Unisys Corporation New

Good day and welcome to the Unisys Corporation first quarter 2021 earnings call. Our participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press stars and one. Please note that this event is being recorded. I would now like to turn the conference over to Courtney Holbin, Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon, everyone. This is Courtney Holben, Vice President of Investor Relations. Thank you for joining us. Earlier today, Unisys released its first quarter 2021 financial results. I am joined this afternoon to discuss those results by Peter Alcibeth, our Chair and CEO, and Mike Thomson, our CFO. Before we begin, I'd like to cover a few details. First, today's conference call and the Q&A session are being webcast via the Unisys investor website. Second, You can find the earnings press release and the presentation slides that we will be using this afternoon to guide our discussion, as well as other information relating to our first quarter performance on our investor website, which we encourage you to visit. Third, today's presentation, which is complimentary to the earnings press release, includes the non-GAAP financial measures. The non-GAAP measures have been reconciled to the related GAAP measures, and we've provided reconciliations within the presentation. Although appropriate under generally accepted accounting principles, The company's results reflect charges that the company believes are not indicative of its ongoing operation and that can make its profitability and liquidity results difficult to compare to prior periods, anticipated future periods, or to its competitors' results. These items consist of post-retirement, debt exchange and extinguishment, and cost reduction and other expense. Management believes each of these items can distort the visibility of trends associated with the company's ongoing performance. Management also believes that the evaluation of the company's financial performance can be enhanced by use of supplemental presentation of its results that excludes the impact of these items in order to enhance consistency and comparativeness with prior or future period results. The following measures are often provided and utilized by the company's management, analysts, and investors to enhance comparability of year-over-year results as well as to compare results to other companies in our industry. Non-GAAP operating process. Non-GAAP Deleted Earnings Per Share, Free Cash Flow and Adjusted Free Cash Flow, EBITDA and Adjusted EBITDA, and Constant Currency. For more information regarding these metrics and related adjustments, please see our earnings release and our form 10-Q. From time to time, UNISIS may provide specific guidance or caller regarding expected future financial performance. Such information is effective only on the date given. UNISIS generally will not update, reaffirm, or otherwise comment on any such information except as the necessity is necessary, and then only in a manner that complies with Regulation FD. And finally, I'd like to remind you that all forward-looking statements made during this conference call are subject to various risks and important that could cause the actual results to differ materially from our expectations. These factors are discussed more fully in the earnings release and in the company's SEC filing. Copies of those SEC reports are available from the SEC and along with the other materials I mentioned earlier on the Unisys Investor website. And now I'd like to turn the call over to Peter.

Good afternoon, everyone. And thank you for joining us to discuss our first quarter results. At our investor day in January 2021, we laid out goals related to further strengthening our balance sheet, transforming our organizational structure, improving margins and cash flow, enhancing and expanding our solution portfolio, Growing Revenue, and Enhancing Our Associate Experience. During the first quarter, we made progress on each of these. I will provide some detail on the organization, our solutions, and our associate experience, and Mike will discuss the rest of these points, including the significant improvement to profitability and cash flow that we made during the quarter. In the first quarter of 2021, we transitioned to our new segment structure, which targets Digital Workplace Services or DWS, Cloud and Infrastructure or CNI, and Clear Press Forward or CPF. This was a key step to implementing the strategy we developed in 2020 and laid out in our investor day. We're now running the business and reporting our financials on this basis. We have also built out the leadership team of these businesses and the company overall. We hired Leon Gilbert, our new head of DWF, in February and brought on Jean Chow, our new head of ClearPath Forward, in April. Wendy Reynolds-Dobbs joined as our new DEI leader in March and she will also co-lead our ESG efforts. Dwayne Allen, our new chief technology officer, joined us in April and will partner with our business unit leaders to innovate new solutions that expand and enhance our portfolio. Finally, last week, Maureen Sweeney, our new Chief Revenue Officer, came on board. Maureen will work across our businesses to leverage capabilities, identify key opportunities, and help drive growth. More information on each of these leaders is available on our website. With the significant strengthening of our balance sheet last year, we now have the levers to fully execute on our strategy. These new leaders and the team already in place are doing just that. As we discussed at our investor day, our plan over the next three years is to grow margin, cash flow, and revenue. We expect to achieve this in part through our DWS transformation, including expansion and enhancement of our offering portfolio and shifting to experience-based solutions. Additionally, we expect to continue our momentum in CNI