All right, we'll go ahead and get started. Dave Mossberg with Three Part Advisors. I'm here to introduce Unisys. This is a company we found a couple of years ago. We literally scour all over the U.S. to find good names to invite to our conference. We did a mini bus tour somewhere in Pennsylvania. Where is your headquarters? Blue Bell. Blue Bell. We actually went to Blue Bell and met with a company, with a group of investors. Unisys, this is the second year of doing our conferences, so really happy to have him back and turn it over to Debra McCann, CFO. All right. Great. Thank you, Dave. Really appreciate it. Hi, everyone. Thanks for coming. Before I get going, here's a brief agenda of what we'll cover, an overview, focus on some of our growth solutions, artificial intelligence, which I know everyone wants to hear about, our financial strategy, and then our capital structure. Just last week, we had an investor day on June 2nd. A lot of these slides were taken from there. We also went into a lot more depth at the investor day. We had our business unit leaders presenting, giving actual client examples, some videos of clients speaking about what we do. I'm going to give an overview, but we do have on our investor relations website that full, it was a three-hour day. If there's pieces you want to dive into more, you maybe don't have to watch the full three hours, but you can slide ahead and look at some of the different pieces. Just wanted to give a heads up on that. At that meeting, when you see item four on the agenda, the financial strategy, we did give some new three-year targets of where we expect to be from now through 2029. I'll be talking about some of those targets here today. This conference was perfect timing for us because it's a way to reach more investors with everything we talked about on investor day and hopefully even some more information for you. First, who are we? As Dave mentioned, our headquarters is Blue Bell, Pennsylvania. It was great that he came and brought investors. No one ever comes to Blue Bell, Pennsylvania. We're just outside of Philly, we're only about 20-25 minutes from Philadelphia. Not as out in the middle of nowhere as it may sound. We're headquartered in Blue Bell. Our roots date back over 150 years. We've been around a long time. We have clients that have been with us very long time. Our top 50 clients, we've been servicing them for an average of 20 years. A lot of recurring revenue, a strong base of customers. We operate in over 120 countries. We have about 15,000 associates. Our revenue's about $2 billion of annual revenue in 2025. As you'll see, we're very diversified by industry, geography, client, and we've been getting more recognition over this past year or two, which I'll also talk about. This is who we are. In sum, we are a mission-critical IT services and solutions partner. We'll talk a little bit more about those businesses in a minute. Here's the more what we do as opposed to who we are. What do we do? These are our solutions. If you look at the row across the Digital Workplace Solutions, Cloud, Applications & Infrastructure, and Enterprise Computing Solutions, those are our three reported segments. When you look at our financial results, you'll see those are the three main segments, how we manage our business. We have leaders of each of those businesses. On the far right, you'll see we have ClearPath, which is an operating system that we have been separating in our financial reporting lately. That's because the core element of that is license and services. The license revenue is recognized all up front when a deal is signed. If it's a 3- 5 year contract, all that revenue and profit, and typically the cash, come at once. We've been breaking out this section over here called ClearPath, just because it makes our financials very lumpy. In addition to reporting on our three segments, we talk about ClearPath, which we formerly were calling License and Support. Everything to the left is our technology solutions and services. That includes, again, Digital Workplace Solutions. We do field services, service desk, Experience-as-a-Service, help a company manage its devices. We do Cloud, Applications & Infrastructure, help companies manage their infrastructure, their cloud environments, application development within those environments. Like I said, enterprise computing, ClearPath is the biggest piece of that, the License and Support. Also we do lots of services within that. This is the main services we provide on here. Okay. Next is our revenue profile. As we talked about before, that we're very diverse, everything's very diversified across segments, geography, and clients. This is an example of that. First on the left, you can see the License and Support solutions are now what we're calling ClearPath, is about 22% of our overall company revenue. Everything else, the XLS, which we're now calling Technology Solutions and Services, is about 78%. That's the mix of our total company revenue. When we go to our reporting segments and our geographies and our client sectors, you can see it's very well distributed. We have about 42% U.S. and Canada revenue, and the rest is outside of the U.S. and Canada. Our segments, the bars make it look even more different, but generally about 30% of each, between 25%-35% of our total revenue. Within our segments, we're very diversified. Within geography, we're diversified. Same with clients. We have about 30% between commercial, public sector, and financial services. This provides a really good base of clients from all over. As different macro factors occur, it somewhat limits our exposure in certain ways. That's a positive. Next are our clients. In addition to diversity across the segments of clients, you can see this very strong base of blue-chip clients that we've been serving for much time. As we talk about some of the AI solutions and different things coming, this is a great base of clients that we can expand on and expand and provide even more services. As I mentioned, our top 50 clients we've been servicing over 20 years and have a very strong renewal rate. This is something we're very proud of and see as a really strong opportunity for us of how we can grow the business. We also have a variety of partners. We have a capital-light strategy. Especially as some of these new AI tools and capabilities are coming to be, our goal is not to invest and create more tools, but to really use those tools and help our clients. How are they going to deploy those? How are they going to integrate those into their processes? You can see, these are key alliance partners that we work with. Several OEMs, several companies that help provide service to manage Digital Workplace, Cloud, and then Enterprise Computing. You can see, this is just a small sample. There's a lot more than this, but our goal is to really build these strong relationships, and that way we can be tech agnostic when we're servicing our clients and say, "Look, we work with all of these. What works best for your business?" This is just an example of some of the accolades we've been receiving. We think our solutions are top-notch, and we've been investing and ensuring, in addition to we have some pension liabilities and other things competing for our capital, but we've still been able to really invest in our solutions, which we think is really important, and we've benefited from that. That's just not us that thinks it. This is a good example of the rankings and reports that we've made it into that have us in that leader category. If you look, Gartner on the far right in the middle, we were just named a leader in Global Outsourced Digital Workplace Solutions. That's important. You look at ISG, we're a leader in advanced analytics and generative AI services. We are deploying AI. We're doing well with it, and we're being recognized. If you look, Digital Workplace Solutions, almost all of these, we're a leader in Digital Workplace Solutions. This is important because as clients go to look at who can help me deploy AI, who can help me with our devices, how do we do this, they go to these advisors to see where do I start, who do I go out with an RFP to. It's really important for us to be the second and third columns are these rankings that are important. On the left are awards we've received for just our company, World's Best Company from Time, Most Loved Workplace by Newsweek. Also keeping our associates happy and an important part of our work as it being an IT services company. Now on to some of our growth solutions. Within those three reporting segments I talked about, I'm going to dig into a little bit more to what solutions we do, but also on the left, where our priorities are. For our Cloud, Applications & Infrastructure business, our goal is really those things on the left, the hybrid cloud transformation managed services, our application development and transformation managed services, and then security. Those are really what we're focused on, and a lot of those we're employing AI in. The goal is really to get a higher mix shift in our total revenue to those areas on the left, because they are higher margin, can create more value as we grow these. Also, the delivery of these, building, helping our clients get more agentic teams into their workflows, AI talent into their workflows. On the bottom, a priority is our Unisys Intelligence Accelerator AI framework. As we go to clients, we don't reinvent the wheel every time. We can quickly say to them, "Here's the tools you should be using, here's the governance structure you should be using," and a really quick roadmap to help them, how do we implement AI within our cloud and applications. This is, within CA&I, the things that we're really focused on. Within our Digital Workplace Solutions, again, on the left, these are the areas that we're most focused on. You could see Experience-as-a-Service, Agentic Service Desk. Employing some tools where when an associate of our client calls in, they say, "I need to reset my password. I'm having an issue with my computer." Employing more agents into that. Right now, agentic AI is already helping that with when, or, I'm sorry. generative AI is able to create better answers when people call in, so that's already been in place. Now we're moving more towards agents being able to do that, and not even have to get a human involved. Those are some examples of service desk technology that is coming into play more. AI-powered field services. If something's broken, someone goes out to fix it, having those agents, it can't be an agent going out there, an AI agentic agent, but they have that source of information to help them figure out, how do I fix this? It lowers the time of training needed for those field services representatives and just makes everything a lot more efficient for the client and improves the margin for us as well. Devices as subscription, as the price of some of these devices is going up, this really helps clients manage the devices that they have, the refresh of those devices, managing the service on those devices, and that's an important priority solution for us as well. Across Digital Workplace, we're really building on our strengths and to tap adjacent markets. One example of that is field services. Right now, we're typically servicing devices, but what we see is in the explosion of some of the data centers that's coming, that we can also help service data centers. We can help even build data centers. Racking and stacking that's needed. We have all these agents throughout the world that are helping with the break-fix with client devices, and that's an area where we see a lot of opportunity for expansion. There's a lot of new information about that on our website, an area we're really pushing towards. Another example of where we see AI is a very big opportunity for us. This is a very busy slide, but the slides are available on the website, so you can dig into this a little bit more. What this is just explaining is that our ClearPath ecosystem, that operating system I talked about, it's secure, it's scalable, and it really has a lot of flexibility to enable AI workflows. It talks about different deployment options. Clients can shift this to the cloud if they want, but in many cases, clients are choosing to stay on mainframe. We can also build in value-added solutions, and the application environment creates a very sticky environment where we've helped build a lot of applications throughout this operating system, and just a lot of opportunity we see for AI workflows to become integrated in this operating system and help drive even more value for our clients. Next, on to artificial intelligence. We see, as I know many of you in this room agree, that agentic AI is really going to be a very big inflection. Some of the AI that's come along has just been somewhat of incremental changes. Agentic AI, especially in the business that we are in of IT services, helping clients build the best technology for them on their journey, agentic AI is going to really speed up innovation. You can see some of these stats here, they're all cited in the bottom, where we got them from third-party research. There's $450 billion of economic value expected to be created by agentic AI by 2028. About a third of enterprise software applications will contain agentic AI by 2028, and about a 10x increase in AI agents by 2027. About a 44% CAGR in the AI market. For us, we see this huge opportunity, and we think we're in a very good position to support our clients as they're implementing some of this agentic AI within their business. To give a little more sense of how we plan on doing that, this slide gives a brief summary of our approach to it. Our framework when we go to clients and they're thinking through how can I. It used to be a question of should I be doing AI? Now it's an obvious answer, which is yes. The question more is how do I do it? What we help them do is first develop the foundation of their enterprise AI. This includes things like their data strategy, getting their foundational data in place. Includes things like their governance structure and how do they implement governance, the security for it, the infrastructure to be able to do it. With our cloud and infrastructure business, do they have what they need in place to actually implement AI? The first part we go in is developing that main foundation. Next is transforming. This is helping clients implement the foundational AI elements to really translate into measurable outcomes for them. This is something where if you have the time to look at our investor day, we have client examples. We're not a startup here to say, "Oh, here are some ideas we have." We're executing these types of things right now with clients, and you can see some of those client examples that we walked through in our investor day. These are things such as adding agentic workflows into their processes, adding more of an AI workforce, so through agents into their processes. Things that maybe took many engineers hours to do, we can now help them where it's one engineer, maybe it takes minutes to do. Really transforming their processes. Then orchestrate. It's not a once and done, right? You don't do this, then that's it, right? This AI is going to continue to evolve. It's that continuous optimization and working with them to work through how do we continue to optimize their business. I'm not going to read through this whole chart, but this shows just examples of the full AI technology stack and the partners in all of these different areas. From a frontier model. All of the companies, the icons within these boxes are companies that we are actively partnering with to support our clients. The frontier models on the upper left, agentic industry outcomes, so using agents, vertical AI use cases with these partners on the bottom left. Data and infrastructure, so cloud compute, private AI, data governance, working closely. Dell is a big partner of us. But again, Lenovo, all of the OEMs. We're very technology agnostic. When we go into a client, we're not set on one partner. Whatever works best for them is what we do. Then on the bottom right, for some of the AI operations. ServiceNow, GitHub to help them with their code writing, all of that is a big area as well. This is something we see as far as you could see our framework on the left, develop, transform, and orchestrate. Working closely with these partners is the model that we're choosing and that we think is the right model. This just kind of summarizes. As far as the AI section, end-to-end AI, security and governance, we have proven enterprise delivery. We've been doing this for 150 years. Not exactly this, but first we were typewriters and adding machines, but supporting clients in running their businesses and optimizing their business, and just a depth of industry and process knowledge that we've been doing for much time, and really just being agile and practical, right. Not coming with, "Here's the solution you need to do," but having lots of options and conversations that we can have with them. Just want to quickly touch on, I've been talking mostly about the examples I was giving were mostly DWS and CA&I, but just an example of within our ClearPath Forward operating system, some of the real benefits we see from AI that we've already seen some of the benefits from. This is the mainframe market, people kind of thought, "Oh, mainframe, that's old, and now it's all about Cloud." We're seeing more and more clients really with AI finding it's still important to work on mainframes. Workload growth about 6% CAGR is expected. About 90% of IT leaders planning on deploying AI on a mainframe. Then two times faster MIPS growth. MIPS is a measurement, it's a unit of workload consumption. This is something we are seeing. In our ClearPath operating system, it's not something that we're going out and getting new logos in this area. A lot of the clients we have are big airlines that run all their reservation systems on our platform, or a bank that runs all its mortgage processing. These are companies that are very sticky. They've been with us for decades. We're not necessarily getting new clients, but within those clients, they're using more data. The contracts we sign with them are based on that usage of data. It's a set number that they purchase at the beginning. If they go over those MIPS when they renew, they sign for more MIPS. We've seen that consistently. When we did Investor Day in 2023, we expected this business to be about $360 million per year, and it ended up being about $425 million per year the past three years. Mostly that was due to this MIPS usage increasing. That ClearPath business runs at 70% gross margins. For us to have that increased usage, because of AI, people want their data in a lot of times the same place that some of the AI inference is happening. They really want the security for this AI data because it's becoming even more important. We're finding that we're really capturing some of the value from these AI factors that are occurring. I'm going to skip ahead just to make sure we have more time, but this is again just talking about ClearPath and how AI is at the core and integrated into everything we do. Just to make sure I get to the finance slides and also leave some time for Q&A. As we talk about revenue, what does this translate into? In the investor day deck, you'll see as we go through the different business units, we talk about some industry CAGRs, but how does that translate for us as Unisys? For technology solutions and services, which is more of the DWS and CA&I, we are targeting about 3%-5% of three-year CAGR of revenue growth. An important note is we have a U.K. joint venture that is going to be winding down, and that revenue is moving away. It's a no-margin business, it's going to start winding down next year. This CAGR excludes that. Including that wind down of revenue, it's 1%-3%, that's in the footnote. Just want to make sure I point that out. The area we're focused on growing, which is this technology solutions and service revenue, we see this 3%-5% CAGR over three years. The growth solutions on the right are how we plan to get there. We see a lot of the macro trends and headwinds that have been affecting our revenue growth the past year or two, few years, really. We see some of those alleviating. We see all this opportunity in AI and some of the CAGRs that are in some of those areas. We also see with all of the new recognitions we've received, where we're now leader in DWS and CA&I, we really see these areas as being where we're going to focus on, and we see a lot of opportunity to get to this growth rate. From a margin perspective, again, this is the technology solutions and services, the DWS, CA&I, really a big focus of ours has been improving the margin. The gross margin over the past three years has improved 560 basis points, and that's through looking at our people, our technology that we're using, our automation. That's been a huge improvement, and that's really getting these businesses to become profitable. We've made, really, a lot of progress. It's not going to be as much progress the next few years, but we still do see opportunity using the areas on the right: higher margin mix shift, improved automation, future scaling the workforce, so we get more revenue per associate. These are the areas on the right that we expect will drive about 70 basis points of gross margin in the DWS, CA&I areas over the next three years, for a total of about 200. We're also improving our SG&A. At the 2023 Investor Day, we set a target to reduce our SG&A by $50 million. We actually reduced it by $70 million. A lot of heavy lifting, and to take a lot of. I say SG&A, but it's really more focused on the G&A. That's through deploying AI, streamlining processes, looking at our real estate portfolio, and areas we could cut. We really did a lot of work. Going forward, we're going to still do more, maybe not $70 million. That was a big lift. We do see targeting SG&A as a percentage of revenue. As revenue's growing, that will become even more efficient with our SG&A. About 150 basis point reduction in our SG&A as a percentage of revenue, which equates to about another $10 million-$20 million over the next three years. With all of this, with the revenue growth, we plan on getting the margin expansion in our SG&A. This is how it all adds up. If you look on the lower left, that's that technology solutions and services revenue. We expect 3%-5%. ClearPath revenue, about $400 million on average for the next three years. That all adds up to about a 2%-4% CAGR over the next three years. Again, that ClearPath revenue, which is ending this year, we're expecting our guidance about $425 million. Next year it goes down to about that $400 million. That's not because it's not growing within the clients, but based on the renewal schedule, we expect fewer renewals in 2027 through 2029, so about $400 million. That's a little bit of a weight on that DWS and CA&I growth rate to total to 2%-4%. Again, you can see the footnote that including that JV, it would be total company 0%-2%. From a gross margin perspective, you could see the bottom is that 200 basis points we talked about over the next three years. ClearPath gross margin remains very strong at about 70%. From a total company basis, about 100 basis points in total over the next three years. With that SG&A expense reduction, we expect operating profit of about 12%-14%. That translates to adjusted EBITDA of about 17%-19% by 2029. With this, we generate free cash flow of about $50 million by 2029. Without our pension, which is something we have to contribute to each year, the free cash flow excluding pension is about $110 million. This assumes similar modeling items, the taxes, some of those other items. If you look at what we guided for this year, for modeling purposes, you can assume the same going out through 2029, very similar numbers. As far as de-leveraging, de-leveraging is a core focus of ours. For those who don't know, we have a pension, 150-year-old company. We still have a pension. When we look at our debt, the dark green on the bottom, that's our secured notes that were about $500 million until we refinanced them last year. We raised $200 million more in order to pay down some of that pension. When we look at the deficit, the middle bar is our U.S. pension. You can see in 2024, we reduced that deficit greatly by taking out some additional debt. It really didn't change our debt amount, including pension, but really helped reduce some of those pension contributions. As you can see, we'll be reducing the deficit related to pension by about $240 million over the next few years. We'll also be improving EBITDA by about $75 million. What that translates to is where we're now about 2.9x leverage, including pension, will be below 2x by 2029. This is important for a few reasons. By that time, we can pay down some of our existing debt, refinance, be able to get better rates. Also, we can borrow a little bit more to be able to go to an insurance company and transfer. The goal is to get rid of that pension, which we should be able to do sometime after 2029 with this better leverage profile. The de-leveraging is a core focus of ours and something we're very excited that we've made a lot of progress and that we kind of see a light to getting to the end of that pension. Why is Unisys a compelling investment? We already talked about the transformed Unisys. We're now a much more recognized leader. We have a diversified client base with a very large TAM. We've increased profitability. Like I said, 560 basis points. We've stabilized our pension. Now we're moving to that next phase, 2026, 2027, where we're going to be seeing growth inflect positively, scaling that digital workforce and all of the AI tailwinds and TAM expansion I talked about that we see as a really big opportunity. We see medium term, through 2029, which were the targets I laid out, continued margin expansion, de-leveraging, and a potential pension removal once we're able to get through some of the contributions and get to that leverage point where we can potentially borrow to reduce that pension. We're also getting an environmental receipt for some remediation work we've been doing that we should get money back from that, which we expect in around 2028 timeframe. What does that mean for shareholders? Just doing the pure math on some of these items we talked about, $200 million of targeted net debt reduction would translate, just based on the current amount of shares, to about $3 per share. Our increase in EBITDA, which as I mentioned, about $75 million, given our current multiples, would translate to about $4 per share incremental. We see really us becoming a solid free cash flow generator with enhanced flexibility for deploying capital and really see a path to that and are looking forward to it. Really excited about the opportunities that AI are bringing to us to really grow and improve on what we already do for our clients. With that, there's about 2 minutes left for any questions. What's the size of your total pension obligations? From a liability perspective, well, the deficit, if we go back to the slide, it's about $400 million is our total deficit, and that's U.S. and international. The U.S. deficit's about $240 million. What have you been paying in the last couple of years? The last couple of years, I think last year was around $60 million for the U.S. pension. The international contribution's consistent, about $30 million. I think it was around $90 million. This year, I think it's around $70 million U.S. and $30 million international, so about $100 million for this year and next year, and then it goes down. There's a chart, if you look at our Q4 earnings call, we do it once a year with the exact pension contributions and the exact deficit. I don't know if I have the numbers right. Yep ClearPath's called $500 million? It's about $400 million. Out of, it's 20%-25%. Yes, about 20%. With 70% gross margin. Yes. That sounds like it's very AI-focused at this point. Yeah, it's very ripe for AI just increasing the usage. How much of the $400 or $500 million is really AI-related projects? Yeah. It's just really the operating system that the clients are using because they're using more data and the utilization is increased. That's right. Yeah. It surprises you because the targets for 2029, the growth rate is, what, like 2%? For the ClearPath, you're saying? Just your- 400 overall kind of numbers you threw out per year. Yep. Your EBITDA going to 17%, I think you said. Right. Exactly. Yeah, the I'm just saying that with $400 or $500 million, it's 70% gross margin. Yep. $400 million. Is it just a lot of people to get that done? What's in between? No, well, it's $400 million on average, the revenue for the next few years. Those clients within that operating system are using it more, and the usage is higher because they're using more AI. Right. It's not us using, their AI. We're also using AI to help build in and improve the functionality, right, of the operating system. It's really their usage of AI that's increasing the MIPS that they're using. That would mean that 70% gross margin on that revenue- Yep as they use more and more data, that's going to grow. Right. That'll grow. Exactly. The incremental's got to be higher than 70%. Yeah. As they use more, as that revenue, because there's a lot of fixed costs within that, as they use more and that revenue number goes up, that margin will go up. For now, we're expecting about $400 million and then about 70% gross margins. We definitely see. The revenue year per year is based on how many clients are renewing that year, not necessarily the growth happening within those clients, just because the revenue's all recognized upfront when they sign the deal. There just happen to be fewer renewals in 2027, 2028, 2029, as there were the past few years. That's why we see that decline. It's not a measurement of the performance of the business. Okay. Thanks. Yes? Are the contributions to the pension plan for this year or the next couple of years simply the required amounts, or are they the required amounts plus something more? They're just the required amounts that I mentioned. Yep. Did I see a question over here? Not that I see. No. I was just kind of curious about the SG&A expansion. Are you kind of halfway there on- Yep Is that functional for 150 efficiency? The 150. We've reduced $70 million of costs over the past three years, and now it's only about $10 million-$20 million we'll reduce over the next three years. The basis point improvement of the percentage, it'll become more productive over time. Did I answer your question? Okay. Yes. On the DWS side, you talked about the agentic labor Right displacing some of the human labor and that helping you on the cost side. Right. Will that change also the product and how you charge the customer? Yep. Do you believe that they will demand AI further? Yeah. No, we do think they'll look for savings. I think it'll be split, right? They'll take some of that savings, but then it'll also help us improve our margin. It's great. You think that it's overall a wash or slightly in your favor? Yeah, I think it'll still be in our favor, I think. All right. I guess I'm over time. I have the red blinking light. Thank you all for your time. Really appreciate your interest.