Thank you all for joining. It's my pleasure to introduce Deb McCann, CFO of Unisys. If you know, folks aren't familiar with Unisys, it's a $2 billion+ revenue company, $180 million+ in gross profit. They, you know, they cover the full gamut of the IT stack. And, you know, we're very excited to have Deb here. Deb, and Unisys have joined us in the past, in the Lytham conference, and we're very honored, and we're looking forward to this discussion. All right, great. Thank you so much. Thanks, everyone, for being here and so good morning, good evening, wherever you're listening in from. Like you said, my name is Deb McCann, Chief Financial Officer of Unisys, and I also have with me Michaela Pewarski, who's my Head of Investor Relations, so we can be reached at investor@unisys.com, so any follow-up questions, feel free to reach out, and we can set up follow-up time to discuss anything, so thanks for being here. I'm moving to slide three. You know, as we said, Unisys, we're a global technology solutions company, so we have three different business units, and so sometimes it can get confusing, the different things that we do, and I'll walk through some of them in more detail. But at the end of the day, we've been helping people and organizations reach the next breakthrough with transformative mission-critical IT solutions for really over 150 years. So, you know, I'd say, you know, for anyone out there with a laptop, you're actually using one of our IT solutions, which is, a claim to fame of Unisys is we invented the QWERTY keyboard. So we started out doing adding machines, typewriters, and eventually invented that keyboard that's instead of A, B, C, D, it's Q, W, E, R, T, Y. So, that's one of our claims to fame. So, you know, for those 150 years, helping companies with their IT solutions. And I'll go through the three main business units, in more detail in a few minutes. In order to understand where we're going, I think it's important to understand where we've been. And this is slide four now. So again, 150-year -old company. No company survives for 150 years without constantly transforming itself. And so this is, again, you know, right now, we're in a journey of another transformation, where in 2020, we sold our federal business, which gave us some capital to really do three things. One, we pre-funded a big amount into our pension, which allowed us to delay contributions. I'll go into that more in a minute. It allowed us to refinance our bonds, which are due in November 2027 at a lower rate. And it also allowed us to have some extra capital to do some acquisitions, to set ourselves up for our transformation. So in 2021, we reorganized into those three business units I showed you on the prior page. And we also did three key acquisitions, one in the cloud for our Cloud and Infrastructure business, which was application development, that allowed us to change it from C&I to CA&I, so that application development piece, and then two to support our Digital Workplace Solutions business. Then in 2022, we started growing our alliance partners, and we did a rebranding. So Unisys used to be kind of block letters, red, and we rebranded, and the main goal of that was to tell people, what is the new Unisys? What do we do? Again, it's not new in that we're still providing IT solutions, but what are some of those key solutions? Explaining that to people was important. Then also, you know, going to the third-party advisors, like the Gartners, ISGs, the folks that develop those quadrants, and getting into those upper- right quadrants, so that when companies are looking to do this kind of work, they come to Unisys. In 2023, we really started to get that recognition from the third-party advisors. We started getting invited to more deals, to the table, you know, to respond to more RFPs. In 2023, we did start growing, and it was mostly driven by our existing clients, so clients we already had, and giving them some of our higher value services. And then you'll see in 2024, in the first half, we talked about a lot of new logo signings. So what that is is symbolic of all the things we've been doing have been working. So, you know, reorganizing, using capital to invest in three acquisitions in 2021, building our marketing and sales machine to get invited to those new deals, that's all working. And in 2024, the first half, you know, a large amount of TCV coming from new logos. And then this year, we're expecting positive free cash flow. So definitely a lot of progress that's been made over the last few years. So moving to slide five, in addition to a lot of those things I talked about on the prior page to transform and grow the business, there's also some secular IT trends that are helping with our growth. You know, cloud, cybersecurity, data proliferation, advanced computing, AI, and the future of work, so the hybrid environment we're all in. So these are some trends that we have, you know, over our 150 years of experience, and the investments that we've made in the prior few years, put us in a position to deliver on these trends. So, you know, with our ability to provide mission-critical IT, that expertise we have, our expertise with data, and application development, and then with Digital Workplace Solutions. So these hybrid work environments, where it's important for employees to be able to open their laptops at home, to be able to open them in the office and get that same experience, you know, has driven the importance of some of the Digital Workplace Solutions that we provide. Moving to slide six, I believe. Is that six? Just I'm gonna run through the three business units, just to give you a better sense of what we do within each business unit. Cloud, Applications and Infrastructure, you can see, we help clients with their applications on multi-cloud and hybrid environments. We, you know, we don't provide the cloud, we work with partners, so AWS and Microsoft Azure and Google Cloud, to help clients. You know, a lot of times clients don't want to just be on one cloud provider, they like to work across several. There might be some things they still want in data centers. So helping, you know, our clients work across those multiple environments is something we do. You know, AI on the cloud is becoming something that we've been doing, right? A lot of AI with large language models and a lot of the traditional AI, we've already been doing, but continue to help support clients with that. Security, so as they're working in these hybrid environments, ensuring the security is just as strong across all of the environments, and then helping them with their data and ensuring their data is consistent across the environment. So these are, you know, we think, leveraging our industry expertise to implement. I think that last bullet says, kind of summarizes most of it, you know, to implement secure, automated solutions that meet the demands of these hybrid multi-cloud environments. The other thing we do is Digital Workplace Solutions, and all of these, just so you know, these three business units are all approximately 30% of our revenue, so they're all pretty equal across. You know, within the circle, it talks about the things we do. At a high level, this is basically helping companies manage the IT, the devices and servers and infrastructure that the employees use within that company. So you know, Intelligent Workplace Services, Modern Device Management, Seamless Collaboration across all those devices. You know, Unified Experience Management and Workplace- as- a-S ervice. This includes things like help desk. So when you're calling in, it could be a Unisys employee that's picking up the phone to help you reset a password. It's field services, so the break-fix component of how, if your laptop breaks, how does it get fixed? And those are more traditional, but moving up the value chain, where those are more automated, where it's not. Hopefully, you don't have to talk to a human to reset your password. You can type in a chat, and then it knows how to answer you and resets that password. You know, predictive, more proactive analyzing of the employees', devices and saying, "Oh, you know, Teams is starting to not work across some of these devices. Let's put out a proactive patch." So it's all those kind of managing, within a company, the devices that the employees are using. Next is Enterprise Computing Solutions. The top pie piece of the circle says ClearPath Forward. And again, this is on slide—a m I on slide eight? I can't read the page. But I want to make sure for those following on the audio can follow the slides. So slide eight, ClearPath Forward is about 2/3 of that Enterprise Computing Solutions circle. And what that is is an operating system that we have called ClearPath Forward, and it's pretty much a license sale. And so the reason I call that out is on the next slide, I'll talk about it a little bit more. But if you look at our financial results, we talk about total company, and then we talk about ex- License and Support or ex- L&S. And that's pretty much the ClearPath Forward licenses and the support that goes with it. And the reason we break that out is not because it's not important. It's, it's extremely important to our business. We invest a lot to ensure it's modern, it's cloud-enabled. It's got margins of about 65%, gross margins. It's very sticky. Clients are running their mission-critical. You know, it's airlines running their reservation systems, it's banks doing their mortgage processing. It's, it's things that are not easy to move. And the piece to the left, the managed services, is where we're helping them manage and improve the operating, you know, their applications and everything they need on that operating system to ensure it's running as smoothly as possible. So that ClearPath Forward business, which we call is License and Support, the revenue and profit are recognized when that license is sold. It's not a SaaS model, which is unique. Most softwares have moved to a SaaS model. Our clients, we've tried to push them there, and they have not wanted to. We are continuing to be—y ou know, that's why we report total company and ex- L&S, because when you just. T hat L&S business is based on a renewal schedule of when these clients renew every three to five years. If there's a quarter where there's a big renewal, Unisys will look like revenue's growing. If there's a quarter where there's not a big renewal, revenue looks down. That's why we've started reporting, excluding L&S, so that you can see the progress we're making in those, the other businesses like CA&I and DWS. The other areas I mentioned, the managed services. We have, you know, lots of different clients on ClearPath Forward, but specifically, we have lots of airlines, banks, insurance companies, and we've built a lot of industry knowledge in those areas, and so we also have some industry solutions specific to those industries, that are part that are outside of that ClearPath Forward business. Okay, so in total, like I talked about, that L&S, which is the License and Support for that ClearPath Forward, is about 21% of our revenue, and then the remainder is 79%, and I'm on slide 9 now, and so, you know, that's important when you're looking at our results, to understand that that License and Support business can definitely be lumpy. I think, you know, what's important to note is just the diverse base of revenue that we have. From a geographical perspective, only 45% is in the U.S. and Canada. We're extremely global. We have a lot of revenue outside the region, and then from a client sector perspective, about 30% commercial, 30% financial services, 30% public sector. We have a wide variety of types of customers, the location of our deals, and we have typically around 80% recurring revenue. And so that's, you know, when there's macroeconomic impacts, it affects us, but not as much as a company who maybe doesn't have 80% recurring revenue. We're able to withstand some of those macro environment trends a little bit more. Not that it doesn't affect us at all, but having this diverse profile of revenue, if there's risks around geographies, around certain sectors, you know, we're able to withstand that a little better. So moving to slide ten, here's an example of some of our clients across different sectors. And what's good about this is it's pretty representative of all of our business units. Top left is California State University. That's a cloud solution. Across twenty campuses, they have a hybrid, you know, multi-cloud environment, and we help them manage the security across that, their applications across that, so they're able to provide more innovative educational services to their students. I won't go through every client, but you know, I think you know, under travel transportation, Air France is a ClearPath Forward client, but they're also a DWS client, where we provide help desk services for them. So, you know, across the board, it's, you know, Henkel, under manufacturing, is a company in Europe, and they have the full suite of Digital Workplace Solutions. They have the help desk, they have the service desk, you know, the service, the field services for the break-fix. They have all the proactive monitoring. They pretty much have a full suite of services. And almost all of these clients, if you look on our website, there's the stories of these clients and how we're helping them with their IT solutions. And so I think that, you know, if in trying to understand more about what we do, it's a good place to look, 'cause there are examples of each of these on our website. Moving to slide 11. Our partnerships are really key in what we do. When we talk about having that expertise to, you know, we don't try to do everything. We don't try to be all to everybody. What we try to do is partner really closely with some of the folks on this page, and I think what's important, if you think of a client who's trying to determine, "Okay, how do I create a cloud environment? How do I ensure we have security across it? How do I, you know, create a unified digital workplace solution for my employees?", and there's all these vendors out there, right?, and they're all emailing the CIOs and saying: Hey, use us. Use us. Right? You know, for us as a solution provider for these companies, you know, one thing we, you know, I think an important value we add to them is being able to look at this list and say: Here's, you know, how we think we can best architect the solution for you. You know, as you can see on the top, AWS, Google Cloud, and Microsoft, those are three big cloud providers. We partner closely with them. Dell and Lenovo, for Device- as- a- Service. For Digital Workplace Solutions, we can actually buy the devices for you through those vendors, so you only get one bill for your whole digital workplace solution. You know, in addition to cloud for Google and Microsoft, we also work with them closely on implementing their, you know, their AI solutions to help clients understand, you know, how to implement AI best within their corporations. So, you know, all of these are really important partners and allow us to not have to invest in every one of these things, but partner closely with them on providing an overall IT solution for a company. So, AI, the big, the big buzzword. For us, and this is again, this is slide 12. For us, AI solutions are something we've been providing. As everyone knows, the more traditional AI has been around for a long time. So as we do our digital help desk, and people are calling in or chatting in to say what their problem is, there's language models that help interpret that and say, "Okay, what's the best place to route this? What's the best way to advise this person how to maybe self-help and fix the problem on their own?" So lots of examples of us have, where we've been using AI already, and we're not selling it as a separate line item. It's just kind of enabled in everything that we do, and has been. I think, you know, generative AI is some of the new things where— You know, as that's become bigger, we're using that both internally, so with our back office functions, to help improve our efficiencies, and in some case, you know, use cases for clients as well. But for us, it's something we've been using and continue to use and will, you know, continue to provide that. So, you know, multiple ways we can just do strategy consulting with clients to help them understand how to navigate this new environment. We can help them prepare their data and ensure that the data is clean and in one place and in an environment that's secure, and where if they're using different AI solutions, they don't maybe want their data to be in the general AI world, but secure within, so we can help them manage that. And then some of our solutions, I'll give an example on the next page, are pretty specific to AI. And then overall managed services, so the basics that we do, but helping in that AI environment. So here's an example of a quick serve restaurant that has franchises around the globe, and they have different systems and, and so what we're doing, they're trying to combine those. The purpose of that, when there's tickets, when things break and the folks working at the quick serve restaurant put in a ticket to say, how do we fix this point of service, the menu machine or the cash register? How do we fix that? What it's doing, because they're combining it, it allows them to combine all of that knowledge into one centralized place and allows tickets to be resolved quicker, more quickly, to reduce the ticket volumes and improve the crew experience and get them back to work versus trying to fix these IT problems. That's just one example of us, you know, our team working with this quick serve restaurant to really make some operational improvements. So now I'm going to move to slide 14, and a lot of what I've talked about so far is how we're growing some of the trends and the opportunities we see from the revenue side. But a big part of our strategy is also the profit. It's improving profitability and improving free cash flow. So improving gross margin is really twofold. On the left, it's shifting the mix into some of those higher- value solutions. So things like traditional help desk, where there's just people sitting, answering phones or field services, more break- fix, going out into the field. Some of those higher value, you know, proactive monitoring. Some of the things in CA&I, like application development, that are those higher value solutions are inherently higher margin. But then on the right side, we're also doing a lot to improve efficiency. We're pretty good about a lot of our resources are offshore, but within account. We're looking account by account to even ensure, you know, we're maximizing that opportunity, that we're maximizing the labor pyramid within a client account and ensuring we're being more efficient. We're trying to improve some of the low-margin accounts, again, to get them on those. So we're getting new clients, but also with the existing clients, getting them on a path to some of those higher value clients. So moving to the next slide, kind of that left circle, delivery operational excellence, is what I talked about on the prior slide. But ways we're improving free cash flow and unlocking more value with some of these other things. So a big focus on working capital management, tax assets. We have a lot of net operating losses or NOLs that, whereas we are improving our profitability, the cash taxes will not be increasing that much. So that's a good way where we can manage our free cash flow. A CapEx- light strategy, we try to look for creative ways. If a business does want to do a, you know, Device- as- a-S ervice where we can, you know, lease or really try to ensure we're not spending so much CapEx upfront. We continue to manage the pension risk, and then some legal and environmental payments. If you look at our financials, you'll see that in 2023, 2024, we have some unusually large environmental and legal payments. Environmental is due to a site we have that we've been cleaning those typewriters I talked about before, a very old site that is nearing completion, and we actually get a refund once that's done from the state. Then also some legal payments where we had a specific case in 2023 and 2024, that is nearing resolution, that made the legal payments out the door a little higher than usual, and those we expect to come down pretty dramatically over the next year or two. Moving to the next slide, revenue growth and gross margin trends. I think as you could see, the left side is total company, so that includes that License and Support revenue. So you can see that it's all over the place, because with 65% margins, if it's a quarter —e xcuse me one minute. If it's a quarter, where there's a lot of renewals, the margin's gonna be higher and the revenue growth is gonna be higher. And then if there's a year where there's, you know, maybe last year was a big renewal, but this year, that quarter, there's not a big renewal, the revenue goes down. So that's why if you look on the right, you can really see the trend of the improvement we've been making. You know, the revenue growth, excluding that License and Support business, is definitely on a steady incline. We've been telling people all along, it's not totally linear, right? Although mostly our lumpy business is that License and Support revenue. There is other revenue within, for instance, DWS, that's lumpy. So if we do a big hardware sale, that's all recognized at once. And so you know, certain quarters, there still might be some of that lumpiness. It doesn't get rid of the problem completely, but I think you can see the improvement, you know, is being made. And same on the gross margin. Clear improvement on the ex- L&S gross margin. I think, you know, again, it's not always gonna be linear. There's certain quarters where we might be making investments in innovation or in cost reductions that you know that won't be always completely linear, but I think you can see the great progress we're making. This is our leverage detail. So when you look at our senior secured notes, some financing, some leases, not that many. Total debt around $500 million. The global net pension deficit is around $700 million, so that adds to the leverage. We have about $350 million in cash on the balance sheet, and then you can see, you know, adjusted EBITDA LTM about 261, for a net leverage ratio about 3.3x, including our pension, but 0.6x excluding it. Moving to the next slide. You know, this is the last slide. Really, our opportunity is, you know, the growth in the ex- L&S revenue, accelerating that growth rate. Some unique and creative solutions we're, you know, AI-related services, some of those industry-specific solutions that we think will help even accelerate that growth. Investing in our core L&S platform, so like I said, that ClearPath Forward product is extremely important. We continue to invest in it and try to give people no reason, you know, our clients, no reason to move off of it. Expanding profitability is key, so the margin, I forgot to mention SG&A. We have a large initiative within the company to make a pretty significant reduction in SG&A, more of the G&A than the S, so we're continuing to drive that sales engine, but want to ensure we're, you know, maximizing. You know, reducing real estate where we don't need it, centralizing our IT organization, several areas where we're reducing. Improving that free cash flow conversion, and then sustaining, getting to a point where we have a more flexible capital structure as we start to pay that pension down, so that's all the slides I have for today. So hopefully, that was a helpful introduction to all of you of Unisys. Thank you, Deb. Great. No, that's tremendously exciting, especially that slide, which shows the transition over the years. Yep. You know, really resonates and very powerful to see the company evolve, and I think the financial performance is a testament to that. Yep. So, you know, I'll start with a few questions, then we can open it up to the audience. Within the three different segments, you know, they're very unique and esoteric in their margin profile— Yep —their growth structure. In a digital workspace, for instance, you know, had good growth in 2023, a little bit of softness in 2Q. Yep. But yeah, enterprise computing, CA&I had you know really good 2Q performance. Yeah. The margin profiles really come up in CA&I. Right. You know, as the company transitions forward and cross-sells within these different segments, how do you foresee the, you know, the profiles changing within those different avenues? The different avenues? Yep. Yeah, well, we definitely see with DWS and CA&I over time, getting that growth. Like I had said, you know, the—sometimes there are those hardware deals for DWS. That's what happened in Q2, where year over year, it—you know, the growth doesn't show. But I think over time, the key is that we will be having that revenue growth in those ex- L&S, you know, in DWS, CA&I, and then continued gross margin improvement in those areas. So we'll continue to see that. Like I said, not always linear, could be some ups and downs, but the overall trend, you will continue to see that. Got it. -across all of the business units. That's super helpful, and then the go-to-market strategy, does that differ within the different segments or is there a kind of a unified platform ahead for GTM? The go-to-market strategy is pretty unified. I mean, DWS, you know, the ClearPath Forward product is not really something we're out there selling or marketing. That's something that, you know, the clients that are on it are—i t's, you know, they're happy. We're making sure we keep them happy. But there's not as, you know, new clients wouldn't necessarily go on ClearPath Forward. So that's kind of on the side, but the rest of the solutions, it's a very unified go-to-market strategy, unified sales force, you know, that's educated on all of the different services. We have experts, of course, on each solution that depending on the deal, you know, get brought in. But the goal is really to— If we look at our pipeline, a lot of the most recent, those new logo deals are really across, you know, DWS and C&I. It's that strategy is working as far as selling across. Gotcha. Yeah. And then, you know, the gross margin accretion is just tremendous, I think, is also— Yeah —you know, a testament to— Yeah —the company's performance. Any color as to, you know, further upside there? Yeah. And, you know, especially as some of these new age technologies are being brought in with AI, analytics— Yeah —cloud. You know, how is that when you are going to customers responding to an RFP, are they— is it more competitive on the margin side, or is it, you know, do you guys have a differentiating factor to charge more and, and— Yeah —you know, get higher- cost projects? Yep. Yeah, no, I think we—you know, we're definitely in a place where we're able to show the value that we're providing, and so we're not seeing big pressure on price from that perspective. We're able to show the value, show how—I think one thing that's helping us in the market is being that kind of one-stop shop. So where there's a lot of companies steering away from those field services, kind of break- fix, and help desk, and we're still in it, and on a global basis, able to provide it. I think it's really appealing to a lot of clients to see that they can get kind of that one-stop shop across the board, and that we have these strong alliances and partners to be able to kind of pull in everything they need, and then just get one bill for their Digital Workplace Solutions, let's say. We're not seeing as much pressure on price from that perspective. Gotcha. And then as far as the gross margin, yeah, we continue to see opportunities. I mean, we're, you know, pretty good with our efficiency, but there's always room for more, so we're continuing to push. Oh. So. No, t hat really resonates. Yeah. And then, you know, you mentioned the Air France example and a few of your marquee customers. Yeah. Very, you know, there's a lot of upselling opportunity. Yeah. How does that discussion go when you—I mean, if you initially go with, you know, digital workspace, how are you, you know, convincing them to join in on the enterprise side or the cloud side? Yep. Yeah, I think, you know, we've added into our sales motion, what we call, you know, kind of technology experts that go in with the sales team and really provide some more innovative solutions. So not just going in and answering what that company is RFPing for, what they're currently doing, but— Right. But coming up with more innovative solutions to say, "Hey, have you thought about this?" And you know, showing our 150 years of expertise to really use to our advantage to explain how they can use more of our solutions and services to kind of move up that value chain. So I mean, if we have a client that only wants traditional help desk, traditional field services, you know, we don't play in. We won't do that. Right. Because, you know, for us, it's really those higher value services. Sometimes they, you know, enter that way and start to buy those higher value, but if that's all that they want, then that's not something we do. Got it. Yeah. Great. And then, you know, turning to the credit side, the company has been a great steward of the balance sheet. You know, it's definitely optimized, whether it's the pension liabilities or it's the debt aspect. Yeah. You know, go- forward, you know, how do you see the credit profile changing? Yeah. And then, are there any large investments, or funding requirements that, you know, you foresee for the next year? Yep. Yeah, I mean, what's good is that the acquisitions we did in 2021, we feel very good about where our solutions are. So, you know, we're in those upper right quadrants and being asked to the table on these RFPs. So we don't feel like there's an immediate need to invest more, you know, in M&A. We're always looking, because there could be an opportunity for a tuck-in that would be accretive and helpful, but it's not. You know, for us, we feel like we're in a good place. So for now, the capital structure is very focused on. You know, we know we have these pension obligations coming up, so we, as I had mentioned, we pre-funded it in 2020 when we sold the federal business. But the assets, if the assets fall below a certain funding level, which they did in 2022, when fixed income and equities kind of fell at the same time, we then were, you know, had to use the pre-funding to pay the contributions, and then contributions start again in 2025. So we feel like we're on a trajectory to get to a point of covering those, but we just want to be a little conservative with our cash. We have $350 million on the balance sheet, so, you know, as time goes, will help us with those obligations. But the goal is to get there from an operational perspective. And then from a capital structure, as we start to make those contributions, that leverage chart I showed you with the net leverage, the deficit will start to come down because we'll be paying into that deficit, you know, making those contributions. And so our leverage profile will start to improve as we're paying those pension payments. So we're very optimistic about, you know, where we're going. Great. Yeah. Great to hear. I'll just open the floor to questions. Yes. Right. Right. So there's a chart in the appendix that kind of shows. So the light green bars are the international pension payments, which we've been making. They average about $30 million a year, so that's already in our free cash flow numbers. The dark green are now the U.S. pension contributions that start next year at about $60 million, and then, you know, go up to about $90 million, but then start to come down. So you know, like I said, the, from an operational perspective, all of the work we're doing to improve gross margin, improve free cash flow, some of those unique one-time payments that we've been making in legal and environmental in 2023 and 2024 will start to come down, and we'll actually fund a pretty big portion of that 2025 number. So we don't foresee— You know, we have the cash as available to us if we need to use it, but, you know, the goal is really to get to an operational performance that will be able to cover those payments. Yeah, so it'll reduce it by, not the exact amount, so as we're paying, you know, $100 million, the deficit is about $700 million. So, you know, you can see it's there's present value and other math in there. But, you know, a portion of that $100 million will the deficit will improve by a $100 million or slightly less, you know, per year as that goes on. That $700 million deficit will decline each year. And so that leverage ratio will improve over time. Yeah, so from a competitive perspective, across, you know, Digital Workplace Solutions, our biggest competitors are like a Kyndryl, a DXC, or Atos are kind of who we come across, the most. You know, so that's one of our bigger—t hat's kind of the space we play in. And then cloud, there's a lot of competitors, right, who do cloud. So we don't necessarily go out there and say, "We're the best cloud provider you're ever gonna find," right? What we do is more, you know, partnering with Digital Workplace Solutions, having those solutions be, you know, kind of a one-stop shop, and then also just the clients that we have and the trust we've gained, and, you know, To us, we sell more of that overall industry solution expertise, not just cloud. But there's a lot of companies that do the cloud, too many dimensions. And then, you know, the enterprise computing is more, you know, that's a unique, that ClearPath Forward. So those are that's the main from a competitor perspective. Your question on, you know, sectors. So, you know, that enterprise computing, there's definitely an industry knowledge. We have expertise within that of, you know, the airline business cargo. We have a unique solution, Unisys Logistics Optimization, or we call it ULO, that's using that expertise in cargo to say, "Okay, how can we leverage our strong understanding of that industry to sell cargo solutions?" We actually did a pilot with Malaysia Cargo Airlines. That's on the website that you can look at and see some of the— an example of how we're using those solutions to provide services to specific industries. Thank you. I think, you know, we're short on time. We're over. But, you know, Deb, if there's one takeaway or one thing you want people to know about your company— Yeah What would you think would resonate? Yes, I mean, I think this chart says it all. I think, you know, the opportunity we have, we're just really excited about. Yeah. I think we're seeing that progress. We're, you know, we've laid out a strategy in 2021 after the sale of the federal business, and we're, you know, still on track for that strategy. It's working. We're making the progress we need. We, you know, the pension has created a little bit of a bump in the road, but we see, you know, a path to get to where we'll be improving our free cash flow and ultimately improving our capital structure. So we really are excited about the opportunity where we are. Wow! No, that's extremely exciting. Yeah. Thank you again, Deb, for joining. Great. Yeah. Great. Yeah. You know, we look forward to you joining again next year. All right, great. Thank you. Thanks for having me. I appreciate it.