CFO on an acting basis in April 2019, with confirmation as permanent CFO the following September. He joined Unisys as corporate controller and principal accounting officer in December 2015.

His leadership helped Unisys accelerate its ongoing financial momentum in 2019. The company's full-year 2019 non-GAAP adjusted revenue grew 6.1% year-over-year, representing a second consecutive year of growth and the highest annual growth since 1998. Total company adjusted free cash flow nearly doubled year-over-year as the company achieved guidance ranges on all its guided financial metrics for the year.

Thomson was also instrumental in leading the successful effort ‒ announced in February 2020 and closed the following month ‒ to sell Unisys' U.S. Federal business to SAIC, a premier technology integrator serving the defense, space, federal civilian and intelligence markets. The transaction significantly improved Unisys' capital structure and financial flexibility, which in turn has created additional operating flexibility. Unisys used the proceeds from the $1.2 billion transaction to reduce net debt by more than $1 billion and address approximately $600 million worth of required U.S. pension contributions.

"Throughout his tenure at Unisys, and even more so as CFO, Mike has played a major role in strengthening the company's financial position and advancing our business objectives," said Unisys Chairman and CEO Peter A. Altabef. "He deserves this prestigious recognition."

About Unisys

Unisys is a global information technology company that builds high-performance, security-centric solutions for the most demanding businesses and governments. Unisys offerings include security software and services; digital transformation and workplace services; industry applications and services; and innovative software operating environments for high-intensity enterprise computing. For more information on how Unisys builds better outcomes securely for its clients across the government, financial services and commercial markets, visit www.unisys.com.

Follow Unisys on Twitter and LinkedIn.

RELEASE NO.: 0730/9779

Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.

UIS-C

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SOURCE Unisys Corporation

FAQ

Who won the '2020 CFO of the Year' award?

Michael M. Thomson, CFO of Unisys Corporation, received the '2020 CFO of the Year' award from the Philadelphia Business Journal.

What financial achievements did Unisys report in 2019?

Unisys reported a 6.1% increase in non-GAAP adjusted revenue for 2019, the highest annual growth since 1998.

How did the sale of Unisys' U.S. Federal business affect the company?

The sale of Unisys' U.S. Federal business to SAIC improved the company's capital structure by reducing net debt by over $1 billion and addressing $600 million in pension contributions.

When was Michael M. Thomson confirmed as CFO of Unisys?

Michael M. Thomson was confirmed as the permanent CFO of Unisys in September 2019 after serving in an acting capacity since April 2019.