Unisys Corporation FY Conference Summary Company Overview - **Company**: Unisys Corporation (NYSE: UIS) - **Industry**: IT Solutions - **Market Size**: $1.6 trillion global IT services market with a mid to high single-digit CAGR [1][2] - **Revenue**: Approximately $2 billion [2] - **Employees**: About 16,000, including 8,000 engineers [2] - **Client Base**: 700 clients across 50+ countries, with top 50 clients having an average relationship of over 20 years [3] Core Business Segments 1. **Cloud Solutions**: - Management of cloud environments and hybrid infrastructure [4] - Focus on data modernization and cybersecurity [4][5] - Significant public sector expertise, with about half of the cloud segment being public sector clients [5] 2. **Digital Workplace Solutions**: - Recently recognized as a global leader in digital workplace services by Gartner [6] - Focus on mid-sized enterprises with revenues between $1 billion and $5 billion [5] 3. **ClearPath Forward**: - Generates about $430 million in revenue with a 70% gross margin [10] - Proprietary software operating systems that are highly integrated into clients' IT environments [11] - Contracts are based on consumption, driving revenue as clients modernize their applications [12] Financial Performance - **Adjusted EBITDA**: Approximately $290 million for 2024 [2] - **Free Cash Flow**: About $55 million [2] - **Revenue Volatility**: Noted a large contract slipping from Q3 to Q4, affecting revenue guidance [15] Strategic Focus - **Profitability and Cash Flow**: Aiming to improve profitability in service segments while maintaining high-margin ClearPath Forward business [18] - **Cost Reduction**: Streamlining corporate functions and reducing SG&A costs [19] - **Pension Management**: Plans to eliminate pension liabilities within 3-5 years, redirecting cash flow to shareholders [32] Growth Strategy - **Client Expansion**: Strong track record of expanding services with existing clients and attracting new clients [20] - **Partnerships**: Collaborating with major technology companies like Amazon, Dell, and Microsoft to enhance service offerings [17] - **AI Integration**: Investing in AI to improve service delivery and operational efficiency [25][28] Market Trends and Challenges - **Complex IT Ecosystem**: Increasing complexity in IT environments due to emerging technologies like AI, which creates opportunities for IT service providers [26] - **Cloud Migration Hesitance**: Clients are reconsidering the necessity of moving to the cloud due to high costs and data control concerns [36][37] Conclusion - Unisys is positioned as a stable player in the IT solutions market with a focus on long-term client relationships, high-margin services, and strategic growth through partnerships and technology integration. The company is actively managing its financial structure to enhance shareholder value while navigating the complexities of the evolving IT landscape.

Unisys Presentation SOUTHWEST IDEAS CONFERENCE NOVEMBER 19, 2025 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys' ability to contro ...

Core Insights - Vaso Corporation's shares have increased by 27.3% since the earnings report for Q3 2025, significantly outperforming the S&P 500 Index, which declined by 2.2% during the same period [1] Financial Performance - In Q3 2025, Vaso reported total revenue of $22.7 million, a 9.1% increase from $20.8 million in the same quarter last year [2] - The company achieved a net income of $1.7 million, a turnaround from a net loss of $1.2 million a year earlier, attributed to higher revenue, improved gross margins, and reduced operating expenses [2][4] - Gross profit rose by 18.2% to $13.9 million from $11.8 million in Q3 2024, reflecting enhanced margins across business segments [4] Segment Performance - Professional sales service revenue increased by 18.7%, IT segment revenue grew by 1.2%, and equipment segment revenue rose by 8%, primarily driven by higher ARCS software subscription revenue in the U.S. [3] - Subscription revenues continue to be a significant portion of total revenues, supporting recurring cash generation [5] Cash Flow and Financial Health - Vaso reported operating cash flow of $2.8 million for the quarter and $9 million for the first nine months of 2025, a substantial increase from $3.6 million in the same period of 2024 [6] - Cash and cash equivalents stood at $34.9 million as of September 30, 2025 [6] Management Insights - Management noted that all three business segments contributed to revenue growth, with the professional sales services division benefiting from increased equipment deliveries from GE HealthCare [7] - CEO Dr. Jun Ma emphasized the strong balance sheet, rising deferred revenue, and sustained momentum in subscription-based income streams [8] Profitability Drivers - The return to profitability was driven by revenue growth, better product mix, and improved margin performance, particularly in the equipment segment [9] - Operating expenses grew at a slower pace than gross profit, improving operating income to $1.5 million from a loss of $1.4 million last year [10] Future Outlook - Vaso did not provide formal financial guidance but indicated expectations for stable topline performance supported by recurring subscription revenues and increasing deferred revenue [11] - No significant acquisitions, divestitures, or restructuring initiatives were disclosed during the quarter [12]

Core Insights - The role of Chief Marketing Officers (CMOs) is evolving, facing high expectations amidst challenges like budget constraints and declining strategic influence [3][4][6] - There is a significant gap in the effective use of AI in marketing, with only 7% of marketers believing AI has improved marketing effectiveness despite high adoption rates [7][8] Marketing Budget and Strategic Influence - Marketing budgets have decreased to an average of 5% of company revenue, while the involvement of CMOs in critical decision-making has dropped from 70% to 55% over two years [4] - The report highlights that 55% of marketing initiatives related to AI are funded by IT, limiting marketing's control over these initiatives [3][4] AI Integration and Effectiveness - Nearly 70% of large organizations utilize generative AI in marketing, but only 15% of marketing leaders report that low-value tasks are automated [7][8] - A mere 18% of marketers feel they are successfully personalizing customer interactions using AI, indicating a need for improved collaboration between marketing and technology [5][10] Collaboration and Skills Development - Strengthening collaboration between CMOs and CIOs is essential for aligning technology and data with strategic priorities, as 68% of marketing leaders believe their teams need to upskill in AI and business strategy [10][11] - The report emphasizes the importance of integrating AI across the marketing value chain to enhance customer experience and drive business growth [11] Future Directions for CMOs - CMOs are encouraged to redesign their operating models to be more human-centric and future-ready, positioning themselves as key drivers of customer experience [11][12] - The report suggests that CMOs should focus on removing silos within organizations and investing in the right AI skills to fully leverage AI's potential [11][12]

Core Insights - India's information technology (IT) spending is expected to reach $176.3 billion by 2026, reflecting a growth of 10.6% from 2025, surpassing the global growth rate of 9.8% [1][3] IT Spending Growth - For 2025, India's IT spending is projected to grow by 11.2%, reaching $160 billion [3] - The data centre segment is anticipated to have the highest annual growth rate, increasing by 20.5% in 2026, although this is a moderation from 29.2% in 2025 [4][5] Drivers of Growth - The growth is driven by increased investments in data centres and software, as enterprises accelerate their adoption of Cloud and digital technologies [5] - Rising demand for artificial intelligence (AI) infrastructure is expected to stimulate new investments in data centres [6] - Data localisation norms are also contributing to the growth, with major players in the data centre segment expanding their operations [7] Key Players and Market Dynamics - The entry of significant players like Reliance and the Adani group is propelling India's data centre growth [8] - India is recognized as having one of the largest consumer bases for AI services globally, attracting international investments in local infrastructure [8] Software and IT Services Growth - Software spending in India is projected to increase by 17.6% in 2026, reaching $24.7 billion, driven by investments in AI-enabled software solutions [8][9] - IT services spending is forecasted to grow by 11.1% in 2026, with double-digit growth expected in the coming years, averaging between 12% and 14% [11] - The growth momentum is supported by strong enterprise investments in infrastructure as a service (IaaS), consulting, and application modernization [12]

Core Viewpoint - Huawei launched the "4+10+N" intelligent scenario solution aimed at small and medium-sized enterprises (SMEs) to facilitate their digital transformation and provide new momentum for industrial upgrades in the Guangdong-Hong Kong-Macao Greater Bay Area [1][3][8] Group 1: Solution Overview - The "4+10+N" solution focuses on four core scenarios: intelligent office, intelligent commerce, intelligent education, and intelligent healthcare, offering ten one-stop scenario solutions and numerous extended scenarios for various niche industries [3][8] - The solution is designed to provide a comprehensive framework from network, computing power, terminals to business systems, emphasizing simplicity, intelligent interaction, and overall security through continuous innovation in algorithms, software, and security [3][8] Group 2: Local Implementation - Huawei collaborates with distributors, engineering firms, and various ecosystem partners to localize the "4+10+N" solution in the Guangdong region, aiming to provide SMEs with easily accessible and deliverable intelligent products and services [4] - The partnership strategy focuses on building a cooperative network centered around distributors and engineering firms, promoting local service support for SMEs through initiatives like the "China District Distribution Partner Hundred & Thousand Plan" [4] Group 3: Event Highlights - The project launch ceremony for the "4+10+N" initiative took place in Foshan, with participation from local government, industry associations, and partners, aiming to explore the establishment of a regional intelligent benchmark for SMEs [5] - The event featured an immersive experience space showcasing the core scenario solutions and products, allowing attendees to experience the practical value of new technologies like Wi-Fi 7 in various business contexts [5] Group 4: Industry Perspective - The intelligent transformation of SMEs is transitioning from the "concept exploration stage" to the "scenario implementation stage," with increasing demand for capabilities in intelligent office, data security, remote collaboration, and cloud-based operations across various sectors [6][8] - SMEs prioritize cost-effectiveness, delivery timelines, and operational ease compared to large enterprises, with a focus on solutions that minimize complexity and provide quick, sustainable results [6][8]

Core Viewpoint - Unisplendour Corporation is enhancing its control over its core subsidiary, H3C Technologies, through a strategic acquisition of a 10% stake, which will solidify its operational efficiency and business synergy [1][2]. Group 1: Acquisition Details - On November 18, Unisplendour announced that its wholly-owned subsidiary, Unisplendour International, will acquire a total of 10% equity in H3C Technologies, with Unisplendour International purchasing 1.8% for $128 million [1]. - Following this transaction, Unisplendour's ownership in H3C will increase from 81% to 82.8%, thereby strengthening its control over the subsidiary [1][2]. Group 2: Financial Performance - For the first three quarters of 2025, Unisplendour reported total revenue of 77.322 billion yuan, a year-on-year increase of 31.41% [2]. - H3C Technologies contributed significantly to this growth, achieving revenue of 59.623 billion yuan, reflecting a remarkable year-on-year growth of 48.07% [2]. Group 3: R&D Investment - Unisplendour has been increasing its R&D investment to enhance its competitive edge in the AI computing power sector, with total R&D expenses amounting to 28.444 billion yuan over the past six years [5]. - The annual R&D expenditures from 2020 to the first three quarters of 2025 were 3.865 billion yuan, 4.809 billion yuan, 5.299 billion yuan, 5.643 billion yuan, 5.102 billion yuan, and 3.726 billion yuan respectively [5]. Group 4: International Expansion - Unisplendour is accelerating its overseas business development, with H3C's services now covering 181 countries and regions, supported by 22 overseas branches [3]. - The company has established partnerships with various global clients across multiple sectors, including telecommunications and education, indicating a robust international market presence [3][4]. - H3C's international business revenue reached 3.478 billion yuan in the first three quarters of 2025, marking an impressive year-on-year growth of 83.99% [4].

Summary of Endava (NYSE:DAVA) 2025 Conference Call Company Overview - **Company**: Endava (NYSE:DAVA) - **Date**: November 18, 2025 - **Speakers**: Mark (CFO), Al (Chief Engagement Officer), Puneet (JPMorgan) Key Points Financial Performance - **Q3 Results**: Results were slightly below expectations primarily due to an unexpected credit issue with a significant client, impacting revenue and EPS [5][6] - **Revenue Impact**: The credit issue was not due to poor performance but was aimed at securing future work with the client. This led to a revenue shortfall, affecting EPS directly [5][6] - **Pipeline Weakness**: There was some weakness in the non-big deal pipeline, with fewer conversions than anticipated. However, three large deals were secured, including a five-year $100 million deal with Paysafe, which is expected to boost revenue in the second half of the year [6][7] Client Engagement and Deal Structure - **Large Deals**: Endava is focusing on securing large, multi-year transformational deals, particularly in financial services. These deals are characterized by immediate service delivery rather than gradual ramp-ups [12][13] - **AI Integration**: The company is integrating AI into its service delivery, emphasizing the importance of partnerships and long-term commitments with clients [18][19] - **Client Concerns**: Clients are looking for partners who can help navigate the complexities of AI implementation and ensure data security and compliance [31][33] Market Trends and Industry Dynamics - **Payments Industry**: Endava is well-positioned in the payments sector, which accounts for over 30% of its revenue. The company is helping clients modernize their payment platforms amidst regulatory changes and the rise of new competitors [50][52] - **Sovereignty of Data**: There is a growing trend towards data sovereignty in payments, particularly in Asia and South America, as governments seek to create local jobs and support local companies [51][52] Endava Flow Methodology - **Endava Flow**: This is described as a methodology rather than a platform, focusing on using AI agents to enhance efficiency in project delivery. It aims to streamline processes while maintaining governance and quality [56][60] - **Cultural Impact**: The company emphasizes a strong culture among its employees, who are motivated by working on innovative projects and contributing to significant outcomes for clients [67][69] Future Outlook - **Growth Potential**: The company sees significant growth potential in core modernization services, which are essential for enabling AI capabilities. However, the pace of growth has not met previous expectations [35][36] - **Client Engagement Strategy**: Endava is shifting its focus to higher-level C-suite engagements, addressing broader industry challenges rather than just technological solutions [65][66] Additional Insights - **AI Use Cases**: There is a focus on both operational efficiency and new business propositions enabled by AI, with examples from various industries, including payments and healthcare [40][43] - **Regulatory Environment**: The company is actively engaging with clients on regulatory matters, particularly in the context of emerging technologies like stablecoins and crypto [54][55] This summary captures the essential insights from the Endava conference call, highlighting the company's financial performance, strategic focus, and market dynamics.

Core Insights - Capgemini has strengthened its partnership with SAP to enhance AI-driven enterprise transformation solutions across European industries, particularly in the public sector and highly regulated sectors [1][3] - The new Sovereign Technology Partnership aims to bolster Europe's digital sovereignty, ensuring robust cybersecurity and compliance for organizations [1][2] - The partnership will initially focus on France, Germany, the Netherlands, and the United Kingdom, with plans for broader European expansion [1] Group 1 - The partnership will combine Capgemini's expertise in data management, migration, and AI governance with SAP's sovereign cloud solutions to deliver end-to-end agentic AI solutions [3] - Capgemini's recent acquisitions of Syniti and Cloud4C enhance its capabilities in SAP data transformation and managed services for hybrid and sovereign cloud environments [4] - The collaboration aims to address the dual challenge of driving AI-led innovation while ensuring compliance with strict sovereignty and security requirements [4] Group 2 - Aiman Ezzat, CEO of Capgemini, emphasized the importance of collaboration between companies and governments to meet the challenges of digital sovereignty and innovation [4] - Christian Klein, CEO of SAP SE, stated that the partnership sets a new benchmark for Europe's digital and technology sovereignty, enabling organizations to innovate securely and independently [4] - Capgemini reported global revenues of €22.1 billion for 2024, showcasing its strong position in the market [6]

Core Insights - The role of Chief Information Officers (CIOs) has evolved significantly, now encompassing a wide range of responsibilities beyond technical management, including risk management and strategic transformation, particularly in the context of artificial intelligence (AI) [1][3]. Group 1: AI Development and Implementation - The rapid pace of AI development has led to challenges for companies, with a report indicating that over 90% of enterprise generative AI pilots failed to deliver a return on investment [2]. - Successful AI strategies often depend on CIOs who must evaluate and adopt new technologies while ensuring they meet business objectives [3]. - Many companies are leveraging AI for tangible business impacts, such as using chatbots for simple tasks and improving business processes through AI models [5]. Group 2: Digital Transformation Leaders - The Forbes CIO Next list recognizes executives from various sectors who have led significant digital transformations, including companies like Ford, Kyndryl, and Mayo Clinic [4][5]. - Executives on the list have implemented AI solutions that have resulted in substantial productivity gains, such as Marsh McLennan's internal generative AI tool saving over 100 hours per employee annually [9]. - Companies like Chipotle have seen digital sales grow from 5% to over 35% of total sales due to digital initiatives led by their CIOs [26]. Group 3: Notable Achievements - Ford's transition to a multi-cloud infrastructure has reduced processing times by 75% for some legacy systems and launched an internal AI platform used by over 33,000 employees [6]. - Kyndryl's CIO reduced the number of legacy applications from 1,800 to fewer than 360 in two years, significantly accelerating AI adoption [8]. - Mayo Clinic's deployment of generative AI has improved patient communication and sped up clinical documentation for over three million patients [10]. Group 4: Financial and Operational Impact - Executives have reported significant financial impacts from their initiatives, such as Marsh McLennan generating an additional $160 million in productivity gains through AI adoption [9]. - S&P Global has invested over $1 billion in AI to transform data into actionable insights, with a platform now used by over 25,000 employees [19]. - Constellation's process automation has led to a 20% cost reduction and a 40% improvement in incident response times [15]. Group 5: AI in Cybersecurity - Companies like Dataminr and Palo Alto Networks are focusing on AI security, with Dataminr reducing software testing time by 85% and Palo Alto implementing a generative AI-powered Slack agent to streamline internal communications [14][49]. - GSK's investment in cybersecurity has reduced the risk of network breaches by 70% through new security measures [21]. Group 6: Employee Engagement and Training - Organizations are prioritizing employee training in AI, with Unilever aiming to train over 25,000 employees on AI usage by the end of the year [34]. - Asana has seen a rise in daily AI usage among employees from 54% to 70% due to initiatives that encourage AI adoption [58].