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2021 Unisys Investor Event Transcript January 12, 2021

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2021 Unisys Investor Event Transcript January 12, 2021 2021 Unisys Investor Event Transcript January 12, 2021 Management Discussion Section Courtney Holben Vice President-Investor Relation, Unisys Corp. Good morning. So, I'm Courtney Holben, Vice President, Investor Relations. And I'd like to welcome you to our 2021 Unisys' Investor Event. I'm joined this morning by Peter Altabef, our Chairman and CEO; Eric Hutto, President and COO; and Mike Thomson, Senior Vice President and CFO. On behalf of the entire Unisys' team, I'd like to thank you for joining us today. It's a very exciting time at Unisys and we're looking forward to discussing some of our recent progress, as well as opportunities for the future with you this morning. I'll start by providing a brief overview of the agenda and then I'll turn it over to Peter, Eric and Mike, to walk you through the rest of the presentation. First, just in terms of logistics for the call today, the presentation that we're using will be displayed on the Zoom window during the discussion and is also available on the Unisys' investor website, where a replay of this event will also be available. I'm also excited to note that we're planning to go live with the new IR website next week, and we think the new design will really significantly enhance your experience. So, we're looking forward to that. And as always, we'll continue to use that website for important announcements and information going forward. So, we encourage you all to visit it frequently. Turning to slide 2. You can see the agenda for today's event. Following my introduction, I'll turn it over to Peter, who will provide some CEO perspectives on the business and our strategy. Eric will then take us into more detail on how we're operationalizing our strategy. And that should take us to about 10:20 Eastern Time at which point we'll take a short break. We'll then resume and Mike will provide us with a financial overview and we'll conclude with a Q&A session. As you can see on the agenda, we've left a good portion of the time for questions and we'll look forward to a robust discussion at that point. And I will ask that you'll hold your questions until that designated portion of the session. Turning to slide 3, I won't go through the disclaimer here, but we'd ask that you review it in the version that's posted to the Web at your convenience. So with that, I'll turn the presentation over to Peter. Peter? Peter A. Altabef Chairman & Chief Executive Officer, Unisys Corp. Thank you, Courtney. And I'd like to thank everyone for joining us. This is an Investor Day that is intended to both provide information to those of you familiar with Unisys' story and to those of you who have just really become part of the Unisys' journey. We thank everybody for joining us, and we really are looking forward to it. As Courtney mentioned, we have put a substantial amount of time for Q&A. We hope everyone takes advantage of that. And on behalf of Eric, and Mike, and Courtney and I, we're really looking forward to not only the presentation part of this, but the Q&A part. As we think about the presentation session and what you'll hear from me and Eric and Mike, I'd like to characterize it as a little bit of the why, the how, and the what. So, I will focus really on why our offerings are what they are? Why we chose these markets? Why we are focusing in particular submarkets in the markets we chose? So really the why. Eric will go through the how. So, having chosen these markets, how are we successful? How are we going to be increasingly successful? How do we organize? How do we execute in that strategy? And then Mike is going to talk about the what. So, what is the operational and more specifically, the financial rewards that we intended to provide to our shareholders, to our clients, to our associates? So what is, if you will, the effect of having picked this approach and executed this approach? And that's really what you'll hear from the three of us. 2021 Unisys Investor Event Transcript January 12, 2021 So let's turn to the next page if we could, please. Think about some of the key messages that I hope you will hear from us over the course of the day. The first of those, which you'll hear from me a little bit from Eric and then, again, from Mike, is about our capital structure and financial position. Our net leverage has improved substantially over the last 12 months. And that is the result of work that really started back in 2017. So, you will hear about our capital structure changing. You'll hear about the way we have decreased our net leverage. You'll hear about the work we have done to really put the pension issue which has been top of mind for a long time substantially on the back burner. And so, we'll talk about capital structure and financial position. Bottom line is we feel very good about where we are today. The next three items are really the bulk of what you'll hear from Eric. And for me, about why we chose the markets we chose and how we expect to thrive in those markets? Bottom line here is as we think about the company going forward, we are really focusing on higher growth, really submarkets. And those submarkets are not only higher, but they're higher margin and so we'll talk about not only why we pick those but how we intend to maximize our success there. Part of the story about picking them, however, is in every case there are markets or submarkets where we currently have industry leadership and where we expect to capitalize on that leadership, a solutions approach. [Technical Difficulty] (00:06:20) our clients and prospects with solutions, those solutions are not – they're not uniform, in the sense, that it's not our way or the highway. Those solutions always take into effect where our clients are on the journey. They always provide choices. They always look at what can maximize the opportunity for the client. But within those solutions, we have frameworks; we have intellectual property kind of spread throughout. We think that framework and intellectual property approach will maximize our ability to create leverage and maximize our ability to scale. And then finally, if we look at the existing business, we have been on a journey of increasing the profitability of that existing business. That journey is not over. In fact, the things we have done through 2020, we think will allow us to actually accelerate the profitability maximization within the existing businesses. And then finally, I call that ClearPath Forward. Many of you who have followed us are familiar with that story. We have taken a pretty major step starting the beginning of this year. Eric we'll talk about that. We're really consolidating the services, the maintenance, the warranty, the R&D into one business unit on ClearPath Forward. We're very excited about that. We're very excited about both the opportunity to grow revenue there and the opportunity to create efficiencies. So, we can turn to the next page and talk a little bit about how we got here. The slide is titled 2020 Transformational Journey. All of the items on this slide took place in 2020, but it wouldn't be a full description of these items without talking about where they came from because in every case, the journey started before 2020. So when we think about the white items there, the announcement of the federal sale and the closing of the federal sale, obviously that work started earlier than February of 2020. We were very focused, however, to get that closing done relatively quickly. And you can see within a little over a month of the announcement, we had actually closed that sale. Why were we focused on doing that? Well, because it was important to us to be able to have the capitalization changes that were achieved by that sale for us to launch the strategy project that came next. I'd like to say we were prescient and we knew that between March 16 and March 18 everybody in the world was going to figure out COVID-19, the market was going to do what the market did. We didn't have any idea about any of that. I'm sorry. But we got lucky. And so we were able to close that really in the very beginning of that COVID-19 effect on the market. We started the strategy project the very next day. That had been the plan for a while. Now that we had the capitalization necessary, we engaged McKinsey & Company, and it was really a partnership. It was a partnership of where we thought our strategy was going into that effort, what McKinsey thought the art of the possible ones and by August 13, we had concluded that strategy, and we really had – I would tell you the result of that was not to create anything new. We didn't go from a company that was making shoes to a company that was making tires, but it did really, really tighten our view of the very specific markets we wanted to double down on, and the specific submarkets we wanted to double down on.
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