Ladies and gentlemen, please welcome the Vice President of Investor Relations, your host, Ms. Michaela Pewarski. Welcome. Thank you for joining us, at our Unisys 2023 Investor Day. We are all so excited to share, the content we have prepared today. This is the third day of three days of getting our executives, together to talk about our innovation, market opportunities, differentiation, how we're, you know, helping clients unlock value with data analytics and AI. Yesterday, we spent some time with the analysts and advisors who, you know, advise our clients on solutions providers. We were joined by some of our clients, including, global executives from Dell, Unilever, Elekta, and Integer, which is one of our, newer clients, in the mid-market. The energy and excitement, was just palpable, so I'm really excited, to share that with you today. Let me just quickly walk through the structure of today. First, you'll hear from our CEO, Peter Altabef. Peter will talk about the vision, the market backdrop, and some of our financial objectives. He'll pass it off to Mike, our President and COO, who's gonna talk you through our strategy for growth and gross margin improvement. After that, you'll hear from some of the general managers of our business units. First will be Manju from Cloud Applications and Infrastructure Solutions. Joel and Alan will speak about Digital Workplace Solutions. We'll have a quick break. When we come back from break, you'll hear from Chris on Enterprise Computing Solutions, Christine Wenzel and Lisa Madion on our go-to-market. Deb will wrap up the presentations with a financial discussion. I would just say that our business leaders who are here and gonna be talking to you today, will be focusing a lot on our next-gen solutions. Chris, who is the managing director of ECS, he'll also be talking about next-gen solutions, but we'll spend some time on what we call LNS as well. All Q&A is gonna happen at the end, please hold your questions. If you prefer to put your questions in through the chat, which those who are joining us virtually can utilize as well, there's a QR code on the tables in front of you where you can access the chat portal. Before we begin, and I pass it off to Peter, I'll just quickly touch on our safe harbors, bear with me while I read this. Today's event contains estimates and other forward-looking statements within the meaning of the securities laws. Please note, current expectations, assumptions and beliefs forming the basis of our forward-looking statements include factors beyond our ability to control or estimate with precision. This could cause results to materially differ from our expectations. These items can also be found in the presentation materials in Form 8-K that we filed this morning, as well as our most recent 10-K and 10-Q SEC filings. By including this statement, we do not assume any obligation to review or revise any of the forward-looking statements referenced today in light of future events. We'll also be referencing non-GAAP financial metrics, which we believe provide a more complete understanding of our financial performance. These are not intended to be a substitute for GAAP, as you know, and reconciliations are in the back of the presentation on the website, and also can be accessed through the portal that you can get to through the QR code. There's also a presentation speaker bios on that platform as well. That's it for logistics. I'm gonna pass it off to Peter. Okay. Thanks, everybody. Thank you for being here in person and also via the web. One of the discussions we're going to have, which you will see, is Joel Raper and Alan Shen will talk about Digital Workplace. We're very proud of our Digital Workplace team. We're one of the few companies that has actually a dedicated, separate Digital Workplace organization and a Digital Workplace P&L. You're going to see all of that, and we do great work there. It doesn't make us smarter about everything. One of the Digital Workplace things, obviously is, you know, hybrid workspace, remote workspace, in person, and everybody here knows that's, like, changing weekly, right? Everybody's saying, "Come to work. Don't come to work." People have all different views. We thought that yesterday, when we had the industry version of this conference, we would have most of the attendees remote, and some of them would actually come to New York to do it in person. The reality is, the vast majority came in person, and we had some remote. Today, it's the reverse. I want to thank each of you who attended in person as an investor. We actually have many more investors on the web than we have in person, which just goes to show you, if anybody tells you they really understand, they don't really understand. At least we don't. I do wanna spend a few minutes giving you at least our point of view, if not understanding, about the market and how we fit into the market and where we think that market is going. First of all, couple of quick takeaways from this slide. It's a big market. The market that we're in, talking about solutions, and we manage solutions, we provide solutions, is about $1 trillion right now, with a T. That is expected to grow about 11% over the next three years, which way outstrips growth in most other markets, and certainly more than the economies in general. The big takeaway here, it's a big market and it's growing. What's behind it? What are the tailwinds that are really pushing that market? Well, people are people, and they understand when they read the newspaper virtually or in person, mostly virtually, what the big items of the day are. There are some big items that don't affect business, but the big items of the day that affect business basically come down to three categories, and we read it every single day, right? What are those three categories? Well, one of those categories is what people refer to now as artificial intelligence and specifically, generative artificial intelligence. It's a big deal because it is a big deal. It's new. Generative AI has been around really in that way only for the past six months, although it has been in development since 2017, kinda sorta, but it hasn't really been unleashed. Artificial intelligence has been around for at least 10 years, and the firms that have done a lot of work on that have a big leg up in thinking about how to use generative artificial intelligence. You'll hear from some of our folks, we have been active in the artificial intelligence space for at least 12 years. But the generative space is actually quite interesting, and every one of our speakers will touch it, okay? I'm not gonna get into too much detail right now, other than to say, it's one of the big three things you see all the time. What are the other two? Well, the second is cybersecurity. Whether it is nation-states, whether it is ransomware attacks, whether it is critical infrastructure under siege, cybersecurity is, frankly, and will remain a very big deal. Unisys is, I would say, extraordinarily well-positioned to protect our clients because of the way we have approached cybersecurity in our offerings. We have been talking, at least for the past seven years, about building cybersecurity into each of our offerings. It's a very important part of what we do. We do some cybersecurity consulting as well, but the majority of our cybersecurity work is actually built into all of our offerings. That's the second thing you hear about all the time. What is the third thing you hear about all the time? I already talked about it. It's the workplace. It's are we gonna ask people to come in no days, two days, three days, five days? How does that affect the way people work? How does that affect efficiency? There you will hear from Joel and Alan. Again, we have had a dedicated team on this now for seven years, that is really focused on all of the aspects of how companies interact with their employees. We call the people who work at our company associates. People have different terms for it, but they're the employees of the company. We know that space very well. Notice that predates COVID, so how you interact with your employees isn't based off COVID. It's not even based off whether you're remote or working at the office, because most of our clients are international companies, so they're, by definition, working with people in other locations. I think you'll be really interested in our approach to that space. Three big tailwinds in a big market. What we've done here on the side is just talk about some of the spaces that we play, some of the markets that are accessible to us. You can see pretty dramatic growth rates. As you hear us today, we're not gonna take those growth rates. We're not assuming that. That doesn't mean that we don't wanna fully participate, but we wanna make sure in giving you a view of the market, we're being careful. I hope that you will see that over the course of the day. Okay. This is a bit of an old-fashioned slide, actually. This is one of those word slides that we're all used to seeing because they show, like, how often words show up. In a generative AI world, their... The technology has advanced pretty far beyond this, but it's still relevant. What about this really affects the way we think about the business? You will hear today from Chris and from Lisa, our changing go-to-market. Our go-to-market is evolving, and it is important because we want to make sure our existing clients are not only happy, but we grow with them, and we want to attract new clients. The biggest takeaway, actually two of them from this, is, number one, the role of the Chief Information Officer. The Chief Information Officer used to be, for most of the clients, most of our companies, a key client, still is. That Chief Information Officer is almost a coordinator now. You'll see the Chief Information Security Officer, who doesn't always report to the CIO. You'll see the head of HR... You'll see the head of sales. You'll see the chief financial officer. You'll see the chief executive officers. We now have interplay with each of these, because part of our value proposition is not only to cut costs, but is to increase the revenue and profitability of our company. That isn't to say the chief information officers is not an important role. I'll get to one of the reasons they're important in a second, but it's not the only person. As we have changed our go-to-market, we have really broadened the people that we interact with in terms of the way we approach our clients. What has been really interesting about the chief information officer and about our industry in general, is it went through kind of a dip a few years ago. It went through a bit of a dip, at least in investor interest, when people began to think: Do I really need solution developers? Do I need solution integrators? Do I need people in our space? Can't companies just do it themselves? Because the original value proposition for our industry was better, faster, cheaper. People realized, well, if I can spool up, you know, a virtual, you know, AWS server myself, what do I need these folks for? If I can, you know, contract with Salesforce, you know, by pulling out my credit card and just getting a Salesforce implementation, because I'm a really good salesperson and I want to keep track of stuff, what do I need these people for? Our prime clients, the CIOs, were kind of under siege as well, because it was like they were losing control of their environments. That is, to some extent, less true now, and companies like ours are more, if you will, in demand than we used to be, because CIOs are seen a little differently. What do I mean by that? Yes, it's true anybody can spool up a virtual server on AWS, and it's true, you can start doing that. You can connect it to your phone or your computer, which connects it to your work network, and all of a sudden, you've created a cybersecurity nightmare for your company, right? If you don't put the protections in, you have created a window into your company. The first few times that started to happen, everybody said, "We can't allow that." Similarly, on Salesforce, yes, you can spool it up, but CIOs kind of figured out, well, whether it's Salesforce or ServiceNow, there's real value here. Why don't we bring that into the corporate world and do it better, cheaper? I can get better prices if I license it, you know, at an enterprise level. Slowly, those the CIO departments began, whether it's because of cybersecurity or economics, to kinda take back a little bit of the portfolio. All of a sudden, new stuff happened, right? You had AI, you had more cybersecurity issues, and it got more complicated, right? The world is a much more complicated place than it used to be. There are very few individuals, and in fact, there are very few companies, that feel confident they can deal with generative AI or AI or advanced data analytics or large language models themselves, right? They are looking for expert help. They're looking for organizations to help them. Same is true of cybersecurity. Our business, if you will, that industry with $1 trillion of revenue, is actually having a moment because everybody is kind of realizing that life is more complicated than it was a few years ago. The other part of the moment, you'll hear about this a little bit, is interesting because it kind of... It's more of a talent search. Even though we have gone from last year, where there were 600,000 empty cybersecurity jobs in the U.S. to there's probably fewer of those now because the demand has subsided a little bit, there is still a talent search for the people who are most in demand. You could work for a company like ours, where you'll have multiple clients, and where you'll be part of a bigger team, and where you'll have a career. We actually think that in terms of recruiting, we do recruiting of this kind of talent for a business. It's what we do. We think we have access to more people and more availability than a typical client does, and so do the clients. That means that even just getting talent becomes a real advantage for companies in our industry. That's a good thing. Let's talk for a minute about what we have achieved in the last couple of years. The first thing we did was we started with our solutions. We looked at every single solution we have. We looked at every business unit. We looked at the company as a whole. We said, "Okay, let's do an analysis of which things are gonna propel us in the future and which things are kinda like treading water." We kinda came up into three categories. One category that you will see is license and support. Well, it's certainly not treading water. It's a very big part of what we do. It is inherently lumpy depending on different cycles there. We put that aside. We spent a lot of money on it. It's very important. You'll hear Chris Arrasmith talk about it. We talked about the rest of the company, and we kind of divided into what Mic haela has already talked about, what we call next-generation solutions and what we call traditional business. Traditional business is good business. It's getting better, it's getting more profitable, but it's not the growth engine. The growth engine for the company is what we call next-generation business. You will see us, over the course of the next several hours, really focus on that next-generation business. What we did with each of those is we did a build by partner analysis. What did we think that we needed to really fully compete or be better? Did we think we could grow it organically? Did we think we needed to buy it, or did we think we needed to partner? We took a pretty honest view of ourselves, I think, and we decided that there were some areas we came up short. We came up some areas short in our Cloud, Applications & Infrastructure business. We came up short in our Digital Workplace Solutions business. We looked hard at over 200, 225 companies, and we bought several of them over the last couple of years. The interesting thing about us is we bought those companies, and we brought those people in, not because we needed the revenue, but because we needed their talent, we needed their capabilities, we needed their attitude. We have worked really hard to make sure that that attitude that we acquired hasn't left us. You're gonna see today, after Mike speaks, three segments, and you're gonna see the leaders of those three segments speak. When you see those three segment leaders, keep in mind, two of those segment leaders came from those three acquisitions. You know, we're not just bringing in people as part of acquisitions, we're making them the leaders of our company. That's a really good way to entice people to join us, but it also is really important in terms of the way we wanna, we wanna move the company forward. I talked about acquisitions. We will hear from Chris and from Lisa a bit the way we're approaching our go-to-market. The two takeaways for me, not to give away what they're about to say, I've already covered one of them. We're really approaching clients differently, we're also approaching partners differently, and you'll hear about that from them. Finally, transform the brand. Teresa Poggenpohl is here and can answer questions for you if you have them about that question. About a year and a half before our November launch, Teresa had joined the company and really started to work with her team to create a new brand. You can see that everywhere as you're meeting our team. It's in our visuals, it's in our themes. It's really important to us. We launched it in November. Since November, you know, you could take a lot of different measurements. The one I like is, you know, how many clients and prospects visit our website? 'Cause our website is a window into research about the company. It's a window into our solutions. Since the launch in November, the number of clients or prospects visiting our website on a monthly basis has increased four times. It's 400% what it was before. That's pretty cool. You will see this slide later. Deb is gonna cover this slide, so I will only speak to it pretty quickly. I do think you will find us in a large market. I've already talked about our next gen solutions. I wanna spend a minute about highly recurring revenue and about our quality client base. There are people out there in the investor world who think that we're in a more bullish state. There are some who think we're in a more bearish state. Most of what I've talked about today has been addressing the bullish market. Let's talk about the bearish market, okay? In the bearish market, whether those people believe we're in a recession or we're in a quiet recession, we're close to a recession, there are people out there who feel very cautious about not only our market, but all of the markets. Well, how do they think about our company if they're at that mindset? Yes, they love the next generation stuff, but, you know, things are not quite settled out there in the world. 82% of our revenue, 82%, comes from recurring contracts or recurring streams of revenue, and only 18% is what we call project work. That's a high percentage. If we look at our top 50 clients, which includes some clients that are two years or three years or four years old, right? Some new clients, but if we look at an average of our top 50 clients, we have an average tenure with those top 50 clients of more than 20 years. We are a company that lands and stays, and we really develop very, very deep relationships with those clients. Whether you have a bull attitude or a bear attitude, we think we're an interesting company for you. The last item, and Deb will really cover this among our speakers, although Mike will do it just a little bit, we'll talk about our strong financial management. Numbers go, numbers come, profitability comes and goes, different solutions come and go. We'll get into the exact numbers, as you hear the day, but that's not the point I wanna make with you. The point I wanna make with you is that word management. We manage it hard. We look at cash flow hard. We look at expected contributions to things like pensions hard. We look at our costs hard. We look at SG&A hard. We make adjustments, we make changes, but we actively manage these things. It's not an afterthought here, okay. My last slide. What are the things that you will hear about over the next several hours? You'll hear about our long-term targets. Michaela's already spoken to that. You'll hear about our growth strategy, where we intend to take the company. You'll hear about quite a few client examples. The things you will hear us talk about, we're doing today, and so we wanna make sure you get client examples about what we're actually doing. We'll provide you those. You'll hear about efficiencies. You'll hear about that cost management. You'll hear about the license and support, because even though we talk about license and support, it doesn't mean the license and support is unimportant, it's just lumpy. Finally, among our different cost elements, you'll hear about the pension and how we're managing that. We think it's a full day. As I said, you'll hear from Mike, you'll hear from Deb and Michaela and I, you hear from us frequently. We're really gonna highlight today, and most of the time today is gonna be members of the executive team that you don't see all the time, that you don't hear about all the time. They're critically important to the company that you're investing in, we think giving you some insight into who they are and how they're approaching our business is really important. That said, I'm actually gonna let Mike come up. If you will join me, Mike. Mike Thomson is our President and Chief Operating Officer. He's gonna go a lot deeper into our strategy. Thank you, Peter. Thank you. Thank you all for coming. Welcome. It's great to actually see many of you in person. I feel like I've been talking to a one-inch square with most of you for several years now, so it's great to have the opportunity to talk to you today. Look, my job for today's session is really about setting up the session for the rest of my colleagues. I think it's really important that they bring to life for you what we do on a regular basis and really illustrate our next-gen solutions. That's what I'm gonna attempt to do, is really get you set up so that we can have that conversation. I thought before we get into the specifics there, though, just to kinda ground you all in some of the statistics about our company, and level set, I thought it'd be a good slide here just to have some of that dialogue. You can see the number of associates that we have in the company. You get a view into, the number of geographies that we cover. You know, takeaway here is that we've got global reach for sure. The thing that's not on the slide that I think is a, is an important element for us to really talk about is, we've been doing business in this space, or in general, for about 150 years. When you get a warranty from Unisys, it actually means something, right? We're here for the long haul. Peter mentioned briefly the level of intimacy that we have with our clients. You're gonna hear that a lot today as well. I think that's an important part of the story. We're small enough company to be nimble, but we're large enough to service the largest companies in the world, state and local governments. We talk about foreign governments and public sectors, so we have a pretty deep experience around the world and in many verticals. $2 billion in revenue, just about, NPS scores that are little over 20 points higher than the industry averages. You see our renewal rate here. We've talked about that. Peter talked a little bit about the amount of recurring revenue that comes out of that renewal rate, and we're pretty proud of that. You can see, you know, the types of institutions that we support on a regular basis. Hopefully, it gives you a pretty good sense of where we are and what we do. What you see on the slide here is really the four business units and the way we go to market. I think for the most part, you all are pretty familiar with them, and you're gonna see and hear from the business unit leaders for each one of these, I think they're gonna give you some real insight to the things that we're doing. We're all acutely aware at the pace at which technology's changing. The functionality continues to evolve, the stack continues to evolve, so it's critically important that when you partner with a company like ours, that you understand that we've got the depth to apply that technology in every level of the stack, and I think you'll see that throughout the day. When we think about the elements of these business units that are most important, we're gonna talk quite a bit about the next gen solutions. That is the growth aspect of the company, and I'll touch on that a little bit, and I think you're gonna see from really all of the business unit leaders, as they come up, and we'll make sure we hit that home for you all. I thought it'd be at least important that you can put face with a name and get a sense of the leadership team from the company. It's a very diverse team. I will tell you that I'm proud and honored to work with all of these folks. There's some real subject matter experts across the board, really in every position. It's taken us a little while to get this team together, but again, really proud of them, and I think that in the long run, and after you hear from them, you're gonna understand why we've selected these individuals, and we think they're the right team to propel this company going forward. Wanted to just talk briefly, you know, we've been talking about the analysts that we've spoken with over the last couple days. Just to put in front of you some of the things that they're saying about us, how they feel about how we're positioned in the marketplace, critical elements that we deliver, who we compete with, those types of things. This is actually an important element to our strategy. You've heard us talk for a while about market awareness. It's really important that from a point-of-the-spear perspective, that the analysts that we work with open that door for us in the construct of working with third-party advisors, working with prospective clients, and this is an area that is critical to our success. It's a group that we have a really good working relationship with. It's a group that we continue to educate. We had, again, a couple good days sessions with them, we expect that we'll continue to move forward in the views of those analysts and ultimately gets us invited to additional RFPs and the such. Operational recognition, so it's nice to talk to the analysts and talk the talk, but it's actually more important to walk the walk and actually deliver for our clients. I think, you know, this gives you a little bit of example of some recent accolades that we've gotten, some of our partnerships. I think what's more important are the stories that you're gonna hear from the various BU leaders that come up through the day. That's actually the types of things that we're doing for our clients, and that's actually a little bit more important than what we say we're going to do. It's actually about what we do. Thought I would just touch on ESG. It's a topic, obviously, that comes up in every discussion like this. From our point of view, we actually just published a couple days ago our 2022 sustainability report. For all of the people that grade these, you can see that we're basically at the top of the grading scale across the board, and continue to push forward our net zero goal by 2030s in play, and you'll see that in the sustainability report we just put out. One thing that I do wanna mention about ESG in general, we actually have a pretty unique offering in ESG. Sits in one of our next-gen solutions in the micro markets. That ESG offering is basically threefold. The main component of the offering is managing the client's ecosystem and understanding the impact that that ecosystem has on our client's ESG reporting. The second element of that offering is really a single pane of glass dashboard that pulls in all ESG components, and it really gives the viewpoint or a dynamic viewpoint on the ESG reporting for our client base. An interesting element that we have is the third component of that ESG offering, and that's really about external sentiment, right? It's bringing in an external view as to what people think about our client's ESG persona and how that aligns to their own thoughts. That's a pretty unique offering in the marketplace. We've been getting some incredible feedback on it and looking forward to seeing what it can do for growing the company. I'm gonna switch gears and talk a little bit about our strategy. Wanted to start with this quote. I really like this quote for two reasons. Number one, it really mentions focus. It is a hugely important element of any strategy that we have focus, and I think we're pretty good at the company around ensuring that we stay focused on what's important, not only to our success, but obviously for our stakeholders' point of view. The other thing is the dogged execution, right? A strategy is only good if you're staying on strategy and staying on point, and I've had some discussions with some of you, even already earlier today, around things that we've talked about in 2021 and where we're at today, and I think we've been pretty consistent in that, in that strategic view, and I think we're continuing to march down that path. That's something I think is important to stay with. There's a couple really core elements of the strategy that I wanna talk to. Peter talked to a little bit already. It's really about the addressable market. When you look at our next-gen solutions, you're gonna get a viewpoint into how those next-gen solutions tie into the addressable market, and, you know, that's obviously a big part of this discussion here. The second point of that is really about our solutions. We've been working on the solutions portfolio for some time. I'm really proud of what we've done, and I'll get into some of the specifics around where we're at with our platforms and where we're taking those solutions. Talking about how we go to market, we're gonna dive into that a bit. I'm gonna have some of that, some of the team's gonna talk about the go-to-market as well. It is primarily a land and expand strategy, at least in the early stages of our longer-term plan. Heavier on the expand side, heavier on the growth within the wallet share of our existing client base, and then the land driving some of that, or propelling some of that forward. The other aspect of this is really about margin expansion, right? Margin expansion, from our point of view, is always the precursor to generation of additional cash. Margin expansion really comes from a couple vectors from our point of view. One is really that land on the next-gen solutions that have a higher margin profile, and clearly, that's driving expansion margins throughout the business. The other side of that, is really working on the cost equation, cost of delivery. We're gonna talk about some of the things that we're doing from a cost perspective, and really taking that all the way through operational excellence, which takes us really beneath the gross margin level and all the way down to operating profit. Deb's gonna cover a host of that in her dialogue as well. You've heard a whole bunch already about next-gen solutions. I know many of you follow us pretty closely and understand what they are, but I thought I would illustrate it here. I'm certainly not going to drain the slide with the elements of the next gen solutions, but I would like you to listen for when Manju and team are coming up, we're talking about digital platforms and applications, and Joel and Alan will be talking about monitoring solutions. Just really making sure that we're seeing that these things are tied together. We're gonna talk about them individually, so that we can illustrate for you all what we're doing, but just know that when we talk about the platforms and some of the other elements of our next gen solutions, we are leveraging those across the piece. You'll certainly see that in the go-to-market as well, keeping our commercial organization kind of on the umbrella side of this. I wanted to talk a little bit about the current mix of our next gen solutions and our traditional solutions, and we're gonna talk about how they tie in to the market. Before I do, though, I think you'll note under the 35% there, the XLNS, and Peter alluded to it already. When we talk about our company, and one of the things that we hope that we can continue to work together on and condition, folks to look at, we'd like you to look at the company in two ways. One is this way, next gen solution and traditional, and we'll talk about both components of that. The other is LNS and XLNS, and that's really an important bifurcation because, as Peter mentioned, the LNS, or license and support component of our business, is lumpy, and it causes a lot of oscillation that people don't understand. The knee-jerk reaction to the movement of that, from a financial market perspective is actually pretty jarring at times, even though we have a good sense of what that looks like. By excluding LNS from the results and looking at everything XLNS, we think we can really focus you all on what the real growth vectors are and how you should manage and monitor our business. As Peter also mentioned, the LNS business is a great business, right? A three-year or five-year CAGR on the LNS business is about $360 million per annum. It's a mid-60%s, high-60% margin business. Extremely steady, extremely reliable underpinning. It's predominantly the ClearPath Forward operating system as well as the support for that system. It's extremely secure, and it's extremely reliable, so it is a great piece of business for us. It's a generation of profit, for sure. Has been for decades. We hope it will be continuing that way for decades, the movement between quarters presents problems in the financial model. You know, again, we're trying to adjust the aperture so that we're really looking at the business in the way you see here. The current mix of the business in 2022 was about 35% is the next gen solution, and the remaining of the business was traditional. We're looking to move that about three points in 2023 and moving that to about 38%. Over the course of the next three years through 2025, we're looking to move that between 35% and 45%, so a 10% pickup in that time frame. By 2028, we're expecting the next gen solutions to be the lion's share of the business, just to give you a sense of how that is modeling out and what our expectations are for the growth in that next gen business. Again, I think maybe tying in again to a point that Peter made earlier, our expectations of this is significantly below what you see in some of the market growth elements. We're not taking a super aggressive approach here. We're really trying to I won't say, be conservative, but we want to make sure that we can deliver on the types of things that we're projecting. Peter gave you a little view into this. This is a more detailed view of our view of the market and how it ties into the next gen solutions. You can see that if we look at the current market, it's about $600 billion for just our next gen solutions, and it's really doubling over the course of the next three years. That portion grows to about $1.2 trillion-$1.3 trillion. There's certainly a big market opportunity for us here to continue to grow our business. It really validates, I think, the solutions that we're actually developing and delivering to clients today, how we think they can grow. You can look in the, in the middle there on the CAGRs to get a sense of how each one of those elements are moving. This. A view into what I was just sharing. You can see the next gen annual growth rate that we're embedding in our plan is this 10%-15% annual growth rate. You can see the mix over the next couple years. One thing I would note, and it's a little different than it was even a couple years ago, the traditional side of that business is also growing, and that's an important element to us. Cause we've always viewed the traditional side of that business to be a gateway into next gen. The fact that that's growing and the fact that we have this land and expand strategy is also helpful to our overall growth rates. I talked a little bit about some of the markets that we're looking at. Traditionally, as you all know, we've been really focused on large commercial, financial service, and public sector market. We've almost been exclusively in that market. This is an interesting opportunity for us, we think, to really focus in on our growth in new logo. The mid-market, as we define the mid-market, is between companies with between $2 billion and $5 billion of revenue. There are other demographics in there that we like to think about, but it's a market that has some very interesting buying characteristics that we think lend itself to our ability to penetrate here. Number one of the biggest things in the mid-market, as far as the buying power is concerned, is really about client intimacy and being tied into that client base, and that's something we've got 150 years' worth of experience on. We really feel like that is one of the biggest buying attributes in that market, and again, I think it's important to us. We also talked a little bit about the war on talent. Companies of this size just can't keep up with the talent they need to navigate the complexity of the IT infrastructure. Another opportunity for us to penetrate this market in a bigger way. I think lastly, and not on the slide here, but if you look at the competitors in this space, it is very different than the competitors that we play against today. In this space, we're actually one of the larger providers. We're one of the few providers that actually have global reach, and we're one of the few providers that can deliver on the entire IT stack for those mid-market clients. We think those elements from a demographic perspective, speak pretty highly, and it's an area that we're targeting. You can see in our first kind of volley into this, we're looking at just the U.S. clients. That doesn't mean we're only staying in the U.S., we really think we can pick up this whole market embedded in our current digital marketing footprint without having to add much of anything from a cost point of view. It's something a little new to us, we think there's some real opportunity there to support new logo growth, obviously land and expand. We talked in the opening about one of those clients, yesterday, was on our panel, in Integer, we've seen it really play out in real life there. We got in with a small opportunity. We're now running basically the bulk of their infrastructure. We're moving into the DWS realm on that client, we've got a pretty nice pipeline sitting for continual growth in that as well. Peter touched briefly on the solution stack, and really, I want to talk about it through maybe a slightly different lens. We look at our elements from a platform point of view, and we really try to leverage the integration and the innovation that's happening at every layer of this stack. We're taking advantage of the innovation that's happening with our partner network. We're going deep into certain partners, right? We're not trying to be everything to everyone, but we wanna make sure that the partners we pick are either folks in the space now that have the best of breed, or folks that are penetrating that space, that we can get in early with and really drive some value. The key to it, from our point of view, is having that as the underpinning, having variety that we can give to our clients when we talk about the total solution portfolio. Having the ability to orchestrate and, you know, via APIs and the like, kind of embed that into a full-service solution, and then making sure that we're sharing that amongst our business units when we talk about the internal fabric that makes these things up, about the governance. We've got an internal group for our automation hub, and we share those elements of the library and the stack from an automation perspective, and we also have an innovation group, centralized, that kind of goes across all of these. You know, we think it's a really important aspect of our ability to, A, share that amongst ourselves, and B, give the leverage to that to our clients so that they get a lot of variety in what we're bringing to the market, and we're able to stay on the cutting edge as well. Peter talked a little bit about AI. What would we be talking about if we're not talking about AI right now? You can see here, we've been doing this for years in our business. We've got already 34 existing solutions between all of the business units and how they're using AI, generative AI, quantum compute. You're gonna hear from the business unit leaders today, how that impacts their business, what we're doing today, and how we're using that in clients in real-life situations. It's important for us that we're not innovating for innovation's sake, right? It's really about purposeful innovation that shows value to clients and applying that in today's market. I think that's gonna come through loud and clear when you see many of the client examples that we're talking about. We have a pretty interesting take on quantum that you'll see as well. Land and expand, we've chatted about already. Again, super important. Peter mentioned that the brand kind of came into play at the tail end of last year. We're just starting to see that really kick in. The tie-in between our sales and marketing team has been great. The tie-in to the solutions team has been great. We really feel like we've got the right configuration of that and growing that as we go. I mean, my spin on this is simply the saying, "The proof is in the pudding." For me, the proof is in the pipeline. We'll see as the pipeline grows how effective that marketing is. We've got a great relationship with the marketing group. Teresa and team have done a wonderful job, put together a multilayered program, a multiyear program. We have specific programs targeted to the industry, specific programs targeted to the market. We've got programs targeted to point of spear, to mid-market, to specific must-win clients. It's really pretty well orchestrated. Again, pretty much at the early stages of that. I'm gonna share a couple statistics on that. Peter mentioned the 400% increase here. When you look at the volume that's going through the website, when you look at the traffic that we're seeing, when you look at the curated content and the time spent on curated content, you look at the impact that it's having on the pipeline already and some of the lead generation, it's been very positive and very favorable. We're really excited about what that can bring to the future. Wanted to share just a quick NASCAR slide that we always see here, right? It gives you a sense of the types of clients that we're supporting, the sense that we're dealing with them on a global basis. We're in every vertical, and when we talk about our existing base to build from, this is the opportunity for our cross-selling. Chris and Lisa are gonna talk a little bit about our cross-selling, and I'm gonna share with you some of the TAMs that are available in the cross-selling market as well. $31 billion of untapped, addressable wallet share in the existing client base, right? We've been. We closed last year at about 33% penetrated for sales that crossed multiple BUs. Through basically the first quarter, we moved that to about 40%. This is the opportunity, just in DWS and CA & I, for our ability to cross-sell. You've got an existing base that you've got very happy clients. They have NPS scores above 20 points above industry average, and we have the ability here to penetrate that market with You know, they're spending those dollars today, and they're spending them with someone else, and that's opportunity for us to continue to grow. What we're looking at from a gross margin point of view over the next couple years is on average, about 150 basis points improvement in gross margin over that couple year window on a consecutive basis. Deb's gonna talk about some of the margin expansion beyond that in SG&A and other areas. When we think about this, it's almost a threefold cost thing. The first is actually the next-gen solutions driving more margin. The other is the actual cost of labor, right? We have many, many programs going on to support the ability for us to drive down that cost of labor, whether it's the labor marketplace that we're talking about internally, having opportunities for our associate base, ensuring that that labor marketplace is putting the right people in the right place at the right time, and at the right level for the job that they're performing. That's been a pretty dynamic element that we've embedded into our DNA, and again, pretty much at the early stages of that. The other element of gross margin improvement is automation. We've been talking about that as well. The automation hub, that's the centralized component of our innovation internally, is really geared towards how much labor capacity we can build without having to add people. Part of the model here is we don't wanna be on the hamster wheel. Every time we add revenue, we've gotta add people. Having that automation built, taking out the day-to-day tasks, creating capacity so that we can grow without adding people, improves our margin quite a bit. Then the rest of that is really around contract management. We put in place recently a kinda global contract management program to ensure that the contracts we sign are standardized, and the contract's life cycle, all the way through the renewal, is really living up to par. Those are three areas that we're using to grow that margin profile outside of the impact of the margin growth through the next gen solutions. Just wanted to close out on operational excellence with the things below gross margin. Again, I don't wanna steal any thunder here. Deb's gonna go through these in detail, but I wanted to just give you a snapshot of what that looks like. You know, ultimately, it's about growing that top line. It's the gross margin improvements, and then everything beneath gross margin, down to operating profit, driving us to a higher operating profit and cash flow, right? That's the name of the game. Deb's gonna walk you through that model. I think with that, I'm gonna wrap up, and I'm gonna turn it over to Manju, who runs our Cloud, Applications & Infrastructure business. Thanks, Mike. Hello, everyone. Good afternoon. My name is Manju Naglapur. I'm the SVP and global GM of Cloud Applications and Infrastructure business unit. I've been in this seat for a year, and I came through an acquisition. The name of the company, for those of you who don't know, was CompuGain. CompuGain was a digital-first, cloud-native company. I managed and grew that business for 14 years before I got into Unisys. When we talk about CompuGain, we had the good fortune of working with a number of Fortune 100 enterprises. These were cloud pioneers, and there were a lot of good things that we learned out of this, these businesses, where when we talk about multi-cloud foundations, when we talk about digital first, it's not like we invented it. We had this opportunity of going deep in terms of, you know, engineering talent that we had to get to, you know, solve these solutions. I know Peter talked about AI. Everybody's talking about gen AI. For the past, I would say, like seven and eight years, we are powering a lot of these financial institutions in terms of surveillance, you know, fraud detection, even when it comes to content intelligence. There are solutions that we are bringing to the table, right? In the next 20 minutes, what I want to impart, when I go through my session, is you'll be hearing about how Unisys is advancing in cloud applications, infrastructure, and data. That's number one. What opportunities do we see in the market? Number two. How are we meeting these demands in the coming years, and what kind of foundations, what kind of solution portfolio are we, you know, putting together to make sure that we meet these demands? When we are talking about who we are and what we are doing today, I just talked about the acquisition, and even Peter mentioned that there are leaders that they are, you know, promoting within Unisys, right? I think this is a very important point. When we think about. How we going to, looking at business outcomes? We want to bring in this in a fresh perspective, because deep engineering is really required when you talk about leading with business outcomes, because this is what we are going to power across our global client base. When we talk about cloud native and digital-first strategy, this is what we want to do in all of our next-generation solutions, because we have to bring this to the market. We want to make sure that we are using the elasticity of the compute to, you know, move to the next generation. Inbuilt security, this is going to be a enterprise foundation layer for us in every platform, every solution that we build, to make sure that we are meeting the demands for the clients. Scaling with advanced, you know, platform engineering. We are talking about platform engineering, because if there's one takeaway that you want to get out of at least my session, is we are going to be using these solutions, these innovation engineering, these platforms, to make sure we are powering the powering AI, we are powering multi-cloud platforms, even in terms of applications. I mean, that is a huge deal. I think, you know, Peter really brought this up, right? Build, buy, partner. This is a way we are also looking into platforms. There are IPs we have built over a solid, you know, number of years, but there are. You know, the pace is also increasing within the technology landscape. When this ever-changing technology landscape is moving this fast, we are always identifying engineers or engineering companies which are very forward-looking, we are taking them to the market in terms of integrating a lot of these solutions. Agile and deep engineering expertise across the globe, obviously through acquisitions, and we are looking for new and fresh, you know, talent globally, because as we are pivoting into the next-gen solutions, there is a requirement for talent. We are also augmenting this particular talent using our platforms, because it becomes easier for at least our existing associate labor to really get up to skill faster. Let me talk about market opportunities. You know, what do we see? Because the way we look at it is, if you look at these three streams, transform, accelerate, and disrupt, right? This is based on, I would say, like, the digital maturity of the clients. We had a vantage point of looking at our clients, our prospects, talking to a lot of the analysts and advisors globally. We have categorized these streams. When we're talking about transform, think of transform as the establishing the right foundations and ensuring that we realize business value, right? This could be setting up multi-cloud foundations, making sure that you're securing the layers, and also right-sizing, you know, right-sizing the cloud foundations, and then bringing in, you know, financial operations to bear, right? When we look at this stream of opportunities, it's a very confusing landscape that we see in the market. Like, you know, with the advent of the cloud, with the global hyperscalers coming into play, Central IT has taken a back seat. You could see that the agencies, the business units, the campuses are running faster. They are signing up with either AWS or Azure or what have you, and when you look at this particular stream, the governance is not there. Central IT is having a real problem in terms of security. I think this is where we come in. We see massive opportunities here. We also have this rich legacy of, you know, hybrid infrastructure, hybrid infrastructure play. We are taking this, we are taking these adjacencies, and we are moving into this multi-cloud platform. What are the opportunities we see? We are setting up, you know, cloud business offices. We are setting up, you know, multi-cloud management layers. Obviously, cloud security comes into play. Financial operations or FinOps, as they're generally known. DevSecOps is another major area, or even observability, which is to monitor constantly to make sure these, you know, transformations are working well. Now, let me talk about the second stream, accelerate. When we look at business outcomes through digital capabilities, digital for us means not just, you know, applications, it's also data. In terms of the digital, these are modern applications, we're creating. We would be building, you know, bespoke applications. We would be modernizing and also maintaining and managing it. It's a huge opportunity. When you look at this accelerate stream, think of this client base or the prospect base who already transformed to the cloud. They have an advantage in terms of taking all the digital work streams. They're taking this to market. They have an advantage of, you know, moving faster when you compare this to the competition. We feel like we have a very good play here, be it in a large-scale application development, micro front ends, because we have frameworks that we've already built based on the solutions that we've, you know, take to the market, or modern digital experiences and digital transformation. You keep hearing one thing here within the advent of the cloud, is the purpose-built databases, right? Earlier, it used to be, you know, you have a database, you're doing a lot of the heavy-duty engineering in the back end, but with the advent of the hyperscalers, you could have purpose-built databases. It could be graph engineering, if you want to do some social network, or it could be some time series database, if you want to look at some, you know, you know, a time for value, right? Automation-first principles are what this stream would be looking for, and future work. I think Peter and even Mike, you know, touched upon it. When you're talking about upskilling labor, when you need the talent where these businesses... Also, given that we'll be even entering into the mid-market, it's not like they have this massive talent, or they could afford to, you know, bring them in for, let's say, you know, six to eight months or even years, right? I think this is where we come in, where the power of our framework and talent really helps, right? Let's talk about the third stream here, disruption. This is where we could enable clients to leapfrog the competition with AI. Core AI, applied AI, and Generative AI, right? When we talk about it, this is not new to us. Core AI, think of this as the foundational layer. Like, when we talk about foundation, it's the cloud foundation, number one. You need the data foundation to set this up. Number three, you need the AI foundation. What is AI foundation? You need continuous delivery, you need continuous explainability, you need a continuous, like, observability, so that when we bring in these models, there are, you know, streams that are set up, there's security layer that you need, there's data encryption that you need. When we talk about applied AI, this could be the foundational marks that we take to any business problems. It could be financial problems, it could be in the sector of, I would say, public, you know, public sector. We can take some, you know, digital citizen service content intelligence that we can take in. Applied AI would work for any business solution, both in the deterministic and also generative AI. Last but not the least, I would say the past six to eight months, everybody's talking about GenAI. Huge space, huge opportunity, the opportunity lens that we look at is multifold, right? We have a rich legacy of hybrid, you know, managed services. What does this mean to us? If you look at someone who doesn't want to go to the hyperscalers or the cloud, I mean, you still need these massive infrastructure player that needs to come in. Obviously, you need experts who can understand, who can manage security. This is a big play for us. Number two, when you think about it, setting up all the cloud foundations, setting up the data foundations, setting up the data encryption layer in the access list, I think the list is endless, but we are very giddy about the opportunities this is presenting to us. I just want to, you know, touch upon this. I gave a lot of the opportunity landscape here, but how are we taking this to the market? You know, what's our portfolio? What's our parent solutions that we take to the market here, right? Over the last few years, we made sure we are enhancing our portfolio, and we're making sure that the growth trajectory is within these five buckets. This is where we wanna meet the customer demands wherever the journey is, right? We feel like these solutions will provide that. When you think of these solutions, one takeaway that I wanna give here is, there are a number of ways to, you know, get to a client. That's number one. When you look at these complex use cases, it just depends on what we take to the market. When somebody talks about digital transformation, it could be, you know, advancing the cloud, migrating it, number one. Number two, you can also make sure that you are building out the modern application in a solutions layer, and that's why we have laid this out this way. When we talk about all the platforms and solutions we bring to the table, we have web solutions that go with every child solution that you see here. Modern application solutions, this is how we are powering, like, the enterprise for digital transformation. Number two, data analytics and AI solutions, be it in migration, modernization, engineering, governance, analytics, and even the core AI platform that I mentioned, and it comes into this. Cloud management solutions is to, you know, maintain, manage your, you know, multi-cloud foundations, platform engineering, and also, you know, migration and modernization. This is the stream that we use. Cybersecurity solutions, which is a big one for us, and we are making sure that we are taking some web solutions for this, especially when it comes to attack surface discovery, cyber recovery, where we are also partnering with a major vendor to take that as a part of the solution, and obviously, manage digital identity. This is a big one. As everyone is moving to multi-cloud, having the common access list becomes a big, big, big problem. Let's talk about hybrid infrastructure solutions. We have the SDNs and also, you know, data center managed services. Leading with industry, if we look at the global clients powered by Unisys innovation, where the one particular area I talked about was the industry solutions. If you look at financial institutions, be it in the areas of mortgage, lending, retail, insurance, we have co-created, and we're bringing those solutions to bear. Same thing with public sector. In empowering, you know, digital citizens, in terms of law enforcement, in terms of criminal justice systems, in terms of licensing and permitting, we are building either IP or we are partnering with a lot of the, you know, A players to move into this public sector market. Higher ed, we are, you know, leading the charge here, in terms of higher ed, especially, as it relates to one of the biggest, I would say, educational, like, institutions. We are working there with multiple campuses. We are pretty much moving everything to the cloud, for the next four years. Media, high tech, life sciences, energy, if you look at all these sectors, we are in not just these sectors, we have also more that we are powering globally, right? The important takeaway for us when you look at this particular slide is, when we talk about solutions, when we are modernizing, there are opportunities that we can go into these areas. The one differentiator here is we are leading with, you know, business architects and SMEs, and we are combining our, you know, technologies to, like, lead to the market. I think I talked about, you know, platforms quite a bit. This is at the core of our innovation engine. If you want scalable, reliable, repeatable solutions, I mean, this is the only way to go. This CloudForte asset suite, which is our core IP, powers every facet, every layer of digital transformation, multi-cloud transformation. Even when we are setting up data foundation to power AI, we will be using the solution innovation factory and the asset suite that we built out, in the areas of cloud, in the areas of application, in the areas of data platform, security for assets, you know, discovery. We are building these solutions within the solution innovation factory. These solutions not only have our own core IP, we build and integrate with a lot of our partners. What does this do to us, right? One, not just differentiating ourselves from the market, this also gives us the confidence to sell. When, you know, Lisa and Chris's team is going out in the market, it becomes so much easier for us to educate the sales guys in terms of what we have in our portfolio. How is it connecting to these, you know, platforms and solutions? This also gives us confidence in terms of delivery. When we're talking about, you know, delivering in a new client, when there's a bespoke application, we already have methods, frameworks, accelerators coming from this asset suite, which would be really helpful for us. Also operating at scale, monitoring at scale. It's a lot of goodness that comes out of this particular innovation. Let's talk about, you know, AI just for a few minutes here. I'll promise you I'll stop talking about AI maybe after giving some solution base and the use cases here. The way we look at AI is in particularly, this is our approach, right? This is at least an operating model that came to us after working, you know, with a number of, you know, progressive clients. If you look at AI frameworks and capabilities, today you have foundational layer, you have open source, you know, layers in terms of the frameworks, right? We will be taking these foundational models, these tool chains, and these capabilities to get to applied AI solutions, especially for the market. Number two, I think I talked about AI core. This is where you'll be establishing your cloud foundation, your data foundation, your AI foundation, right, for continuous delivery. This is absolutely required even for encryption. On the top layer, you have the applied AI solutions. You can use this for finance, you can use this for sales. you know, sky's the limit in terms of what we can do here. just wanna give a few, very few examples of breadth and depth of AI solutions. I know, Chris, you're gonna be talking about something in detail in terms of the high tech. If you look at this, we were assisting this particular, you know, semiconductor company who does, like, product assurance for semiconductors. We modernized their applications, but when it came into, you know, product assurance and integration, they asked us... When we were talking to the CIO, the first thing he asked is, "What are we doing with generative AI?" Right? There is, like, an Azure code pilot. They're already in the hyperscalers. We're gonna be using this code assist tool to start, like, working with the client and then building out a proof of value to bring it to bear. This way, we can at least see if we have passed all the tests in terms of modernizing these applications. Fraud detection, I think I talked about it in terms of surveillance intelligence. Content intelligence, especially when it comes to records management, text analytics, we work there. In terms of, like, in a continuous AI delivery and setting up the core foundation, we've done it in a number of financial institutions. Obviously, even in terms of a platform that we built out for automation, this is in a number of clients today within the public sector, retail banking, and financial institutions. I just want to briefly delve into three use cases. These use cases, what I want to showcase, value is, it is not just one portfolio of a solution that we built up. Let's just talk about this European financial institution. Massive, organization, number one. We've had this particular contract for the past four to five years. The challenge that this particular client had was, they wanted to adapt to changing regulations, and they also wanted to make sure there is a change in market conditions. I don't think money, or in terms of spending dollars on a solution was an issue here, but the biggest problem they had was, you know, time to value. We had to move them to the cloud. We had to work together with them. We had to migrate, not just the massive workloads, we had to also upskill labor. We worked hand in hand with the CIO of this particular institution. We came up with all the plumbing that was required for a multi-cloud foundation. We used our cloud business office to set up all the thought leaders that was required. We came up with a cloud-first approach in terms of what are the process and the principles needed for, you know, multi-cloud orchestration, the abstraction layer. This, you know, the other change that we also had to do was upskill our own labor in terms of the digital talent we had. We wanted to make sure that the value is still recognized with the same associate base, but we had to, you know, bring in these abstraction layers, so we could at least bring the associates up to speed faster. What was the advantage we got out of it? One OKR or the KPI that this particular CIO posed for us in the past six months was: "Outside of managing, I want your team to be in every product team that's out there within the bank." If you look at it in within, like, six months, we have a number of associates working with a number of product teams within this enterprise. Great case study here. This is another U.S. mortgage leader. The whole solution that we came up with was, you know, managing continuous delivery at scale. What does this, what does this mean, right? The challenge this particular company had when we entered them, entered into this particular institution seven years ago, it was all manual. There was nothing in terms of, you know, controls that they had established in an automated fashion, number two. Number three, they wanted to make sure that they move at a very fast pace. They wanted to do an agile transformation wholesale, right? Pretty complex, I would say, like, you know, undertaking. The, you know, business was very, very upset in terms of realizing IT investments. They had very low automation on top of it, right? This also led to a lot of the finger-pointing and unproductive developer experience. When we went in, the first thing we did was we created a proof of value. We took one critical application within this enterprise, and they had 150 critical applications, right? Using this one application, we showed the power of a continuous delivery. We showed the power of no-touch application system. What this did was to kind of upskill the labor within the client base. We did this co-creation model. Post that, once the, you know, contract was awarded-... We were able to build this no-touch application deployment, you know, principles, within this organization, and we migrated 150 applications to the cloud. Not just that, we also categorized these applications into, I would say, like brownfield, and brownfield and goldfield. These applications, this way it was very easy for us to categorize which pipeline, these application needs to go into. Also put in all the controls automation in place. Where each application, deployment took upwards of three months, today they're able to do it within, like, 30 minutes. This is a massive improvement for them. I mean, it didn't come, like in a day or two. It took us seven years. You can see the level of deep engineering our talent, you know, went through and, you know, what we, you know, provided to the client. Last but not the least, I wanna talk about this global airline hospitality group. This is where we had to take a digital-first approach. This particular client, let me. If I talk about the challenges, they had a legacy core ERP system. It was deprecating. The business process workflows were very rigid, and with any ERP, you know that they needed to do massive customization, and also the licensing fee was very high. This was a global challenge. They wanted to create a multi-tenant model for this particular application, right? We went into this particular client, I would say, like, seven or eight years ago. Initially started off with a very few discussions on paper to say, like: "Hey, what's kind of your vision? Where do you wanna go with this?" Started working hand-in-hand with the client, I would say, development, engineering base and architecture. If we look at the way we architected this modern, flexible, multi-tenant, you know, application, we had to move to the cloud first. We had to make sure that we were designing micro frontends for them. If we look at it today, obviously this particular client, they're moving to, like, 52 or 53 airports today. That is functional. I don't think they're using the ERP tool anymore. Even in terms of the production issue reduction, it was, like, 95%. On top of that, we had also reduced the maintenance cost, we reduced, you know, licensing cost. This just gives you a small sliver of some use cases. Hopefully, this was helpful for you guys, right? I just want to, you know, give you, like, two or three takeaways, before I, you know, wind my session. You know, when you think of us and when you think of Unisys cloud infrastructure and applications, what we're doing in the digital, we are going to build digital and cloud native in our DNA. That's number one. We are going to build multi, you know, cloud-resilient foundations that are going to power, you know, a lot of the enterprises. In terms of AI, it's not new for us. We have worked on a lot of the discriminative AI. We have set up the foundations. When it comes to new challenges that are happening with generative AI today, we say, like, you know, "Bring it." We are going to be ready for it. That's number three. Security is a core to our foundation. I think Peter mentioned it, even, you know, Mike mentioned about it. Strong digital IP, as it relates to this cloud-forward platform. The platform engineering is where how we are going to move forward, even in terms of securing the enterprise and working on massive enterprise applications in digital. Thank you. With that, I'll be handing over to Joe, my peer, and, well, Alan. Well, I know we're running just a little bit ahead of-- or behind schedule, so we'll jump in real quick and give you an overview of Alan and myself. We are one of the acquisitions that Peter and both Mike talked about. We came from the acquisition of Unify Square and have been in running that business inside of Unisys up until January, where we take on some new roles. I think it's important to note about our thought process when we took on these new roles, right? Our thought process was much of the stuff that you heard about from Peter and Mike already. We have incredible clients that have been with us for a long time. You know, my group, DWS, have clients that have been 10, 15, 20 years, where we provide field services, which is our people walk out into their sites and fix things for our customers, like Dell and others, but we also provide service desk and many of the core functionality that makes the lives go of every single employee of our clients. When you can have new leaders that sat here from Unilever and from Dell and from all of our customers on a panel, new people still talk about the great things that we do, that was pretty exciting for us. I wanna... We, Alan and I talked in the first couple of weeks about the potential of what we can take in our startup mentality and leverage that great service and the great things with new technology and new things that are gonna come into the business. Luckily, over the last two years, we've made big progress on that before we're even here, and you're gonna hear today how that's accelerated with a few things. Take from that, we have a few kind of catalysts in the market that are gonna be impacted in the next year or 18 months, and we're gonna tell you how we're gonna take advantage of that. You're gonna hear the biggest differentiator that we, Unisys, have against our competitors in the marketplace, and that's on AI, that's on ML, that's on a whole new feature set that we bring, that we're the only one in the business that can take advantage of that for our customers and deliver higher value for our customers. Pretty exciting stuff. The last aspect of it's not just next gen. You saw Mike's presentation in that graph that showed and talked about the traditional revenue as well as the next-gen revenue, which does by itself carry a higher margin. What can we take using this technology and the things that we're bringing to the table to impact our existing business and improve margin on that? That's pretty exciting because we're going to empower our folks, bring them up multiple levels, and give them more functionality, so that we can service our customers better and cheaper, which is really, really exciting. I'm gonna start with this quote. This quote is everything I just said in one nutshell, and it actually came from Patricia, who leads our entire delivery organization of about 8,000 people. About half the company in our group and sits under Patricia. The concept that we have is that we can't make little incremental changes. We can't add more candles in the room to make it a little bit brighter. We have to change something fundamentally, and to affect the impact of where we wanna grow in the business, and this is core to our belief. This is core to the excitement you're gonna hear from Alan and I, and the things that we're doing within Digital Workplace, which is pretty impactful. Our, our folks, our associates themselves, we talk about this almost on a weekly basis: Is that an electrical moment, or is that a candle moment? It cannot be candle moments. We have to do something that's much, much different. Let's talk about kind of the key things that you should take away out of this. The basis of everything we're doing is persona. Now, my job, we're geeks, we're nerds up here. We can get down into some technical details and use some acronyms that you guys probably don't wanna hear. Our job is to bring it to life for you to hear and to understand. How. Raise your hand on how many have had an experience with a help desk. You've called tech support. Keep your hand up if it has always been great. Exactly. What if, when you called in, we knew who you were, we knew the type of job you did, we knew that your computer was slow at this time? Would that change that first call? Better yet, what if we knew you just rebooted your computer, so when we told you to reboot, you didn't have to say, "I just did that, I'm not gonna do it again." How would you feel about that? Right, the impact, your excitement for the company and your happiness with that basic level of service changes completely, right? That's personas. The things that we're doing with our software right now actually says that. When you call in, we know the performance of the machine. We know the type of applications you're running. We know your job. We have the persona to know that you're a doctor, and we have to service you as quick as possible. We have a great story where one of the airlines that we work with, the feedback from them was, "You knew that was a pilot, and that pilot had minutes to fix the problem." The impact to our business is huge when you understand that at that simple level. The next thing that you're gonna hear is we're adding some technology, and we're already halfway there with some of the things to bring time to value. This is the big, failed kind of industry thing that Digital Workplace has done recently, and that is, we promised this new great world of chatbots. It was gonna replace all the humans. You would just type in your question into a chatbot, and you would get instant service, and it would fix your problems, and how exciting! It hasn't happened to what everybody... the hype and the promise over five years ago has delivered. We're there. We're there to take advantage of that and actually deliver upon that. The reason it hasn't happened is the enterprise is difficult. I mean, how many of you have used and tested ChatGPT, right? It gave you a great answer. Was it right? Mostly. That doesn't work in the enterprise space, right? Mostly right doesn't work in the enterprise space. What can we do to not only answer your chats, but answer your chats with certainty and answer your chats with a resolution, not just words, but a resolution that fixes your machine, a resolution that does something? Can we do that day one? You're gonna hear about how we're gonna do that day one, 'cause that's the challenge. It takes 18 months or 24 months to write the scripts and the programs and all the things that make that happen, which you're almost halfway done with the majority of the contracts. The last thing that we do, I think Digital Workplace is the business that can take advantage of generative AI, especially when you think about chatbots, right? As it's now no longer an if/then that chatbot mentality. If you have problem X, we've already programmed problem Y into it can answer it. It can be a little bit more smart. You can ask regular questions in a regular format, you don't have to know the same keywords. That's a big benefit that we'll take advantage of right away. I think there's some other benefits that'll come out of it because it has an understanding to do scripts. It has the entire language library of the things that allow us to service your PCs and service the devices that you have built into it. Not only can we answer you with maybe an article, we can solve the problem in real time without a human involvement. If we can get to 30% or 40% or 50% of the cases that way, it's a game changer in the market. I'm gonna spend a little bit of time on the insights. Alan and I have been in this environment now for about seven years, where Everything we have done is not just a tool that monitored an uptime or a tool that saw the performance of something. It was trying to find the things that always required humans to do in the past, and I called it the needle in the haystack, or I called it, I don't wanna monitor 1,001 things. I wanna monitor the one thing that truly knows when it impacts a user, truly knows that when you tried to launch Teams or Zoom during the pandemic, your video was garbled, right? It knows that type of stuff, and then let me solve that behind the scenes. Those insights came from the acquisition in the unified communications and collaboration space, and now we've grown them into the digital experience, specifically the persona stuff that I was talking about, how your machines are acting. Not just Teams, not just Zoom, not just the meeting space, but how your machines are acting when you're running your Oracle system or Office 365 or any of those things. That's in our engine already, and we're expanding that even further to grow beyond and know how that tickets are and what other application integrations are and the API connections that come with it. That's, that part is neat. The frontline services and next gen service desk, this goes back to that traditional aspect. We have the capabilities to improve that service desk agent that I'm talking about. We can make the level one agent a level three with a tool set that saves not only some cost there, because that's okay, but that's incremental, saves the impact that all you guys lowered your hand for on the pain that you've dealt with in the end user, right? Saves the impact because they solve your problem. Better yet, when you call in, we know what the answer is, and we hit the button on the screen, and we solve it, and we say, "Are you done?" in 30 seconds. That's a big deal to our industry, and that's not a hope or a dream or a promise. That's something that we have in action and that we're delivering upon right now with our customers. Alan, I'm gonna give you a little history before he kicks in on this example, which is exciting. I mentioned a lot about unified communication and collaboration. If you've used the Microsoft product over the internet, you can thank him because he led the team that allowed us to talk over the internet from voice and video. I like to make a joke, and if you're really, really happy with that, you should thank him. If you're really, really unhappy with that, you should go call Microsoft and complain to them about it. Because he works with us now. Welcome. Great. Thanks so much, Joel. How many of you have watched Minority Report, that movie, you know, with this thing, this thing, and the... I wanna talk about this as an initial customer case study 'cause it's a great example where one of the ways we're innovating in how we deliver services to our customer is not just being a technology provider but actually addressing the business solutions in an insightful, proactive way. You saw the Tom Cruise scenario. We do to the enterprise digital workplace what Tom Cruise does to crime, and let me give you a quick example of that. In this customer, one of the many ways we've done this proactive approach is actually deploying technology that monitors all of their meeting rooms. Sometimes people will trip over a cable, the microphone will get disconnected, the camera stops working. We go beyond just monitoring and sending out somebody to fix it. If you, as an employee, schedule a meeting in that room, we'll proactively notify you and say, "Hey, guess what? That room is glitchy. Please schedule a different room." Think of the number of hours of frustration you save, not just from the organizer, but all the participants. We take it a step farther. We actually measure the number of hours of frustration we've proactively prevented. We're the Tom Cruise of this customer, and we actually measure that and report it to the customer as an SLA, resulting in, over the last ei ght months, a 15% NPS increase. This is a game changer. They are looking at our service in a whole different light than just somebody who provides services, takes tickets, troubleshoots laptops. Really exciting, and we'll go into more detail about some of the ways we do that. This is a wheel that represents our different verticals, our different categories of digital workplace. These are all modern. These are challenging areas. We welcome the challenge. Challenge means difficult for customer. They need a provider, an expert, and they're willing to pay for it. Collaboration, I'll just quickly walk through these. Collaboration, that's where innovation happens at our customers. That's where sales happen. That's where delivery of their customer, delivery to their customers happen. We help with that. Productive experience, that's the Tom Cruise case. If we can keep the users happy and productive, they're going to deliver better service to their customers. Modern device management, if we can get the devices working, whether it's your laptop, your tablet, that meeting room, we can get that to a productive state and keep it in a productive state. Our customers' employees can focus on their business and not dealing with technology and the frustrations thereabout. Intelligent workplace services, it's no surprise that the workplace has changed post-COVID. There's a whole different set of expectations and services needed for that. We deliver that. Finally, workplace as a service. This offering is all about doing to the workplace what SaaS did to the server. Can you operationalize that? Can you basically take the headache out of the minds of the customer and just offer that as a WaaS? That's actually a new thing, WaaS. That's not official, by the way. I just invented that, but it's the SaaS of the workplace, okay? Don't quote us on that. It's not marketing approved, please. What I would take, what I want you guys to leave on this stuff is what does digital workplace mean? What does Unisys digital workplace offerings mean to our customers? Every interaction that you have with your device, when you get your laptop as a very brand-new employee, how that interaction happens, how that laptop comes to you, and all the things that goes with it, and all of your interaction points between that laptop or that desktop and your device, your phone, or a conference room, every service interaction with that is what Unisys provides our customers. Those are service offerings that are long-term, long relationships, recurring revenue that are impactful to business. Absolutely, this is just a smattering of the kinds of solutions that we deliver within each of these different categories, and I have to emphasize that this is not just aspirational. The vast majority of solutions we're delivering now today and having impact with our customers. I'm gonna do a quick whiskey flight across a couple of these since we're you know, we don't have a lot of time here. The first one I'll highlight is seamless collaboration, the frontline worker enablement. When you think about a customer and the persona, the users that have the most impact on their customers, it's these frontline workers. It's the delivery drivers. It's the restaurant crews, the doctors and nurses. Our offering has been expanded to not only deliver services to these back-end information workers but to these frontline coworkers, the doctors and the nurses. These actually represent 80% of the users of the enterprise space. It's a massive, just raw expansion of even our existing customer base. I'm excited to say that we're also Microsoft. Microsoft themselves have expanded their own offerings to include a frontline worker offering. We are a certified partner of Microsoft. Our offerings are in Microsoft's catalog. We're gonna ride the coattails of that expansion and deliver that business transformation to our customers. Really exciting stuff here. The next whiskey we're gonna try here is around proactive experience and endpoint as experience. Endpoint, when I talk about endpoints, I'm talking about your PC, your laptop, your tablet, your mobile device. These are the tools we all use in order to be productive. We're already delivering the experience service around each of these endpoint types today. The question is, hey, why not just consolidate that into an end-to-end experience? I know, Joel, you have some thoughts on this that I think you might wanna share. I, in my first three points, I want you to take away in knowing there's big catalyst events that are going on in the marketplace right now. One of them is what happened in the start of COVID. Everybody moved to the cloud, we put laptops in the hands of everybody to sit and work remotely, right? We're running up on the 3-year refresh cycle that comes to that. Organizations have already gone from a CapEx to an OpEx expenditure for that. They want the next thing, this is the next thing because now we can say, "You don't ever turn your laptop at home. It sits in your closet. Why do I need to refresh that for three years? I can be smarter about that. I can give that laptop an 18-month refresh cycle for a doctor." What can I offer to my customer that's not a hardware resale at low margins? That's a hardware resale that uses incredible services that we have, that is a managed service that delivers it for a cheaper offering or a cheaper expenditure for our customer, but brings better service, better capabilities in the hands that are needed. It's a massive differentiator at the right time in the market right now for us to take advantage of it. Wonderful. Workplace as service, user onboarding, you mentioned this notion of operationalizing what typically was a CapEx, you know, self-managed type approach. We're taking that a step further. When users get onboarded, one of the biggest challenges is retention the first year. If you lose that employee in the first year, 33% of customers lose an employee within year one, costing about $57,000 per employee. Now, we have an offering where. We actually are dogfooding internally. We're drinking our own champagne. If you're a new employee in Unisys, you will actually, a month before you get your start date, you will have an experience where you get a welcome video from our own Peter Altabef, setting the context, the culture for the company. You will sign your forms, your employment forms through that workflow. You will see your device and say, "Hey, okay, I'll choose this one. I can get a status for when that'll get sent to me." It's all about having that great onboarding experience, and if we just save one or two people from thinking, "Wow, this company really cares about me. I am happy. I'm gonna stay there," huge benefit for our customers. How do we bring these innovations to our customers in a way that is differentiated? What's our secret sauce? This is our secret sauce, PowerSuite and InteliServe vNext. Let me talk about PowerSuite first. PowerSuite is something that's actually 12 years in the making and came all the way from the Unify Square acquisition. It's a data-driven platform with machine learning, AI algorithms, pre-built in to deliver insights. Let me go back to the Minority Report example. Remember, you had those three people in the swimming pool, taking a swimming lesson, right? Then what happened? A ball came out, right? Like, then it's an insight. Crime's gonna happen. That ball represents the insights coming from PowerSuite. We take those insights then feed them to our operational team. Our Tom Cruise... Well, not as handsome, and they don't have the clear screens. I'll be honest. There's no clear screens, but anyhow, they take it, and they drive those insights through our customers to achieve those outcomes. That is the power of PowerSuite. InteliServe vNext, we do a lot of automation today. This is not a new thing either. However, what we're doing is we're taking the best of all that automation and pre-packaging that into pre-built automations that we can deploy to multiple customers off of a single code base, and that code base is gonna be technology-agnostic across the different technologies that are already existing at the customer. Moreover, I'm excited to say this automation is not just for the takeout of our service desk in terms of always going to a chatbot. No, we're gonna deploy that automation both to our service desk agents as well. Now if you're a user, yeah, if you want a self-service chatbot, no problem, you get your automated workflows. If you call a service desk agent, to Joel's point earlier, you're gonna get a much better experience, an agent that's empowered and doesn't talk to you for 15 minutes and say, "Oh, shoot! I don't know how to do that. Let me transfer you to another agent." Ugh, most frustrating thing we've ever had, right? Anything, Joel, you wanna add? Leave this with the 12 years that he talked about. This is the barrier to entry that our competitors don't have the advantage. You know, we've just spent a bunch of time with the analysts here, and that was the feedback we got from them, is you have something very unique. It's not that you're bringing some or some aspects that come from the industry, like a chatbot and like a ITSM tool, which is a nerdy acronym for how you track tickets and things, or your asset management, and you bring that together, call it a package, and deliver it to the customer. That is not what we're doing. We have technology here that are gonna allow us to impact that customer on day 1, that time-to-value concept that we talk about. We have technology here that is a massive learning curve and a massive time to ever get to, and that's the insights that come out of PowerSuite and the expansion. That's Unisys' differentiator in the market, and the analysts are taking note right now of it. Excellent. Thank you. If you look, this slide just shows a few of the examples of scenarios that we're delivering around through PowerSuite and InteliServe vNext. I do wanna mention that we also have a transformer consulting team, and the whole idea of this team is that, frankly speaking, sometimes our own customers are not at the maturity level to achieve these modern operational models. That's where our consulting team comes into play. They will be the leaders and guide our customers and help them realize how to get from that current state to the modern state and be the foot in the door. The cool thing is that these consulting services themselves are a growth engine of revenue and margin. Not only do we get additional business output out of this consulting service, we get them to drive the foot in the door of our modern offerings. I think one of the cool scenarios I think is worth talking about under PowerSuite, RTO. Everybody is talking about return to office and RTO efficacy. This is a great example of where PowerSuite can have an interesting play, and, Joel, I think you have an interesting story to tell on this. I'm gonna spend 30 seconds on it, because I know we're really running up. Yeah ... against the time right now. We have the ability right now, and we're doing it for our customers, to tell when you go into the office, what meetings are you on, and how many people are remote in that meeting? Are you the only one in that conference room talking or have a video session on? Why is that important? We all are fighting, what's the right thing to do with return to the office, whether we force people back, what value are we getting back? Our software right now will tell you, are you more efficient because now you have three people in that meeting space in the office instead of one, now that collaboration's happening a little better? Are you having the exact same meetings you do in the office on the exact same video screens, and you're sitting in a cubicle just like you did at home? Then you start to question, what's the value of returning to the office in those places? That helps our customers make real estate decision. That helps our customers understand if they need more meeting rooms because they're full at that time. Like, the value to our customers that we provide are not just the old legacy systems that Unisys has been known for, it's new and exciting stuff that brings us closer to our customers and our CIOs. Great. Finally, we're at the AI slide. Everybody has to have an AI slide. I think the interesting about our particular offerings is this is not a new thing for us. We have a dedicated machine learning AI team that's been in place for well over five years, so doing experiments and algorithms. Those are the algorithms that go into PowerSuite. Those are the algorithms that we use to drive that one-to-multiple impact across our customers and shift us from a pure labor-driven model to something where we're focused on outcomes and multiplied impact. I wanna just give a one example now on the generative AI side. This is, of course, very new from an industry standpoint. We are right in the cutting edge. We're leveraging all of those existing technologies that are coming out and changing by the week, actually doing implementations at several of our customers. Let me give you one interesting example. There's a large restaurant company that actually, for their frontline workers, today has a 120-page guide for how hot to cook this particular menu item or how to store the eggs when you put it in the refrigerator. Do you think the crew members are gonna go and look at this long list when they have to onboard themselves? No, no, they wanna deploy a bot that says, "Hey, let me use my mobile phone, if I need to know how long to cook this particular food item, I just enter that chatbot, it shows me the picture of what a properly cooked sandwich looks like. What's the temperature to make that go right?" We are taking that and applying it into Azure Generative AI, not OpenAI, cause, you know, it's all about data privacy and with the conscious of all of that, and doing a proof of concept of that with the customer. Because we're already delivering existing services with customer, it's a natural land and expand motion. Great use case here. How awesome that our customer came to us and asked us to do that. Like, that shows you the level of where Unisys is in those relationships and our capability to the company. Yeah, absolutely. For certain, there's no question that generative AI, from the standpoint of rapid code development, empowering our own agents to be more effective, find information more quickly. There's just so much that we're doing in this particular space. I'm gonna wrap up with two quick examples I'll talk about very quickly. This is a large real estate company. Their particular challenge was that when they onboarded new employees and contractors that they're paying by the hour, they had a multi-day onboarding period, where they're losing not only productivity, but hard dollars they're paying for these contractors that are sitting around while they're waiting for their laptop to get provisioned and set up. We took that through our modern device management solution, and had that be onboarded in less than one hour. Massive change in productivity, massive change in hard dollars they spend for their particular contractors. The last example here I'll mention here is on this healthcare system. Again, a good example, we're right there in terms of their business challenge and their business goals as a business partner. They were merging two hospital systems, two totally disparate technologies, and we applied that whole, again, the Tom Cruise type scenario. We applied a whole range of proactive fixes, and that applied something like $3 million proactive fixes across their user estate. Think of the number of hundreds of thousands of hours. I think we calculated it was 470,000 hours of time we saved their doctors, nurses, technicians. The business impact there is just unquestionable, and it's just a good example of how us focusing on these personas, these actual users, knowing their business scenarios, is where we drive the business impact and the value that they perceive from our services. Joel, I'm gonna hand it over to you for a wrap-up here? Yep. I'll wrap up on this one. I said that there was a few business events that are coming up that we're gonna be able to take advantage of. What Alan just talked about has been in the ideas of companies for a while, but it was postponed during COVID. The investment in workplace experience was postponed in COVID. We hear from our analysts right now that the RFP engine is revving up. The answer to all of this is not saving IT dollars. The answer to all of this is translating what IT is providing to the business into the more productivity that Alan just talked about in that example. Everything we do, because we understand the personas, actually measures that and gives that data back to IT and back to the business so that they know the real value of IT. That's a unique approach that Unisys has taken on there, to not just look at us from a cost engine, but look at us as a value creation and a productivity creation back to the end users. Hopefully, you understand that differentiator. Hopefully, you understood these places and where, and where we're going with our market. It's a pretty exciting opportunity that each of us wake up every single week and excited to talk about it. Thank you very much. Thanks for your time. Ladies and gentlemen, we'll be taking about a 10-minute break. Please be back in the room promptly in 10 minutes. Thank you. Oh, I'll miss it. I'll take a walk. Yeah, there's a lot of work under the stage. I will take a walk. Thank you, though. All right. Ladies and gentlemen, please find your seats. We're about to begin. Ladies and gentlemen, please welcome the Senior Vice President of Enterprise Computing Solutions, Mr. Chris Arrasmith. Thanks, everyone. Great to be with you. A privilege to be with you. You saw just before I came up here, hopefully, imagination to realization. I want you to hold on to that because at the tail end of my presentation today, you're gonna see what we mean by imagination to realization. I'm really excited to show you that. Before we get there, I want to tell you a little bit about what we've been up to in Enterprise Computing Solutions here at Unisys. We're gonna talk about opportunities in the market, how we respond to those opportunities. We're gonna talk to you about how we bring that to life with clients. We're gonna talk to you a little bit more about our overall portfolio, our solutions inside of there, and then this quantum deep dive is where that imagination to realization is gonna come to the fore. We keep breaking through is something that resonates with us because it speaks to our past, it speaks to our present, and it speaks to our future. We break through for clients, we break through internally. We do this all the time, and you're gonna see that come to life today. Opportunities in the market for ECS are varied, and I wanna just give you a glimpse of what that looks like, and then, of course, how we respond to that. First and foremost, protecting business-critical workloads has really been the cornerstone of ECS for a long time and continues to be. Matter of fact, even in my most recent discussions with clients, as recently as two weeks ago, we will continue to protect those business-critical workloads for decades to come. In order to do that, we have to help our clients overcome skill scarcity. The systems of yesterday, the systems of today, the systems of tomorrow, how they all work together? We have an unprecedented access to understanding how all that fits into a broader ecosystem, there's a compelling opportunity for us to drive services in the market that answer the call for skill scarcity. By the way, because we also know so much about these systems, we know how best to train people and accelerate learning so that we can have an evergreen workforce that has the skills that are required to take us into the future. The third thing we're doing is we're embracing emerging technologies. I think I'm maybe the record setter on mentioning generative AI today early in my charts. In fact, we're making explorations there in a significant way across the spectrum of client outcomes, client experiences, internal outcomes, internal experiences. In addition to that, we're studying what we call next gen compute opportunities. You'll see quantum mentioned here and then again later. We're gonna give you some other examples of that too, as we go through the course of today. Lastly, we focus on creating value for clients through data analytics, primarily driven by industry solutions. We're gonna talk to you about our methodology and our approach for that today as well. Our response to those client opportunities is really embodied inside of these four things that we do inside of ECS. These four things are then further compartmentalized into some of what you've heard from us in terms of segmentation, licensing and support or LNS. The lion's share of LNS is ClearPath Forward. Then specialized services and next gen compute, or SSNC, where our services expansion plays encompass managed services, application transformation services, next gen compute. I've talked about quantum. We've talked a little bit about AI. There are other architectures we'll visit on for a brief period. Then again, these industry solutions, where we have a depth of experience measured in decades in core industries like travel and transportation and banking and financial services. I want to give you a sense for some of the breadth of what ECS does in a few different ways, this is one important way for us to look at it, and that's related to client outcomes. On the left-hand column, we're giving you an illustration of a successful transformation in a private cloud context for a long-standing, ClearPath Forward banking client, who, as you can see, has a really complex estate, a large code base, a significant number of workflows, a huge number of applications that required a heavy-duty effort from them and from us. The trust that they put in us to make this happen for them is born out of, in fact, decades of partnership. We've earned the trust, we've earned the reliability, and we've earned the opportunity to help our clients create these outcomes. In the middle column, we're giving you a view into this government-owned financial institution where we operate and manage millions of mortgages. That's not just at the infra layer, but in fact, all the way at the application layer, where those mortgages are interacted with by employees and by Unisys associates that are tied so closely to that financial institution that, in fact, we're helping them now with how to sustain themselves into the future, grow their resiliency, overcome that skills gap I talked to you about. That's a significant opportunity for us, again, born out of a very long and successful relationship. Lastly, on the right, in air cargo, where we've been operating core cargo management systems and cargo portal services for, again, decades. We have special insight to these industries like air cargo, and you're gonna see that come to life in a little bit. What's interesting about this air cargo example is that it is born out of ClearPath Forward, but it does not rely on a client to purchase, deploy, manage, keep up to date a ClearPath Forward system, and that is a pathway to the future. Okay, I gave you a few examples of where ClearPath and associated ECS services come to life for clients. I want to give you a bit of a broader view here, a mixed view, where we talk about the mortgage volumes we're managing in Brazil. 70% of the mortgages we service travel through Unisys ECS systems and with the help of Unisys associates. 7% of global air freight runs through Unisys services. 80 million, that's, that M is for million, voicemail boxes in EMEA. 8% of passenger volume globally travel through and over Unisys systems, and we're talking about very sensitive and critical, mission-critical systems. Further out here to the right, just to give you a sense for other areas we touch on an ongoing and continuous basis. We've got some industry views here, and then as well, even other industries we wanted to make sure we mentioned to you, but that come to life through what we call daily life here, for example, where accessing voicemail is certainly one instance, as I mentioned, but also in insurance claims, in accessing your lab results for... There's nothing more mission-critical than your health, right? Lab results, for an example, and on from there. We just thought it was important to give you a different picture of the breadth of what ECS touches and what Unisys touches on a daily basis. We have for many years. We intend to continue for many years to come. Who are we in ECS? We are 2,100+ global associates. We are 1,200+ engineers.... software developers, testers, coders, engineers at all levels, distinguished engineers, our most senior folks, junior engineers who we're training to be the senior engineers of the future. Really proud of our team. 75%+ of our top LNS accounts are coming to us with demands for increasing workloads. Remember, LNS, we're going to drill into that a little more, but LNS is really primarily focused on ClearPath Forward. Three-quarters plus of the top clients in that section come to us with more workload, not less. We support over 5,000 organizations through the combination of those whom we support directly, those who are accessing Unisys systems via resell, or those who are hosting applications in Unisys infrastructure globally. We're active ECS in 43 countries globally, we enjoy very high customer satisfaction scores, nine out of 10 from our most recent round, and I'm going to give you a slightly different view of customer satisfaction in just a moment. All right. Let's talk about LNS. LNS, as I said, largely focused on ClearPath Forward. You might ask, "Well, what is ClearPath Forward?" I got an answer for you. ClearPath Forward, over time, for us, is you've heard, it's very important. We don't just measure ClearPath Forward as important for now, we measure ClearPath Forward as important for the future, and we're measuring the future of ClearPath in over the next 30 years. Our view for the future is to prepare for expanding, evolving, enabling ClearPath Forward products and platforms for the next 30 years. What do we do? We offer secure, high-intensity compute environments, as you can see here. Those compute environments encompass everything that you see on the right-hand side of this chart, from the basis of the reference architecture on which it's built, to where it is hosted, to enablement of the applications that sit on top. That enablement includes data transformation capabilities, data extraction capabilities, low and no-code development environments at scale. By the way, that scale continues to increase. We continue to increase the capacity and capability of these systems on an ongoing basis. That encompasses multiple platforms inside this box, multiple ways of deploying these platforms, more than a dozen individual products that are tied to and attached to these platforms. That comes to life at the top end here through a combination of Unisys solutions, client-built applications, partner-built applications, and many times, collaborations to make those things come to life. We work with our clients very closely in a lot of cases to drive these applications and sustain them, and then to evolve them into the future. Clients choose Unisys and choose ClearPath Forward again and again over the course of time and indicate their intention to continue to do that. They tell us that, they also come to us for increased workloads. They do that because we offer a secure, high-performance environment. It works. It is extremely stable. They come to us because we have an ecosystem that addresses the challenges of an ever-evolving technology landscape and a business process execution landscape. Those data transformation capabilities, the necessity to provide different UI and UX experiences, the necessity to have an increase in scale and capacity over time, and to answer the call for the evolving picture in terms of security, are part of the reason why clients come back to us. We attach services to those things because we know clients need help driving value from these systems over time, and again, there's a skills scarcity challenge for us to overcome. What that creates along with our continuing commitment to innovation in these platforms and products, are really satisfied clients. You don't just have to take our word for it. From our most recent round of customer satisfaction surveys, we've given you just a few highlights here, and we've highlighted a few words just to illustrate this a little more directly. Great agility, great flexibility, adaptability, stable, reliable, helped us reach our success. Extremely long track record, helps us protect our investment. There's no better testimonial for us than hearing these kinds of things from our clients, so we thought we should share them with you. We're going to turn the page a little bit because what we earn in customer loyalty and in responses like that, is an opportunity for us to, in fact, make good on a quote that comes from a former Unisys associate and a computing pioneer, Grace Hopper, who said that, "The information is, in fact, more valuable than the hardware which processes it." If you don't know much about Grace Hopper, I would encourage you to look her up. A fascinating life, and we're really proud to be attached to Grace as a fellow Unisys associate. That's going to pivot us over from LNS, very sticky, long-standing, now into the future, profitable for Unisys, into SS&C. Services expansion opportunities, next-gen compute capacity, industry solutions. We're going to take you through a few examples of those. I'm trying to find, like, a whiskey flight or a Tom Cruise reference here. Recent Harvard Business Review says 87% of digital transformations are failing to achieve their expected outcomes. For clients who have a desire to do a large-scale digital transformation, we're part of the 13% at Unisys that are successful, and for that, we go to our cloud team that Manju leads. We also think there's a unique play for us in terms of Enterprise Computing Solutions for an incremental approach. You don't have to go all the way right away, because if you've invested in a ClearPath Forward as your system of record, and it's running and stable, and it continues to grow in its capacity to do work, and it continues to be an enabler of your ecosystem, you should get more out of that investment over the course of time. We will enable you to do that. We'll do that by helping you prioritize with our experience in these key industries and with our clients, prioritizing what's most important. How are we going to, in fact, help you unpack the business process that's been embedded in these complex applications and this complex code base over the course of time? We have unprecedented views on those types of things in these industries. In addition to that, this incremental approach allows us to do things like make good on UX and enhancements without having to refit the whole shop. We can help you with flexible, low or no-code platforms, as I mentioned, as part of the existing ecosystem, and as well as hooks for new parts of an ecosystem as well, and that speaks to that adaptable foundation. We will meet clients with ClearPath Forward, where they are and where they would like to be, whether that's on-prem, whether that's in the cloud. If they want us to ship them the gear, shrink-wrapped with a Unisys tag on the bezel, we can do that. In your private cloud, in your public cloud, in a hybrid deployment, we're there for those clients just the same. There's a compelling value prop for this type of an approach for our long-standing base of clients. We've talked a little bit about the other elements of SSNC. I want to give you just a little more depth there, okay? ClearPath Forward-based managed services really is the answer to that skills scarcity in the market. I think that's. It's pretty easy to make that connection. In fact, as I said, we are the accelerators, the enablers of the skills of the workforce of the present and the future to help our clients continue to get a maximum return for that investment. We've talked a little bit about ecosystem modernization in that incremental approach I reviewed with you in the last chart, as well around the tooling that we've continued to drive and evolve through our ecosystem to create opportunities for more value. In next-gen compute research, we're exploring in active, very active channels, quantum computing in two key ways. One, i n a cryptography context, because as the purveyors of the ClearPath Forward platforms, we have an obligation to respond to the developing security landscape, quantum cryptography is a really important part of that, as well, the practical application of quantum computing. How do we harness the power of a new and different high-capacity compute model, so that when clients come to us with a question about compute, we have an answer that is different from, "We have a ClearPath Forward machine for you," which we do, and we love that, but we think we ought to be good at a few other things. Quantum is an example of that. In addition to that, we're exploring additional other architectures, like high-performance computing clustering and how to bring that to life, serverless architectures, and even edge device architectures. We're working with our Digital Workplace colleagues to understand how we can deploy modern workplace capabilities in order to ensure we capture all that telemetry and all the power of devices that are out in the field. We bring that to life as time progresses through the industry solutions that you see us mentioning at the bottom here. Travel and transportation solutions that had a history and a basis for being hosted in or living on a ClearPath Forward platform, but that's not necessarily an obligation for the future. The same story goes for our banking and financial solutions. Long histories, core banking, digital banking at some of the largest banking institutions globally. We partner very closely with those firms now and in the future. Lastly, this thing we call Unisys Logistics Optimization, which I'm really excited to talk with you about. The basis for the creation of Unisys Logistics Optimization is that, in fact, we have a unique opportunity in front of us to take advantage of data analytics and AI capabilities that are existing in the market, and to marry those up with our unprecedented industry expertise, as I've mentioned, and hook those together with pre-trained data models. Because we know how these systems are architected and know how they work, we can deploy tools to create pre-trained models that are informed by the expertise that we have driven and earned the trust around our clients from for over 40 years. We then hook that together with client and other external data sources to deliver what we call outcome-driven, industry-specific solutions. We're very selective about creating outcome-driven, industry-specific solutions because it's important to us that they touch multiple aspects of client value chain. It's not just one thing. It's not just one subset of a business process or a workflow. It's a more macro view, multiple opportunities to drive value. We think it's important to illustrate to you some of the data engineering that goes into and is a part of this methodology. That's what you're seeing here. Oceans, lakes, wastelands of data, right? That's unstructured, structured, and dark. We thought we'd dress it up a little. We take that unstructured, structured, and dark data, we engineer it via this process of acquisition, of cleansing, of transforming, of making sure it's well-formed and clean and usable, that we then use that to train a model, that we validate that model so that we can create a rationalized, actionable data set. That's the starting point for us to do something with that data set. What we do with that data set is we hook it into an advanced analytics engine, and we deploy specific artificial intelligence capabilities there to create what we call this reinforced machine learning model, 'cause it's only as good as how up-to-date and current it is. 'Cause if you deploy a machine learning model one time, it's aged, it's out of date, it's inaccurate, et cetera, almost immediately. Through reinforced machine learning, we're able to repeat the cycle, and as new inputs come in, either from machine-based data or even human-in-the-loop inputs, we can ensure we have the most up-to-date data set. In our case then, we have a reinforced machine learning model, and we're hooking that together with what we call what is a quantum annealing capability. I'm gonna talk to you for a couple minutes about that. Quantum annealing is basically a special type of quantum computing that is built for optimization problems. Will allow us to take at a very large scale, a series of hypotheses and run tests against those and get an output. It enables us to create models that are of a size that a traditional computer would take seven years to get through all the permutations of, and it allows us to get the data return for that same problem in seven seconds. If you had a huge data set, a huge number of permutations, and you put it into a classical computing context, it takes seven years to get to the conclusion of the crunching, if you will, and the quantum annealer takes that same problem and gives us the return in seven seconds. If we have a near real-time capability to take advantage of a reinforced machine learning model and bounce a problem off of that model and get the return, as I said, in near real time, that enables the creation of a next-level business outcome. That next-level business outcome for us is wrapped up in what we call Unisys QuantumIQ. Unisys QuantumIQ is the parent solution for a number of solutions in the quantum space. The first of those will be Unisys Logistics Optimization. When I talked to you before about imagination to realization, this is what I was talking about. Unisys Logistics Optimization takes from our long history of providing leading air cargo services globally and takes that model and enables the real-time optimization of air cargo for any size air cargo operation. When we think about air cargo, we think about what we call a unit load device, a ULD. It's that funny-shaped container that you put packages on to put in the belly of an airplane. It's like a pallet on a truck. It's like a bin you might throw some stuff in for your own vehicle. Optimizing what's going into a ULD today looks a lot like this. It's I am an air cargo operator. I take a piece of paper. It's a pick sheet, basically. It's go find these packages, put them in the ULD as best you can, but one's missing. Okay, move on. This one I can't put on top of this other one because it's weight sensitive, and this other one is damaged, and on and on and on. In fact, clients of ours today operate just like I just described, but in even more real terms, they can drive an optimized view of a certain subset of packages, but it takes two days. Two days, the plane's gone and back and probably gone somewhere else again. Near real time return of an optimized model is what is really what's at stake here. Without any further ado, I'd like for you to see this in action. If we could please roll the video. The air cargo industry is constantly evolving, but what remains stagnant are time-consuming operations, like manual capacity planning, that limit your revenue potential. Those days are about to change. Introducing Unisys Logistics Optimization, a solution designed to maximize capacity on every pallet and container for every single flight.... By leveraging quantum computing, advanced analytics, and AI, what once took days and weeks can now be done in seconds, automatically. To begin, planners and handlers simply select a flight. Unisys Logistics Optimization retrieves all of the necessary data, and with a simple click, automated build plan technology runs millions of optimization models in seconds, then presents an optimal ULD build as a 3-D display that allows users to visualize and assess the best cargo configuration, repeated for an entire flight, generating instructional 3-D models for every ULD to help ground handlers load planes in record time. When unexpected issues do arise, and a shipment cannot be built to ULD specs, handlers can simply mark exceptions and rebuild ULD plans instantly. The end result? Capacity, revenue per flight, compliance, and on-time performance are consistently maximized, and customers receive the best possible experience. Discover how the next evolution of technology can help you eliminate shipping limitations and unlock your full potential. Contact us today to learn how Unisys Logistics Optimization can transform your air cargo operations. That's imagination to realization. We're really excited about this. I talked to you a few minutes ago about our industry solutions focus and the necessity to touch multiple parts of the client value chain. These are the examples of the outcomes that we are expecting to drive as we enter our pilot for this solution right now. These outcomes include a reduction in claims for air cargo operations, damages, lost, didn't show up on time, revenue leakage that today the is ubiquitous. The enhancement or improvement of fuel efficiency by providing an optimized load inside of an airplane. The improvement in on-time performance, the reduction in ground handling errors, and as you see here, reduced emissions and carbon footprint. This is really just the beginning. If you think about that ULD pallet bin example, it doesn't stop with the bellies of aircraft. We'll carry this into other markets, over the road, over the rails, over the ocean. I hope this has given you a view for what we've been up to in Enterprise Computing at Unisys. We're really excited about the future. We think there's a strong future for licensing and support. We know there's a strong future for specialized services and next-gen compute, thank you very much. I'm gonna turn you over to Chris and Lisa. They're gonna tell you about our go-to-market approach. Away you go. Thanks, Chris. Get that. I get to sit. Kind of. Yep. Good afternoon. My name is Chris Wenzel. I lead our global Vice President of our Global Sales market. Lisa Madion, I'm Senior Vice President of Global Client Management, so I'm the expand piece of what you've heard about today. Today, we're gonna cover four topics: why choose Unisys, our sales philosophy that runs throughout our whole sales organization, our partnership ecosystem, and why that matters and how it helps us scale in our go-to-market activities. Then we're gonna share a couple real-world examples with client case studies. I've spent over 25 years in tech. I've worked for companies like HP, Cisco. I spent five years at Dell as a vice president, and at Unisys, one thing rings true: technology is really that enabler that takes things from basic to extraordinary. What I love about technology, and I feel like I have one of the best roles at Unisys, is I can bring all of these solutions that the BUs have brought you to life for our clients. What's really neat is no matter what economic situation is going on, whether the market is up, whether the market is down, whether we go through a pandemic, a Y2K, there is always a need for technology. Technology is always doubling every 18 months, and that is really amazing because no matter what, our clients need technology to reduce costs, to be agile, to scale faster, to be profitable, to shift and change and really be those companies that are going to be relevant moving into the next decade. Why Unisys? There's four reasons: experience, expertise, impact, and innovation. First thing, experience. Technology, like I said, it's that lever that takes you from a basic to extraordinary. We have a wealth of expertise within Unisys to help us help our clients, and we're very agile as we help our clients with regards to that. That experience rings true as we work with our clients because it helps them realize the technology that they need to. The expertise, it matters. The expertise is agile in mindset. We ask a lot of questions. Hold on, let me take this off. The expertise is global, and it helps our clients realize what they need to realize across their organization. In many cases, our clients don't always have the expertise in-house, so we can help them. Having an issue with my mic. Sorry about that. I'm sure it's distracting me, cutting in and out. It was distracting me, at least. Thank you. Let me jump back on here. The expertise, it's global. Our clients don't always have the expertise in-house. What we can do is really bring the expertise to them to help drive that technological advantages for them. We also have over 150 years in-house in order to bring that advantage to our clients. The impact that we make every single day, it makes a difference, not only in our organization, but for our clients. The impact that we bring is reduction of costs. We increase efficiency for our clients, and our clients trust on us to deliver on the commitments that we give them, and that's super important. The innovation. Today, you've heard a couple examples of the things that we're doing here at Unisys to really bring that innovation to life for our clients, like the transport solution that Chris just shared. The sales philosophy. When you really look at it, I've had a couple sales philosophies over the years, and this one has always rang true. First and foremost, it's about our people, the people in our organization, as well as the clients we serve. The type of culture that we drive internally and how we work with our clients really makes the difference. The process, how we go to market for our clients and how we meet them on their journey, is super important in order to make sure that we help them realize the gains that they need in order to be successful. The partnerships, who we sell with in the marketplace. Those partnerships are really key, not only for us to be successful, but for our clients to be successful. As we think about those three aspects, that really drives profitability, not only for us, but are also our clients and also our investors. How are we structured? This is super important. Like I said before, I'm the land aspect, so my team hunts the new logos that come into Unisys. Lisa's organization, she's gonna share a little bit more about that, once they come in through the organization and her team delivers on that experience, her team works to expand the current opportunities, whether it be a current contract or into other business units. No matter whether you come into the company externally or you currently work with us, and we work globally, as you could see here, it's all about the business units and how we work with them to make sure we realize the types of technology that they need. No matter what type of client you are, you have access to all of our business units, and really, we drive both traditional solutions, and we talked a lot about that next-generation experience for them. The global partnerships. That's super important to our clients, so no matter what size they are, being able to leverage the partnerships that we have is critical for not only our success but theirs. As you can see here, our clients are really the center of it all. The process, it's about working smarter. Working smarter and creating faster proposals, creating a bid desk to go-to-market so our clients have exceptional experiences, and they're capable to realize the gains of our go-to-market activities with them faster. Having consistent pricing models, having repeatable sales, and maximizing the time with our clients. As we work with our sales teams, we really like to learn from our clients how that experience is, and then internally try to improve processes so we can go to market quicker. What are the markets that we serve? Traditionally, you've seen Unisys in commercial, financial services, and public, but really in that large client segment. Our large clients have a very big motion in terms of the type of solutions that they need. Sometimes they have their expertise in-house, sometimes they need some assistance. We've done the market research, and we've seen that mid-market is really a sweet space for us that we need to enter into. In addition to the markets that we currently serve, we're going to go after that mid-market space. That mid-market is a constant evolution. They need rapid adoption of technology, which is super important. They need to scale. They need to take a look at all the tech, technology that they bought over the pandemic, and they need to try and figure out how are they going to incorporate it into real world in order to take them moving forward. Whether it's the core, the cloud, the edge, the security, making sure that that mid-market space is capable of leveraging technology to reduce costs and go to market quicker. We talked a little bit earlier. Mike brought to our attention that mid-market space. We define it as the $2 billion-$5 billion space. The verticals that are listed here is a subset of what we go to market with, where we have proven experience. This market is really important to us 'cause it's a $14 billion market, and less than half of these mid-market players have a technology roadmap. That's where we come in. We'll help them on their technological journey, either take the technology they have and optimize it. We will use technology to reduce costs. We will look at their environment, no matter where they're at on their cloud journey, and help them along the way. We know that they want to scale quicker, and we know that they also want to have shorter sales cycle, and they have the money to spend on digitization, innovation, and security. One of the challenges they have right now is human capital. How do they acquire that talent to make the realities of what they want to do happen, as well as how do they go to market and acquire talent in order to do the day-to-day things that they need to do within their organization? How do we go to market? Not only do we go to market direct, and that is very important because we have a heartbeat with our clients every single day. In order for us to scale, in order for us to serve the markets the best, we also leverage channel and alliance partners, and I'll show you in a moment some of the key ones that we partner with. The channel and alliance really gives us the opportunity to leverage relationships and innovation, as well as it provides us the ability for us to help our channel partners be successful. Then private equity. This is something that's super interesting to me because when we think about private equity, it's the ability to work with these firms that have maybe 20, 30, 50, 100 companies under them in their portfolio and help them realize real-world, and move faster, the type of profitability and cost reduction that they need in order to be successful. It's a win-win for all of us. Here are some key partners that we work with, and I'm sure you've worked with some of these partners. You've seen them, AWS, Dell, Google, Microsoft, ServiceNow. You know, we have over 10 million users supported, and when we think about that market, we talked about how big it is. Well, how are we gonna scale? Well, the way we're gonna scale is we're gonna leverage these partnerships in order to be successful. They have innovation engines of their own, they have sales engine of their own, but also they're selling a lot of technology, and our clients are really struggling to, "How do I take it all and bridge it all together?" Well, that's where we come in. We work with these providers to look at the tech stacks that our clients have and make sure we put a plan together and help them realize that. We transform the user experience for our clients. When we think about them, they also need us to help them sell their organization as well. This is really something critical to our success, and it allows us to scale our sales force without having to hire a whole bunch of talent. Then, in conclusion, before I hand it over to Lisa, it's really about point-of-sphere offerings. When we think about that go-to-market, how do we open new logo doors? It's about quickly establishing value with our clients, and how do we make that impact the first time we meet them and take them along their sales continuum? First and foremost, about the point solution. How do we take standardized technology offerings, go to market faster, make them repeatable, and make them simple to consume? Secondly, it's that project work. When we think about our clients who have projects that are very customized or very specific, and in order to make their outcomes happen, we can bring in that expertise and swoop in, do what needs to be done, and then allow them to continue on in their journey, and then look for other opportunities to sell inside their organization. A little bit more of a custom engagement. Finally, that industry solutions piece, which is really important, going back to some of those BU examples, like the transportation, and logistics solutions. When we think about that in FinOps and other places where they really need our assistance, that's where we will really push in from a sphere offering. With that, I'm gonna hand it over to Lisa. Thanks, Chris. You have a mic. Okay, I have a mic, how about I take the clicker? All right, thanks. As I said, Lisa Madion, I've been with Unisys for about eight years. I have spent most of my career in client-facing roles, however. You've heard a lot today, about, you know, long-term clients, cross-selling, expansion. What I'm gonna talk about is a lot of those things you've already heard, but I'll try to bring it into a little bit more reality and how my philosophy is on selling. First off, it starts with the client. We've talked a lot about the client today. It is a relationship. Clients buy from people that they trust and that they have that relationship with. As I lead the client executive organization, how do I go and gather that feedback from my clients? Number one is from traveling and visiting and talking directly with the clients. We do our NPS survey. I know Mike referenced it. I think, Chris, you referenced it as well. Those surveys serve multiple purposes. One, it tells us how we're performing. Two, it gives them an opportunity to tell us where we can improve upon. Three, it actually calls out our associates who are doing really, really well, and it gives us an opportunity to give them accolades as well. Finally, it's really having that innovation sessions. All of my peers that you've heard from today have started innovation sessions with our clients. It's the opportunity for them to have that intimacy with them, to talk about opportunities to, you know, advance their business challenges and drive it to a different matter. When I think about what we do really, really well in building these trusted relationships, it's really that personalized attention. From Peter on down, we visit our clients. We sit across the table from them and have conversations. Innovation. Every client is looking for innovations. They have a business strategy that they're trying to address, and they wanna know how we can bring a technology solution to fix their business challenge. Ultimately, it is about a partnership. We want a win-win relationship with them. Neither one of us wants to be in a situation where they're getting more or we're getting more. What does that mean then, when I actually try to take this into the expansion piece of it? One is making sure we've got the right talent on the right engagement. We've spent quite a bit of time working with the business unit leaders, my peers, in finding these CTO-type resources. They're able to sit across the table from a client and bridge a technical conversation and a business conversation. I saw it firsthand in visiting some clients in EMEA, and it was just brilliant. They really have got the trust of the client relationship, where they listen to them. They're understanding the business challenge, and the client understands that we know exactly what their challenges are and how we can go help solve them. The other thing we've done is I've segmented my business. We looked at all of our existing clients, and determining, Mike referenced white space, we looked at the white space of each of those clients. Although it's... you know, roughly $30 million that we've got available to us. Some are gonna grow at a faster pace, some are gonna grow at a slower pace. Some have contracts that they may have just signed with competitors that may not be up for three years. We really looked at how does that lay out then into our long-term plan? Then we look at the contract. Yes, we have a contract to manage. We have SLAs we have to deliver to. However, that doesn't mean I can't go to a client and talk about the contract. We have openly had difficult conversations with clients, where we perhaps are not making as much money as we'd like to, because COLA, we've had inflation issues. Every single time we've had that conversation with the client, they've been open to addressing it. That goes back to that partnership that we have developed with our clients. The same token, they've come to us and said, "You know, we're moving faster along the cloud journey. This legacy ITO contract doesn't work for us anymore. Can we do something different? Do we have to wait till the contract's up?" Absolutely not. True partnership, we come to the table, and we work through it together. All of this really is what drives that, you know, over 95% renewal rate, I think, Mike, you referenced it, as well as the NPS scores. Key metrics. At the end of the day, I have to measure how we're performing in order to know who's performing and where I might need to make some adjustments. Two key things with this: We've done a lot of training with our sales organization, both mine and Chris's, around metrics, what it means, financial acumen, what does a P&L look like? You know, days to close, getting our invoices paid on time. We're really spending a lot of time on a sales methodology. How are we qualifying our deals? Is this a deal that fits the business unit's demands on or desires on what good looks like? Is it something we think we can win? TCV, Total Contract Value. I think most of the people in the room know what that means, but we look at it from a new business perspective. New business is made up of a couple of areas: new logo, and then what we call new scope, which is adding on additional capabilities in a business unit or bringing on a new business unit that we haven't sold to in the past at that particular client. Then expansion. Expansion is the same service we've already got at a client, but actually expanding into multiple regions or different countries. Average deal size. Deal size vary depending on the offering, depending on the terms of the deal, but we measure it because then it also gives us that predictability for future deals coming through. Qualified pipeline, I mentioned a little bit about it, but we have a rigorous process that determines whether or not we're going to go pursue a deal. Once it's qualified, that's when we start to actually invest resources to help go pursue the deal and what we have to do to go win it. Cycle length, again, it varies depending on the deal. A very competitive RFP may take longer to close, six to 12 months, depending on the size of the client. Chris talked about the point of spear. Those are gonna close in a shorter timeframe. Win rates, we look at both value and count, measure it across the different business units, across the different business types, as well as within each region. Lastly, client wallet share. We've talked a bit about that. Cross-selling potential, again, 44%, I think, was the number Mike shared with you, that have multiple business units in it today. Obviously, we wanna have all of our clients with the majority of our business units as possible. Then renewal rates. Again, these are just a few of what we, you know, measure, but without measuring it, we won't know how we're performing. Think I had it? Okay, there we go. I have just two quick examples I want to show from clients. This first one, and, you know, I won't read exactly what we do there, but it is a DWS client. It's a global technology client. Started in 2016. Wow! It really started in Australia and New Zealand, but as you can see, across the last six, seven years, we have expanded outside of those countries into Singapore, Malaysia, Hong Kong, and Japan. We process over 20,000 requests annually today. The great news is we continue to expand even outside of the Asia Pacific region. When we were there visiting with them face-to-face, they're actually introducing us to their team in the United States and Canada and giving us the ability to bid there. In addition, the next gen solutions that Joel and Alan talked about, we're bringing that to the table. That's that IoT scope that we talked about and the office expansions or into the Teams rooms. Lastly, Chris talked about mid-market. This is an example of the client that recently signed with us last year. It was their first time outsourcing, so they were very, I'll say, nervous about what that would look like. We really, really worked closely with them. The client said that as a first-time outsourcer, they learned that turning over their services to us actually enabled her and her team to create capacity that they could go do other things with by giving us their, the work. The trust that they showed at us now has enabled us to grow that outside of the existing business. Two areas that we're working with them on: technical design for paperless manufacturing and also data and analytics, which I know Manju talked about in his business unit as well. It's just one example of a great land and expand story. We've had them for less than 12 months, so the fact that they've actually started to share with us additional business is great. It's kudos to the team that we have. We've got, you know, over $3 million of pipeline sitting there today and continue to expect additional double-digit growth there as well. With that, Deb, I'd like to turn it over to you. Good afternoon! Thank you everyone for joining us today. I'm gonna bring it all together and wrap it up here. I really want to thank you for joining, but also to thank all of the presenters here today. I'm sure you'll agree, they did an amazing job laying out the market, our strategy, the excitement behind our next-gen solutions, and our go-to-market strategy, which all will serve as the building blocks to the financial overview I'm about to go through, as well as our targets for generating shareholder value. Here's the agenda, the items I'm gonna cover. Here we have what we sometimes call our who, what, where, when slide. This is a great slide we show investors and others to explain, you know, where the different revenue streams, and the fact that we have highly diverse revenue streams with a large base of recurring revenue. On the upper left, you'll see the segments, and you'll see that the DWS, CA, and ECS segments are all there, and they're all kind of equal share and significant share. You know, they're all supported by plans for innovation and growth, which you heard here today. For geography, we have more than half of our revenue coming from outside the U.S. and Canada. From the sector perspective, you'll see we have financial services in the public sector, both at about 30%, which are important industries for us, we also have about 40% in commercial. What these three circles, I think, demonstrate are, you know, somewhat similar to the Finance 101, right? A diverse portfolio reduces risk. I think what's important to see here is having the diversity by segment, by geography, and by sector, you know, really provides, if there's macroeconomic pressure in one area or the other, the, you know, the other one can compensate. I think that's important. Peter talked when he opened up about the recurring revenue. We have more than 80% of our revenues recurring, which is just an additional layer of confidence in our business. This is, you know, just a view of our historical financials as well as our 2023 guidance. As a reminder, 2022 had some pressure on the revenue numbers due to both some exiting of non-strategic contracts in DWS, as well as some currency headwinds. You'll also see the 2023 guidance that we laid out after fourth quarter. You know, you'll see from a revenue perspective, pressure on it from, you know, as you already know, the lower LNS renewals that we have in 2023. This is a key reason why we're also now reporting the ex LNS view, which is -1% to +4%. Operating margin 2%-4% and adjusted EBITDA margins 9.5%-11.5%. We believe we are still on track to achieve these numbers and are therefore reiterating this guidance we laid out previously. This is an important slide for me and for the company, because it really lays out something, you know, that are a big focus for us, which is improving free cash flow, which several people have already spoken about. We began a project a few months ago to really take a deep dive into working capital and cost, with the help of a third party, who helped us identify key areas of opportunity. For improving working capital, we discovered a few items that, with just a little additional blocking and tackling, such as normalizing extending payment terms, we have some opportunity on the accounts payable side. This is in addition to some things we're already doing but will continue to enhance, such as some training we do for our salespeople to really ensure that as they're crafting deals and managing collections, that free cash flow is kind of a core focus in everything they do. Mike talked a little bit, and the team, about the margin expansion, such as the shift of next gen solution revenue, as well as cost of delivery improvement. I'm gonna talk a little bit about SG&A as well in a few minutes. There's also the CapEx light strategy that we've employed a few years ago, that really is just us, focusing on less capital-intensive service offerings and leveraging our partner ecosystem. Then I'll also spend a few minutes on pension in a few minutes. Before I talk about the SG&A initiative, I just wanted to kind of reiterate. Chris spoke a lot about this, so I won't go into too much detail. It's really as a reminder from a financial perspective, just the importance from both a strategic and financial perspective of the LNS solutions. You know, we illustrate our commitment to the future of ClearPath Forward by devoting over half of our annual R&D is spent on this and its continuing evolution. As Chris mentioned, over 75% of the ClearPath Forward clients are increasing their workloads. This is, you know, just another reason why it's critical that we keep investing in this area. I won't read everything on this chart, but I think, you know, it's things you've heard before, mission-critical operating system, decades of long client relationships, 95% retention, and really some growing adjacencies into the SS&C areas that Chris talked about. More importantly, from a modeling perspective, for you all, you know, we already talked about LNS revenue growing about low single digits in 2024 and low double in 2025. We're also giving you some color into the average revenue over the next both three years and five years, you know, coming in at about $360 million. You know, that's at about 65% margins over that same time period. Unisys has a proven track record of identifying and reducing costs, and we plan to continue to do that. I also, on several occasions, successfully led these types of initiatives in prior roles that I've had. At Unisys, a few years ago, we made a conscious decision to invest more in sales and marketing to drive revenue, but it also drove up SG&A over the past few years. We're seeing the results from those important investments in a lot of what you heard here today. We now need to look and reduce some of those unnecessary costs while maintaining a sharp focus on still continuing to grow the business. We launched an intensive project involving all SG&A functional leaders and their teams, with the help from a third party, to identify savings that are sustainable and transformational, with the goal of making us a more agile organization. Examples of these. We identified $50 million of savings. you know, about $20 million are related to optimizing and streamlining core G&A functions and our real estate footprint. As far as those core G&A functions, it's things such as looking at duplicative responsibilities, leveraging automation and technology better, and really just a better allocation of talent overall across those organizations. For our real estate footprint, you know, and really looking at ensuring a cost-effective hybrid model and our portfolio rationalization of our real estate. On the upper right is about $20 million that we're looking at for balancing labor location and the labor pyramid. This is, you know, just a continued focus on optimizing and right shoring our talent resources, and also executing on an organizational design that is fit to drive future growth. On the bottom is IT, which is really about, you know, I think this happens in other organizations as well. Sometimes there's IT organizations throughout as opposed to more centralized. We're really looking at centralizing those IT organizations within the business, which we think can generate some savings. All of these things together, like I said, just to make sure that it's clear in the center, we're saying about a third run rate achieved between 2023 and 2025. What that means is we're gonna start taking actions most likely later in 2023. When you go into 2024, 20205, 226, there'll be a third of those showing up, but we'll be achieving them, you know, later 2023 to give that annualized, a third, a third, a third throughout 20 26. There will be some charges associated with this, which I'll talk about in a few minutes. On to pension. This is a key element that we really have to focus on when we're looking at overall free cash flow. As you know, with pension, the more liabilities we have, the more volatility there is. We're always evaluating opportunities and when it makes economic sense, reducing these liabilities whenever we can. You'll see here some ways we do that, through annuity purchases, lump sums, and transfers to multi-client, multi-employer plans. These are actions we've already taken since 2019 that have resulted in a $3.5 billion or 45% reduction in global liabilities. On the bottom right, the GAAP deficit, a 70% reduction in GAAP deficit, which is partly due to $800 million of contribution we made in 2020, as well as strong asset performance relative to the liabilities. In total, we've transferred about $1.7 billion of global liabilities to third parties since 2019. What's important about this is this is not using company cash, but using the cash within the, you know, assets from the plan. We will continue these efforts because it's really critical from that free cash flow perspective to ensure we reduce this volatility and ultimately reduce contributions. This is a chart we showed in Q4 earnings, so you'll recognize it, and it shows the cash contributions that we're expecting throughout the next 10 years. We've gone further. The one difference from what you saw Q4 is we've gone out to 2036 to show the runoff of, you know, our current expectation of the U.S. plans as well as the international plans. I think, you know, there's a few things important about this. One, just as a reminder, these contributions will vary, you know, with based on market conditions. I think one thing that's important is that, you know, the U.S. contributions don't really start till 2025, which gives us a little more runway to execute our strategy to generate the cash from all of the initiatives I discussed. We, you know, what we did was we worked with our actuaries and advisors to say, "Okay, here's the contributions. What are the sensitivities of the U.S. plan, you know, how we can think about this?" You know, as a reminder, expected cash contributions are most sensitive to asset returns relative to interest rates. Part of that is, as I think many of you know, there's that 25-year average concept with the interest rates. Based on the probabilities of potential asset returns and changes in interest rates during 2023, calendar year contributions, the result of this work we did with our advisor, may increase about ±$20 million per year is what we found. This is helpful to better understand what this chart might look like. I know that's a question, you know, many of you have asked, but of course, it's important for us to ask as well, as we're planning our free cash flow. Planning for the future is, you know, what this chart might look like at the end of 2023 when we provide it to you. I'm not gonna spend much time on this, because really, this is just for your, you know, for your purposes. A lot of things we already spoke about, but giving the free cash flow assumptions that would build up to the 2026 free cash flow. One important point, I talked about some of the cost initiatives we're working on. You'll see the fourth box on the right. You know, we're estimating about $40 million in restructuring charges to achieve those SG&A and cost delivery efficiencies. Those will likely be, you know, some in 2023 as we start actioning those, probably the most in 2024, and there could be some, you know, a small amount that also is in 2025. Adding it all up. To summarize the outputs of all the inputs we just discussed and everything really that you've heard today, these are the resulting financial targets, which we think are challenging but reasonable, and demonstrate the strong progress we're making in our transformation. We're excited about the next gen solution growth of about 10%-15%. That's helping drive that 4%-6% total company growth and 5%-7% XLNS revenue growth. The traditional ex L&S, you know, is just approximately flat to 2%, we're anticipating. Clearly not as much growth of the next-gen solutions, which is why really, as the BU leaders, you know, talked about their solutions, they really were focused on next-gen solutions. As Peter and Mike mentioned from the beginning, that really is our focus. The traditional solutions are still important a lot of times when we're going into deals that they want, you know, that's kind of that point of spear, and, you know, sometimes it's how we get into the client, you know, with the goal of expanding to some of these more next-gen solutions. On the margin side, our target, and this is the full year, 2026 margins. For total company operating margin, we're anticipating 10%-12%, and about 17%-19% adjusted EBITDA. These are all driven by those factors below. As we've talked about, that shift to more of the next gen solutions that we're, you know, to that 45% by 2026, that will drive increased margins because those margins are about 25% on average. You know, the traditional margins are lower, but we're doing a lot of work around a lot of that cost of delivery and cost efficiency work on the business unit side is really in those traditional areas. That we expect to improve about 100, or to 100 or 150 basis points a year. In total, we anticipate ex L&S gross margin to be about 20%. Of course, this is all supported by that strong gross margin in the L&S business of 65%. On top of that is this SG&A initiative that I've spoken about. I think it's important to, you know, summarize with this, is this is what this would mean for investors and for us as a business. Total company revenue of $2.1-$2.2, adjusted EBITDA, $350 million-$400 million, and then free cash flow pre-pension of $150 million-$175 million, which equates to about 40%-45% adjusted EBITDA to free cash flow conversion. As we go to the next page, it's important to see that, you know, based on that chart I showed you before, of kind of that peak pension contribution based on market conditions today, you know, would be in that range of being able to cover that with the free cash flow we're anticipating. Another important point is as that free cash flow increases, the pension contributions, you know, will be going down over that time. I think this offers a big opportunity for the generation of cash and shareholder value as investors see this kind of inverse relationship in the outer years. From an investor perspective, this is where we really see a lot of value. If you recall, we said the scenario analysis said potentially ±20, and, you know, that could mean -20, right? If, depending on the way the markets move, there could be some opportunity here. If it is, if it increases 20, you know, we still are somewhat in the range. That's important for us to understand from a planning perspective. I'm going to end on this, which is where Peter began, which is, you know, an investment in Unisys and is an investment in large market opportunity. We've spent a lot of time talking about that. In our innovative next gen and industry solutions, which hopefully you got a really good flavor for the great leadership we have that are leading these efforts, highly recurring revenue, and a large base of high-quality clients. As we've mentioned before, our top 50 clients have been with us more than 20 years on average, and then really just strong financial management. The improvement of these ex LNS margins, which is our big focus, as well as our big focus on reducing our pension liabilities and managing that obligation. I just want to thank everyone for coming today. We're not leaving yet. We're going to do a Q&A, but just wanted to say, you know, while I'm up here, you know, really grateful for your time. Now I ask Peter and Mike to join me for Q&A. All the leaders who presented are down here at this table, so if certain questions come up, we can direct it to them. We also have Teresa Pogenpahl, was she in the back, our CMO, if you have any questions for her. We have Dwayne Allen, the head of innovation, and we have Shalabh Gupta, who's our treasurer. They're also available to answer any questions. Thank you. Thank you, Deb. You're welcome. Thanks. Okay, as Deb said, we have, everyone you have seen already here is still here. You're dropping out. Okay, plus some others. We also have questions that are coming in from the folks joining us externally. How are we getting those, Teresa? I'll read those out. Michaela's got those. All right, great. My only request is that if you have a question, just kind of raise your hand, somebody will come to you with a mic, or if there aren't any mics left, I'll just come to you with this thing. We'll make it work. Rod? Rod Bourgeois here. Hey, thank you for the presentation and also the responsiveness to feedback from investors to provide certain disclosures that you provided today that really showed up, so I appreciate that. The question I guess I have is, I'm comparing today to the last Analyst Day. There's been a lot that's happened since the last Analyst Day, including COVID and some legacy contract runoff, and now we're in a bit of a cyclical downturn on top of that. As you look at the targets that you've set today versus the targets that you set at the last Analyst Day, what have you learned from the last experience in the last couple of years, and what's giving you the confidence in setting these targets? Clearly, the free cash flow numbers to cover the pension, overhang, it's encouraging that your outlook includes enough cash flow to cover that. Can you talk to the main things that are giving you the confidence in those free cash flow numbers in your outlook? Yeah. Rod, thanks for the question. Appreciate it. I think the first thing I would mention to you, when we set those targets in 2021, obviously, it was pre some of the things that you had mentioned. When we look at our long-term plan now and we go back to what it was then, I think most of the foundational elements embedded in the long-term plan are actually very consistent. We didn't have a crystal ball back then. We didn't know how our solutions were going to develop. We certainly didn't know how the uptake was going to happen. We certainly didn't know that the pandemic was about to be upon us and all of those things. When I look at the plan today, I look at it through the lens of it's frankly, about a year delayed from exactly what we thought in 2021 when we laid those out. If you, if you track it in that manner and you pushed everything basically a year to the right, it's pretty much right on track with where we were going. That gives us a lot of confidence. I think the takeup that we're seeing in the new solutions give us a lot of confidence. Some of the entry into the new markets give us a lot of confidence in that. None of that was predicated on the transformation that we had in our selling community. None of that had the advertising and marketing campaigns behind it. I think there are so many ancillary things that speak to the good, but the core foundation, the growth rates, and every other aspect of that build-up, and it's a bottom-up build when we do those long-term planning cycles, is actually very consistent and on track. Until the solutions were ready to get to market, it's a little difficult to take that market share, and you nailed the last piece of it. We weren't sure how clients were going to react to the renegotiation of contracts, and we've actually had more success than we thought we were going to have. We were actually anticipating some of those contracts to just have to run off. Not only did they not run off, we were actually early renew and increased pricing. For the contracts that we had to divest, they're gone. For the contracts that we were concerned about that had some run-off time to them, they're behind us, and we've actually gotten to a point of either renewal at a new rate or an early renewal at a new rate. Those margin profiles are in the bag. You saw our expectations on the growth from a top-line perspective. We've been using the term challenging but reasonable. 3% increase in next-gen solutions, basically consecutively over the next three years is what we're talking about. Also in 2021, when we put those targets out, the traditional business was flat to negative. The traditional market is essentially zero to four, right? We're seeing growth in the space that was actually the drag on that plan. All of that coupled, gives us a good deal of confidence in how we set those numbers, and I think we've got a track record of being able to execute against that. Just a quick follow-up there. The traditional business now having an outlook for positive growth, whereas before it was negative, what's the main factors that have changed, where your traditional business is now on a growth trajectory? Yeah, that wasn't necessarily indicative of Unisys. I'm saying the market, in general, was negative and declining, and I think, you know, we've talked about this, in the past, that the view and the promise of cloud and the view and the promise of everything, being in the cloud has the pendulum swung back a little bit. There's an element of the hybrid infrastructure, and there's an element of that that is actually growing, right? We're working with partners. You know, we're engaged with Dell and their APEX strategy as an example, right? About a repatriation from cloud to traditional. Whether that's traditional in the sense of an on-prem scenario or it's traditional in the sense of a colo or even a private cloud scenario, those are the elements that I think are driving that underlying basis. As you heard me talk earlier, that is still a gateway to next gen from our point of view. There is a focus on growing that traditional base and using that as a land and expand, and then using that as a cross-selling opportunity. Again, all of those, I think, bode well for us, and they are in the favor of supporting that underlying thesis. Just to follow on what Mike said, because I agree completely. There's probably one element in what you saw today that I in my perception at least, is different, you know, kind of trajectory-wise and in a pretty fundamental way from what we showed in early 2021, which was back then. It's interesting. I'd like to say that we were really aggressive in getting there, but sometimes you have to be patient, and you have to wait for the market to come to you, and that's around the ECS presentation. That we really didn't have that element of the value proposition two years ago. What do I mean about waiting for the market to come to us? There is a bit of aggressiveness in that as well. I'll explain both. ECS has always had this really, really strong value proposition around ClearPath Forward, and you heard that it still exists. The challenge has always been, you know, what do you bring from that group of engineers that can challenge that level of value? Because they've always been really busy doing ClearPath Forward work. It was really the combination of three things that really had happened post 2021, that has resulted in the description and the presentation you saw today. What were the three things? Well, first of all, a lot of development around quantum computing. The quantum annealing that Chris Arrasmith talks about was not nearly. It existed in name, but it didn't really exist in reality two years ago. It exists in reality today. This is real quantum computing. That's number one. Number two, you could have that computing power, but do you have the algorithms to actually make it useful? The other thing that, while existing in name two years ago, around artificial intelligence, did not have near the vibrancy that it has now. You have the advent of what I would call more vibrant artificial intelligence. You have the advent of quantum computing, and then you have, and I'll say this is the more aggressive part. A real change in our focus around ECS. Chris Arrasmith's joining the company, bringing people with him, hiring people, and really said, "We get what we have, but, you know, and we're gonna keep it going and powerfully for the next 30 years." You heard that from him. We're also going to take it to the new level ’cause we have tools that we never had before. I consider that the more aggressive part, which means we have leadership that is determined to do that. In fairness to the older leadership, they didn't have these tools. This leadership has these tools. I think that is a difference, Rod. I agree with Mike, and You know, you're seeing some of that revenue in the numbers that Deb showed, there's more that we can do with that over time. Just one last thing, Rod, on that, and then I'm gonna touch on the point of ECS. Embedded in what you've seen, even through 2026, we're not just saying, "Oh, it's all coming from that," right? The there's a, there's a modest component of what you're seeing in those plans, and I think you saw the power of what that solution can actually be, which could be massive, but we didn't get there in this plan by counting on this massive uptick from that solution. All right. Great question. Thank you. Jeffrey Kvaal had one up front here. I guess two questions. First, I'm curious, you know, you guys have highlighted the focus on mid-market, and I wanna understand, you know, why hadn't that been in a focus in the past, perhaps, or what about it is attractive in particular today? I'll start with that. I'll start that, I guess, and then I'll give it to Mike, and then we can continue with Chris. Again, it's somewhat the market, and it's somewhat personnel. I will tell you that, you know, Christine Wenzel joining the company, she's got a ton of experience in this mid-market. You know, mid-market is a little different. By the way, we call it mid-market, companies $2 billion-$5 billion, but they're pretty big companies. But for us, it's mid-market. You really do have to approach it somewhat differently. Again, I think some of it is the company evolving, and I think that if you go back a number of years, we customized our solutions too much, even larger solutions. One of the great values to the company, among others, that Mike has brought, is this discipline around we really, really are serious about leveraging our solutions. Two years ago, frankly, we didn't have even the view that you guys have seen in terms of focusing on the leverageable solutions we do now. I think part of it is we have come to a place where we can leverage those solutions. We've come to a place where we've got talent that knows how to attract the sales executives and the processes we need to hit that mid-market. I think there's two other elements, and one other element is we have to have the confidence, and I think Deb brings this, that we have the financial discipline to actually make money and cash flow with those solutions. You do have to be careful that the cost of sales or the cost of design doesn't swallow up a $2 billion-$5 billion company's budget from our standpoint. I think we've got more discipline, thanks to Mike. We've got the personnel, thanks to Chris. We've got the financial acumen, thanks to Deb. The last item is, I think the market has changed. I think the market is so glutted with companies that need to show revenue growth at the higher, you know, clients. We'll get our fair share of those, but I think we have decided, you know, there is another place that we can play because we do have, and I think you heard it throughout, you heard it particularly from Lisa, we have really strong client relationships, and mid-market companies get that. They get the value of that. I think we're confident this is gonna be successful, but it is relatively new for us. Deb, any thoughts on that? I was just gonna add that at yesterday's we had a customer panel, and one of the customers is a mid-market company. I found it interesting that she said when they were doing their RFP, they basically limited it to just mid-market size providers, because for them, they didn't want to go with a bigger you know, bigger company, where they felt like they would just be a number, right? So I think that's one of the reasons we're focused on mid-market, you know, and something that, you know, I thought was just an interesting comment by her. Interestingly, that company, which when they signed with us, was within that revenue range, is no longer. They have grown out of that size. They've grown out of it, yeah. which is cool. Mike, thoughts? Yeah, look, I think you, I think you summed it up pretty well. Gara, I would say even two years ago, we had no ability to do what we're doing in the mid-market. Teresa and I had actually talked about it for several years, about we really felt this was a good market to approach. We've did, we've done a lot of research on it. We've looked at our hypothesis of basically 10 different attributes that we thought were important in that market. Peter's really nailed it. The DNA was not there for the go-to-market motion, the volume that it was going to take, the quick selling motion, the standardization of the offerings. I mean, we really had to take it from solution development all the way up to sales and go to market and make sure all of those pieces were in line before we could get into the go to market. That's really the honest truth, is there's zero chance that we could have done this two years ago, although it was in our mindset two years ago, and we've just gotten to the point of our maturity that we could attack this market. Then with the digital campaign, we felt that this was the best time to do it because we could really get after this market with almost no incremental spend. Second question I had is the mix between the traditional solutions and the next gen, and, you know, clearly between growth and also profitability, the more you can shift faster to next gen, the better. What are the limiters, you know, on that and the ability to push even harder and faster in that direction? I'll take that to start. Deb mentioned it, the traditional part of our business will often feed the next gen. I think as Joel and Alan were talking in that discussion, you know, it is true that we get some clients that start as next gen clients, but it is also true for our existing base, as well as for clients that we're attracting. They're coming in with kind of a combination of both. It's not that we're not ready with the next gen, but there are simply some things that there are some clients that want, you know, the cheapest, lowest, simplest way to do it, and they're not ready to kind of take that evolution, but we think that they will. Joel, I don't want to speak for you, so maybe you could talk, but we actually do a culling when we look at our pipeline of clients that are not yet clients, and that, you know, that want some combination of traditional and when we go after them and when we don't. Yeah, I'll use one of our panelists from yesterday, right? Unilever as the customer itself, right? We have a large field services where our techs go out, they're on the floor, they do the work. They may go out to certain locations. That's still traditional business, and it will always be, because that's a human element in it. They're very much into the experience, into the persona, and that still makes up an aspect of that contract. I think Peter's spot on in the sense of, you know, we see the multiple flavors. We certainly will get pure next gen, and we're working really hard to improve the margin profile of even that traditional with the technology and the tools I was mentioning up there. Yeah, I wouldn't say that we have a barrier to. If we can move that 10% next year, we would do 10% next year, right? It's really about the take-up rate. It's about the time it takes to get to market. As you know, a lot of these contracts are three, five, and seven years in duration, so there's just so many that are coming up at a time. It is another reason why we think mid-market's pretty attractive, right? Because we can churn that quicker, we can get the proof out there quicker, we get more new logo quicker, we see the expand capability there. As we're kind of, I won't say waiting for contracts to come up for opportunity, there's always a list coming up every year, and we're certainly aggressively attacking that list. There's limits to how much we can digest in a single year. Again, not from, not from our ability to deliver, more from what's available in the market. That's right. I think the dynamic that Joel and Mike are talking about happens in CA&I as well. You know, we talk about the cloud, and the cloud is really important as a growth engine, but there is still a lot of revenue in infrastructure. There's even more revenue than one would think because some companies have been revisiting their mix of how much do they want public, how much do they want in third-party colos, how much they want in a private. That hybrid balance for some companies is shifting a little bit, and we want to maintain, you know, a vibrant ability to help those companies that want a real hybrid portfolio, which includes some traditional infrastructure. Manju? You're bang on, Peter. I think, you know, we have to give some examples. I think we're seeing the shift happening in the market. Given that most of these large enterprises are moving to, from traditional, to the cloud, right? Doesn't mean that the mix shifts right away. It takes time, because these foundations that needs to be laid out, the future platforms that needs to be laid out, takes time. As we're doing this, it goes from an RU-based model. Like, think of workloads moving from the existing base of your traditional to the cloud. When that happens, obviously, there's going to be some decommissioning of the workload from your traditional, and now we are moving to a consumption-based model, and we're dabbling with multiple consumption models today. It's not unique to just us. You can talk to even our aspirational peers or the analyst advisors, they have the same challenge, too, right? When we start moving into a workable model in terms of consumption, we'll also start looking at, you know, what are the project areas that we can get in? Yes, we were managing the infrastructure layer. One of the case studies we talked about, where the CIO threw us a challenge of start working with the application team, start working with the business teams. These become our projects, where we go through this agile transformation for DP and the Orio next gen solutions. Hopefully, that makes sense. Okay. Thank you, Garold. Those are great questions. Okay. And I- I had two questions, one on pension and one on LNS. On pension, Deb, can you flip to the sensitivity table and contrast the numbers in the sensitivity table, even in the middle? Yeah. Seem to be much lower than what the cash contribution commitments are. Sure. how should we read that? Is that the way to think of the economic value of the liability versus just the actuarial spread? Yeah. I don't know if Jeff is still... If we want to put the slide up or I know it in my head, too, I can just talk to it. I think if you're talking about the bottom chart, the one with the contributions, where there's a $630 in the middle box, is that what you're referring to? Right. The $630 is basically equivalent to the $650 on our Q4 chart of the U.S. contributions. It's adjusted for the annuity purchase that we did in March, which reduced those contributions by about $20 million. If you remember, in Q1, we said that the $650 had gone down to about $570, $580. The one part of that reason was because that annuity purchase, it took down those expectations of contributions. We thought for that exercise, it was important to start at that $630. Does that answer? No, I think more specifically, if you sum up the contributions on the, on the slide in the main presentation, it comes out to much more than what's in the sensitivity table. Oh, well, if you look at the U.S., the sensitivity was just on the U.S. Okay. piece. I think that's maybe the piece. I apologize. I misunderstood your question. Yeah, it's just the U.S. contributions are $650. Okay. Is that right? Did I... Right? Yep. Okay. Sure. I mean, that is great. We have Shalabh here, and I think we can maybe afterwards, during the cocktail hour, perhaps. That sounds brilliant. - to go in. Yeah, the... For those of you online and those of you in the room who are wondering what that slide was, because it wasn't one of the slides in Deb's main presentation- Yeah. that is a slide that is in the appendix. Yep, 122. There we go. Give or take. Thank you, Matt. Other second question. The second question on LNS. You, we're talking about a $360, sort of normalized run rate... Yeah A 65% gross margin. Correct. Can you give us some clues as to what we should think of as operating margin, one, and two, if we see the number go above $360 or below $360, should we think that, you know, we're either borrowing from the future or that we are reserving and are gonna get something back in the future? Sure. Should we think of a drop or an increase as something more meaningful? I don't think we've given the operating margin for LNS. You know, it's something we can consider maybe talking about on our next, another call, but we haven't given that out. I think. As far as the timing, if you see, there are, you know, ups and downs as far as the timing. You know, it's an average of $360, so there will be some fluctuation, which is really, as we've talked about before, hard to predict. The book of business is stable. We have good visibility, but as far as exactly when deals close, it's not always easy to predict. Yeah. Does that answer your question? I would say, Amit, that, if you see it fall under that, my first assumption would be it's just a low renewal year. Yeah. There are less contracts due to be renewed in that year, and vice versa. If it's above, it is a higher renewal year, and it should be in that. The borrow forward is not really something that we drive. Typically, Chris mentioned that there's increased consumption. You get clients that are near the end or close to a renewal. They've used their allotted consumption, and typically, our contracts stipulate that once you do that, you lose your discount, and you pay full rack rate for future consumption. They are trying to accelerate that contract renewal cycle. That's why that pull forward happens. Typically, it's to satisfy a client need for an early renewal. But again, I. When those types of things happen, Dev and team will kinda always have that dialogue externally with you because that's not normal. Mm-hmm. Just that oscillation above and below the 360, I would say, low renewal year or high renewal year, just the number of contracts that are due for renewal. Just to close that point, and I'm not asking you to confirm these numbers, but let's say I was assuming a 40% operating margin on the business. Mm-hmm it translated to $150 million or so per year, I wanted to put a 6x multiple on that number because it's- Mm-hmm I guess, not growing, but relatively stable. It would be fair to value that business, given my assumption, is $900 million? We will let you do the valuation. Not really what we do. There's a lot of legal people looking at you. I know. Thank you, Amit, for your comment. I gave you a caveat. Yep, I think it is important to note, as we've said, that we have fairly good visibility, and that's, you know, we gave a three-year and a five-year to let you know that what we're anticipating is over both of those periods. I think, you know, because these businesses are running their mission-critical operations on it, they typically won't come, you know, in to renew and say, "We're not renewing that." I think that's, you know, given that average, there's some good level of confidence that if, to Mike's point, if you see up and down, it's typically not, oh, we lost that deal, because we have pretty good visibility into that. They would typically need a three-year transition, Chris, or a two to three? Even longer. Even longer, to transition off of that. In looking at our renewals, it's a pretty good visibility that we have. Thanks. If that helps. Thank you, Amit. Thanks for the opportunity to ask questions here. Just wanted to on the LNS business and then ClearPath. Can that business exist separate from the rest of your businesses? If it cannot, is it primarily because of the overlap with the traditional business? I guess, is there a period in time, one year out or two years out, when more of the workloads have transitioned to next gen, that you can actually consider a separation of ClearPath? Well, that's really almost a spiritual question in the sense that, you know, we are an operating company. We're not really a holding company. I think one of the important things that I just wanna focus on, it really started with what Mike's comment was, that 40% of our clients will use more than one of those business units. What we have found, as we have done the analysis, is when a client uses more than one, that client we tend to be the client satisfaction goes up, and our profit goes up, and it's really obvious. It's not nefarious at all, but you get rid of a bunch of sales costs, right? You get rid of the uncertainty of having to do that because you can cross-sell. The client benefits from eliminating all those sales costs, and we benefit. There is real value for us, and as Mike mentioned, we've gone from about 33% to about 40%. The second thing I would say on that is, you know, the kinds of things that Chris is talking about is actually not technically ClearPath Forward, right? I mean, as Chris mentioned, you know, but it is using the engineering skill. It's using the methodology. It's using the data. It's using a lot of the experience that we've gotten and the know-how from having used that. One of the questions that your question raises is, okay, well, if that is an important part of our future, you know, if you simply sold ClearPath Forward, how would you retain that part of our future? If you sold ClearPath Forward, and you sold that, then, you know, would you be removing some of the brighter, higher-margin opportunities? The bottom line is that I think we really operate as an operating company, not a holding company, and I hope that we didn't give the impression here that these are stovepipes. I think several, I think every one of the speakers mentioned leveraging other parts of the business, and that is important to us. Mike? Yeah, just one comment there. Unlike some of the other businesses where we saw traditional and ClearPath Forward in ECS is traditional, right? In that construct. You're not cannibalizing that by going to next gen. It is a completely separate work stream, so there's really no overlap there. Got it. Thank you for that. One more. This is more in terms of, you know, trying to put potentially accelerate your transformation. Are there any, you know, assets or workloads or product functions that you can theoretically divest? You made a bunch of acquisitions in the last few years. Are there any opportunities to accelerate the transformation by potentially divesting? Thanks. That's a great question, too, and it is certainly something the company has done over time. We've done it during the tenure that Mike and I have been here. We've done it, before our tenure. I would say that we're constantly looking at, you know, units or parts of the business that are underperforming. I think a healthy business has to be willing to do that. You know, a healthy business has to be willing to look at its people in the eye and say, "You know, here's our expectations, and if you're not meeting those expectations, you know, you run the risk of, you know, falling off the company and being part of a divestiture." You might be in the opposite situation, where you have a piece of the business that is so highly valued because it is doing so well, then, you know, moving that business off gives you such an infusion that it really creates additional value in the rest of the company. What I would say is, we do actually look at that, you know, throughout the company. Do we have any current plans to do that? We don't. It doesn't mean that we don't constantly look. I think each of our business units has a modern set of solutions as well as its traditional. Again, we look at that traditional as a feeder system to get to modern, and I think we're pretty happy with the asset portfolio that we have. Took us several years to get it where we want it, so we'd like to enjoy it for a while. That said, I just wanna, you know, one of the things that our teams are looking at, you know, Deb mentioned labor rationalization. You know, that is part of how we look at our cost structure, and that includes looking at, you know, people who have Unisys badge versus contractors. All of our industry works with a combination of associates or employees and contractors, and we're actively looking at areas where we might have too many of one or not enough of the other, depending on the workload, depending on the geography. It's not quite the same as selling a business, but it does mean kind of optimizing the way we deliver those services, and that is underway. Yeah. Great question. Thank you. Michaela, any questions from out there? Yeah, we have a question from the chat. To what extent do you need labor cost reductions to achieve your 20% XLNS gross margin target for 2026? How does labor flexing up or down play into the gross margin equation? I think, as far as the gross margin, I think, there's definitely a labor element to that. I think, as Peter just talked about, I think you may have answered some of that. Looking at contractors, our overall labor, looking at the labor pyramids, are some of the things we talked about, right shoring. All of that does have a people element to it on both the gross margin side as well as on the operating profit with SG&A and some of those other cost areas we're looking at. Yeah, I mean, I know it's a weird visual, but I would go back to the visual of Chris Arrasmith's presentation about how you know, you fill up those cargo containers efficiently. We're actually doing that with a personnel analysis, right? How often do we have people in what roles, and what is the most effective use of resources? Some of them may be our resources, some of them may be resources that, you know, we bring in on a full-time basis or on a temporary basis. That optimization work that we talked about in air cargo is work that we're doing underway right now. We do expect that some of the value of that will get included in some of that gross margin increase. Yeah, just remember, too, some of that gross margin is via automation, right? Yeah. It's creating capacity. It's not really flexing labor, it's growing without adding labor, right? Yeah. There are a couple elements to that that go beyond just the labor pyramid. Yeah. You know, I know Joel and Alan talked about it. You know, when you think about some of those new technologies, you know, the poster child for our industry is going to be DWS. Where not only do we think it will reduce some of our costs, we think it will actually increase some of the revenue available to our clients. That's value add we make as well for them. Yeah. Hi, I'm just curious how material the mid-market expansion is to hitting this, your 10%-15% next-gen by 2026, the sort of that CAGR target, because I think of mid-market as being less capital efficient, so maybe it's the same people chasing the same head, but it's a lower, probably a lower ACV. How do you? You're reducing SG&A by 11%, so that $50 million, you're entering the mid-market, but then you also have margin expansion in this 10%-15% CAGR. I think, Mike, that's probably you and a Chris question. The first short answer is it's not material in meeting our targets on here. We think there's certainly more upside than downside in relation to the mid-market. I would tell you, at least from the analysis we've done and what we've seen happen already in reality, the margin profile on the mid-market and the mid-market's ability to have budget and spend on the things we're talking about, is as strong as it is in the large commercial space. We're not seeing a price pressure and/or, as I mentioned, an additional cost element, at least as far as the hunting is concerned. As we start to convert, if the volume comes up and you have a lot of volume as far as the selling process is concerned, that could drive some of that increased SG&A component of it, but that's short time, one term, right? As opposed to the longer term and the growth aspect of, of the mid-market. As a proof point for some of those new logos, they've been pretty strong. Remember, our mid-market view is $2 billion-$5 billion. That's a pretty good sized company that can handle the margin profile. Chris? Oh, I'm live. I actually don't have anything additional to add to that. I think you covered all the thoughts I had. Thanks. Great, great question. I think one thing just to add on that is, you know, for the mid-market thing, we're gonna be really careful on how we are selling that as far as, you know, how customized it is. You know, I think for it to be successful. Mm-hmm. We really need to watch on the cost side and ensure we're not taking that, to your point, it's smaller to begin with. Yeah. We don't wanna, you know, we need to make sure on the cost side we're not over-customizing everything, and then it really doesn't make sense. Yeah, that's a wonderful point. Yeah. I should have mentioned it. You know, we tease it out a little bit, the analogy we use internally is it's not a Baskin-Robbins sale, right? It's not 36 flavors. We're going Neapolitan here. There's, you know, three elements to that. You know, we've talked about the innovation throughout our stack. When you go to the mid-market and you've got the innovation at every layer of the platform, as Manju was mentioning, they're getting the innovation of our partners, they're getting our innovation, they're getting the innovation of the clients in the aggregate. Our goal there is there's plenty of variety. We want a more standardized solution, which allows us to price it in a much quicker manner. For them, if you think about who their competitors are, for them to get cost efficiency and for them to get talent to actually do it themselves in this market, they're way priced out of doing that on their own. It's variety, it's speed, and it's standardization with some level of, I'll say localization or customization, but not like we do for large enterprise clients. I just wanna make sure that the team here and on the web understands, it's not new to us, right? I mean, Deb gave an example yesterday. We had one of our four client representatives here, was a mid-market when we signed them, okay? I was in the U.K. last week on a prospect call for a company that is a mid-market in the U.K. It's not like we don't currently sign clients that are less than $5 billion in revenue, right? It's really a question of focus and saying: Okay, we're going to do more of that, and we're gonna make it more programmatic. It's not like we don't do it today. One of the things that gives us confidence we can do it more programmatically is that we have been successful. Mm-hmm. in that marketplace. Now, when we turn that programmatically, we have to do it a little differently. We have to do sales a little differently. Again, it's not new, right? It's just more focused on something that we've already done. I'll add to that then. With regards to that, when we really think about. We do have that space, but as I come in and I work with the teams, it's really about simplifying how we do our proposals, how we leverage our teams, how we train our associates to speak the mid-market language. Those sales cycles can be shorter, which is actually a good thing for our organization because we're not leveraging as many people internally and not using as much time in order to chew through the sales cycle. Thank you. Okay, is that it? I think we're gonna wrap it up. We're wrapped up. I see the wrap up here. It's pretty big. He was just ignoring it. I know. to make sure there were no other questions. Do we have any other questions? We will wrap up. Look, I wanna say thank you to each of you who attended in person and via the web. We really appreciate, as I said at the beginning, those of you who have followed us for a while. We also really appreciate those of you who are just beginning your journey in understanding the story. You know, just as we pride ourselves on developing those long-standing relationships with clients, we do the same with our investors. You will find us very responsive, you'll find us very open, you'll find us very willing to spend time with you. We're very proud of the company we have. We are celebrating a 150-year anniversary this year. As you heard from several of the speakers, you know, we have really strong views of how we're going into the future. We wanna share those with you, and we thank you for being part of our journey. With that, thanks very much. Great. Thank you.