UNISYS CORP 10-K

ITEM 1. BUSINESS General Unisys Corporation, a Delaware corporation (Unisys, we, our, or the company), is a global information technology (IT) solutions company that powers breakthroughs for the world’s leading organizations. We transform and manage mission-critical IT systems, software, applications and devices that power enterprises, financial institutions and public sector organizations around the world. Our clients rely on us to help solve many of their toughest business and technology challenges in highly complex, regulated and heterogeneous environments. Our solutions and services are provided through global delivery capabilities, which allows us to execute large-scale, rapid technology migration and modernization projects. From our origins dating back to 1873 through the formation of Unisys in 1986, we have built a legacy of innovation and a reputation of trust. In recent decades, enterprise and government interactions with customers, suppliers, employees and citizens have shifted increasingly to digital channels. Cloud computing, artificial intelligence (AI), machine learning and quantum computing have pushed the required pace of innovation and led to a proliferation of data. At the same time, organizations face rising costs and complexity of managing IT infrastructure, data, security and compliance while integrating new technologies. We have a long track record of helping clients navigate technological change and architecting innovative solutions that simplify and accelerate digital transformation. Our Market The market in which we operate is broad and rapidly evolving, encompassing a wide range of technologies, services and solutions aimed at helping organizations improve their operations and achieve their business objectives. Organizations across the globe are harnessing technology to reimagine their business models and create competitive advantages. In addition to technical proficiency, our clients look to us for industry-specific expertise to help maximize the impact of their technology investments. We believe our portfolio of solutions is aligned with the secular trends shaping demand in the areas of the market we serve. Increasing Stakes of the IT Estate Organizations are becoming increasingly reliant on the IT estate to achieve critical business and organizational outcomes. A well-built IT estate can prevent or minimize interruption and security vulnerabilities that can lead to catastrophic operational, competitive or reputational impact on organizations. At the same time, the accelerating pace of innovation has necessitated perpetual evolution throughout the technology stack at an increased pace while complex factors, like increased regulation, technical debt and skill gaps, become more pronounced. In this context, outsourcing to IT service providers is of increasing strategic importance, allowing clients to focus on their core businesses while leveraging external expertise to innovate, build, manage and optimize their IT estate both efficiently and effectively. Multi-Cloud Enterprises are increasingly adopting a multi-cloud strategy often leveraging a combination of public, private and SaaS clouds based on business and security needs, type of applications and cost considerations. Multi-cloud offers speed, flexibility and new technology adoption but introduces governance, workforce, financial and operational complexities. Navigating these challenges requires strong cloud governance, upskilled talent and dynamic cost controls. As artificial intelligence and digital initiatives continue to advance, businesses must focus on enabling rapid adoption of multi-cloud as a foundation to achieve these goals. Doing so requires deep expertise to manage and operate at scale, including expertise in more traditional IT infrastructure (e.g., data centers, servers and networking hardware). Government and Enterprise Digitization Citizens increasingly expect a digital experience when engaging government services such as voter registration, tax filing and application processes for licenses, permits, visas or passports. Governments and law enforcement agencies are also seeking to automate processes, leverage data to make better decisions and improve transparency and data sharing. Similarly, customers, employees, suppliers and partners expect a digital experience when interacting with enterprises. Enterprise IT organizations must evaluate a myriad of technologies, software platforms and tools to manage and optimize their technology infrastructure and multi-cloud environments that support mission-critical workloads to meet these expectations. 5 Proliferation of Data Data has always been a critical enabler of informed decision-making for enterprises. Today, vast amounts of data are being transferred and processed to generate actionable insights, often from disparate sources or stored within disparate environments. The explosive growth in data volume and variety, coupled with the compliance and regulatory environment and ethical and privacy standards, are driving enterprises to set up or modernize their data ecosystems. As a result, advanced paradigms for data engineering, data infrastructure, data lakes and data products combined with streaming and batch data capabilities are being used. Predictive analytics and traditional AI enable better informed decision-making and generative AI leverages previously unwieldy unstructured and semi-structured data, forcing complex enterprises to enhance their data strategies. Artificial Intelligence AI and automation continue to be interwoven to drive value. Organizations are leveraging AI to automate IT operations spanning security, development and networking to continually monitor, identify and proactively respond to performance issues. Organizations are also using AI to automate repetitive tasks, facilitate enterprise access to knowledge and reduce operational costs. Customer and employee experience is being transformed through generative AI agents and chatbots, providing personalized and responsive interactions. Research and development costs and development timelines are being reduced through code generation technologies leveraging Large Language Models (LLMs). In marketing, for example, AI and generative AI enable targeted campaigns, personalized recommendations and customer segmentation, leading to more effective and data-driven strategies. Overall, integrating AI and embedding LLMs into business processes enhance decision-making, operational agility and customer service, which we believe contribute to a competitive advantage in the modern business landscape. Advanced Computing Maximizing the value of data requires organizations to process their structured and unstructured data and embedded LLMs rapidly and at scale, across disparate environments. This involves complex orchestration of data, computing and security across multi-cloud environments. To effectively execute advanced analytics and AI at scale, organizations must develop diverse, advanced computing capabilities such as quantum, high-performance computing and hybrid compute architectures to support workloads across these layers. They must also move quickly to transition to industry-specific, data-driven application layers and deploy new techniques, such as post-quantum encryption, to protect access to data. Application layer modernization, increasing security threats and AI adoption are also spurring demand for computing capacity, reliable power and specialized expertise in configuring, cooling and maintaining the infrastructure supporting advanced computing workloads. Cybersecurity The evolving threat landscape, driven by sophisticated adversaries, rapid technological advancements, changing regulatory environment and growing exposure across the enterprise IT ecosystem, demands a more proactive approach to cybersecurity. Organizations are increasingly recognizing that cybersecurity is not the responsibility of a single department but a collective obligation across the entire enterprise. Ensuring comprehensive security throughout the data lifecycle is critical, as businesses embed security into every aspect of their design, build, transformation and operational processes. To address the security challenges posed by emerging technologies such as AI and quantum computing, organizations must adopt adaptive and transformational security strategies, including post-quantum cryptography, to stay ahead of rapidly evolving threats. Our Solutions We provide our global clients with advice and essential capabilities to architect, develop, modernize, implement and integrate the technologies that power their organizations. Our offerings are delivered on a standalone basis or through integrated solutions that may incorporate proprietary Unisys capabilities, a Unisys-managed service and/or technology from our ecosystem of trusted Alliance Partners, a network of partners spanning leading technology, software and services companies with whom we collaborate and develop joint solutions and services. Our organizational structure aligns with our clients’ evolving needs, reflected in three reportable segments: • Digital Workplace Solutions • Cloud, Applications & Infrastructure Solutions • Enterprise Computing Solutions Digital Workplace Solutions (DWS) We help clients empower their workforce, while providing end-to-end IT support resulting in improved retention, collaboration and performance. We deploy, integrate and manage enterprise technologies as well as data-driven solutions for a seamless workplace experience. Our data and analytics drive business outcomes, including improved employee experience, operational efficiency and workforce transformation. Our solutions feature intelligent workplace services, proactive experience 6 management and collaboration tools that support business growth. Our innovative approach and focus on Experience-Level Agreements (XLAs) ensure clients receive tailored solutions that enable today’s technology advancement for the betterment of the workforce while continuously adapting to leverage future trends. Our DWS offerings include: • Intelligent Workplace Services. We redefine traditional technology support and field services with innovative solutions designed to enhance the end-user experience anytime, anywhere, and on any device. Our Next-Gen Service Desk, Touchless Experience and Enterprise Knowledge Management solutions and capabilities ensure that our clients receive holistic, hyper-personalized, seamless and consistent omnichannel support. Our Field Services model is multi-faceted. It can be delivered as a traditional IT support solution or expanded to service newer technologies, such as next-generation liquid cooling systems and non-traditional technology environments such as electronic vehicle charging stations. Additionally, Unisys Field Services can be implemented directly for an organization or delivered as a private label service offering for hardware original equipment manufacturers. • Unified Experience Management. Our Experience-as-a-Service (XaaS) offering is a managed service designed to deliver proactive device, application and technology service improvement across organizations. Through a combination of digital experience monitoring software, automation services, AI and machine learning technologies, XLAs and our Experience Management Office, XaaS proactively identifies technology performance issues and delivers actionable, persona-based insights to improve the end-user experience. In addition to implementing automated workflows to prevent issues from recurring, XaaS can also predict and resolve issues before they occur to deliver a consistent employee experience. • Modern Device Management. We provide unified endpoint management, virtual desktop infrastructure, and hardware and software asset management solutions for remotely provisioning, tracking, managing and protecting smartphones, tablets, laptops, and Internet of Things (IoT) devices. These offerings allow clients to flexibly manage and optimize device investments according to shifting organizational priorities and needs. Unisys Device Management solutions enable organizations to centrally and remotely deploy, track, manage and defend entire fleets of devices connecting to their corporate network, improving client security posture while enhancing the employee experience. • Workplace as a Service. Workplace-as-a-Service is a portfolio of Unisys-provided solutions encompassing device subscription services and enterprise service management. Unisys owns and manages the entire workplace stack consolidating controls into a single integrated dashboard and freeing internal client resources to concentrate on essential business objectives. Our Device Subscription Service allows IT to easily manage device use, IT asset provisioning, asset deployment, support and asset retirement with intelligent refresh to optimize capital expenditures. Our Enterprise Service Management solution provides a comprehensive, secure, and modular approach to IT service management (ITSM) that integrates with world renowned ITSM and Contact Center platform partners, ensuring a smooth fit into existing multi-modal enterprise ecosystems. • Seamless Collaboration. We support communication with solutions and managed services for designing, deploying, managing and governing complex client ecosystems of unified communications and collaboration applications, productivity applications, meeting rooms and third-party productivity tools. We integrate advanced technologies to deliver engaging and collaborative experiences that simplify workflows and enhance user satisfaction. We also have a new workplace solution, which assists organizations with the process of optimizing their real estate to create the most environmentally friendly, productive and cost-efficient workspaces. By leveraging our expertise, clients can optimize their communication infrastructure, ensuring reliable and secure interactions across their organization. Cloud, Applications & Infrastructure Solutions (CA&I) We accelerate digital transformation in the critical areas of cloud migration and management, as well as application and infrastructure transformation and modernization. Our solutions accelerate multi-cloud adoption and help our clients leverage the flexibility and efficiency of the cloud to deliver business growth. We protect compute and operating environments via our cybersecurity solutions and services. Our in-house developers also design and build customized enterprise applications that address our clients’ needs with long-term support to manage and evolve applications over time. Our CA&I solutions include: • Cloud Services. We deliver cloud services to design, establish, transform and manage complex, secure and resilient multi-cloud environments composed of private, public and SaaS clouds. Our solutions integrate cloud management platforms, observability, AI-powered operations, financial analysis and optimization, and advanced automation as a service model. Through these solutions, we centralize the management and control, automate operations and consolidate monitoring, reporting, capacity and planning workloads across a variety of cloud environments beyond public clouds, including specialization in private cloud and data center managed services. 7 • Cloud AI Services. Unisys Cloud AI Services help organizations accelerate their AI journey by establishing robust AI foundations enabling enterprise-wide AI adoption, scalable AI transformation, and delivering AI-powered customer experiences and domain-specific outcomes. From establishing scalable AI ready infrastructure, to enabling seamless AI integration, to leveraging industry-leading LLMs and operating at scale, these services drive agility, innovation, and competitive advantage. Leveraging our advanced Cloud AI services and portfolio, clients can enhance decision-making, automate processes and power business acceleration. • Application Services. We help clients design and execute their application strategies. We develop, transform and manage enterprise applications with capabilities to refactor, rebuild, or rearchitect legacy applications for hybrid, multi-cloud environments. We also develop cloud-native, tailored applications and implement enterprise software and applications of our technology partners. • Data Services . We provide services and data engineering capabilities to transform and modernize data at scale. Our data services efficiently integrate, manage, govern and analyze enterprise data and data models for improved insight and performance. We also advise clients on their AI strategies for investing, rationalizing, and measuring AI investments and infuse analytics and AI into many of our CA&I solutions, with a focus on delivering business outcomes. • Cybersecurity. We provide transformation, implementation and managed services to streamline security environments and meet rapidly evolving security challenges. We enable protection of critical business assets of clients through Digital Identity and Access Management, Cyber Recovery, Continuous Threat Exposure Management, Managed Detection and Response, and Secure Network Access that safeguards data and application access with a Zero Trust framework. Enterprise Computing Solutions (ECS) We deliver proprietary and hybrid compute capabilities in the cloud and on-premises. We extend value through services to operate and manage these environments and the application workloads that run on them. We use industry expertise to create data-intensive, AI-enabled solutions to provide next-level business outcomes in financial services, travel and transportation, telecommunications, and other industries. We classify our solutions within ECS as either “License and Support” or “Specialized Services and Next-Gen Compute.” Our License and Support solutions include ClearPath Forward® and other Unisys IP-related licenses and associated support services. • ClearPath Forward is a flexible collection of products and platforms that provide secure, scalable operating environments for high-intensity enterprise computing. It provides a tested integrated stack of software products that run on a range of modern commonly deployed Intel x86 server platforms, selected cloud and virtualization environments. Clients can deploy it as a Unisys-provided integrated system in their private cloud via software services or in commonly used public cloud environments. Unisys’ ClearPath Forward 2050 strategy ensures that clients can count on their ClearPath Forward investments to operate their most critical business applications and processes for decades to come, along with expert services to aid them in maximizing the value of ClearPath Forward. Our Specialized Services and Next-Gen Compute solutions include: • Specialized Services . We provide services to manage and modernize infrastructure, and mission-critical systems that run on or integrate with our proprietary ClearPath Forward operating system or sit within the broader technology stacks of our ECS client base. • Next-Generation Computing. We help clients explore and diversify computing capabilities in areas including high-performance computing to optimize workload execution in diverse environments. As clients work to generate value at scale from their data-centric AI investments, we provide expertise on where best to execute and manage workloads depending on the desired outcome. These outcomes vary, from most cost-efficient execution, to fastest completion, to partial workload execution or fragmentation of a complex query. We support decision-making for deployment of resources in a variety of contexts, including public cloud, private cloud, on-premises, and as-a-service consumption. • Industry Solutions. We believe our blend of industry, data and computing expertise, as well as our experience leveraging AI, gives us an ability to develop high-value solutions for our ECS client base.Our portfolio includes a suite of cargo management solutions targeting the travel and transportation vertical serving cargo carriers, freight forwarders and third-party logistics companies. This includes proprietary solutions such as Cargo Core (shipment lifecycle management), Cargo Portal (multi-carrier air cargo booking portal) and Unisys Logistics Optimization TM , a real-time cargo capacity, routing and warehousing solution powered by a combination of AI, advanced analytics and emerging technologies. 8 Other Solutions We also provide clients with a wide range of micro-market and business process solutions, often involving a high level of customization, automation, and in many cases, technology and knowledge that is proprietary to Unisys. Many of our business process solutions clients seek to meet requirements for 24x7 operations or to increase business flexibility and operational efficiency through process automation, especially for high-volume or labor and time-intensive workflows. These solutions are typically delivered through local market teams and span mission critical functions such as digital mortgage processing for financial services clients, integrated portfolio and investment management for clients with large capital investments, and data aggregation and presentation solutions for public and local law enforcement agencies. Subsequent Event In January 2025, the company made changes to its organizational structure to better align its portfolio of solutions to more effectively address evolving client needs and take further advantage of the synergies across the company’s reportable segments. The company’s business processing solutions, which were reported within Other, have been integrated into the company’s ECS and CA&I reportable segments. Additionally, the company’s application development solution, which was reported within ECS, has been operationally centralized within CA&I increasing delivery speed and reducing total costs for our clients by enhancing standardization of development tools, architectures and training. These changes did not impact the company’s consolidated financial statements as of December 31, 2024 and will be reflected prospectively, with comparable prior period data, in the company’s first quarter 2025 Form 10-Q. Go-to-Market We market our solutions and products primarily through a direct sales force and a central marketing department focused on increasing awareness and visibility for our portfolio of solutions and services, including managing our relationships with industry analysts and consultants who can influence client decisions. Complementing our direct sales force, we leverage a select group of resellers and alliance partners to market our solution and services portfolio. In many cases, we may jointly develop integrated solutions with our partners that we directly or jointly sell to our clients. In certain countries, we market primarily through distributors. Our direct global sales force consists of sales executives focused on attracting new clients and client executives responsible for account retention, services growth and client satisfaction. Our sales teams work and collaborate closely with client technology officers who establish technology and innovation roadmaps aimed at achieving business outcomes, client security officers who evaluate threats and improve clients’ security environments, and client delivery executives responsible for delivery excellence. To support collaboration and cross-selling across our global client teams, our commission structure is based on a combination of individual targets aligned with our business objectives such as growing revenue with existing clients and prospects, improving delivery efficiency and generating in-year revenue, among others. Our Clients We deliver advanced IT solutions and services to some of the largest commercial and public sector clients around the world. Our public sector clients primarily consist of state, local and non-U.S. governments and agencies, as well as global not-for-profit organizations. Overall, our commercial clients are well-diversified across sectors. However, certain of our enterprise computing and business process solutions have a more concentrated client base, particularly in the areas of travel and transportation, financial services and healthcare. In 2024, no single client accounted for more than 10% of our revenue. Our Strategy Our primary objective is to increase the value we create for our clients to support our financial objectives of improving our revenue growth, profitability and free cash flow. In that spirit, we evolve our solutions and services to enable our clients to continue making breakthroughs, optimizing their processes and furthering our mission to grow through our clients’ successes. Our efforts include continually developing, evolving and upskilling our global associate workforce and our ecosystem of strategic alliance partners that we leverage to help deliver mission critical IT operations and support. In addition to innovating and continually upskilling our global talent and partnerships, we are executing against six key strategic imperatives: • Land and Expand . Our go-to-market involves landing initial engagements with prospective clients and subsequently expanding our relationships across additional solutions, segments and geographies to fortify client relationships. Initial engagements may be shorter-term projects or advisory work with accelerated paths to value or longer-term recurring, managed service contracts. These engagements allow our associates to build client trust and an understanding of each client’s organization, technology systems, operational challenges and objectives. Our focus on high-quality delivery 9 and business outcomes supports our renewal rates and efforts to expand the volume and scope of services and solutions we provide to our clients. • Addressable Market Growth . We aim to expand the breadth and depth of our solution portfolio to address an increased portion of the IT services market, focused on high-growth or margin opportunities in each segment. These efforts include organic and inorganic investment, talent acquisition and partnership expansion overlaid by an industry approach. In addition to our large enterprise and government clients, we are also focused on expanding our market share with mid-sized clients. We believe our breadth of solutions, industry expertise, expanding partner ecosystem and agile delivery model position us to fill skills gaps and simplify digital transformation at scale for mid-size clients for whom our larger market competitors may underserve. • Solution Development . Our approach to solution development draws from the tools and technologies of our alliance partners, our expertise in solution integration and orchestration, in-house development capabilities and industry expertise. Continually evolving each of these key solution development components is important to architect outcome-based or industry-relevant solutions. Where possible, we aim to develop and utilize standard architectures that can be deployed and scaled efficiently across our segments and client base, while retaining flexibility and variability to meet specific client needs. Increasingly, we are embedding AI throughout our solutions and development, and investing to capitalize on AI-driven demand for core managed services and adjacencies. • Alliance Partners . Our partner ecosystem enables collaborative innovation and development of joint solutions and services that enhance the performance, cost controls and competitive advantages our clients can achieve. We regularly collaborate to build, market and co-sell with this global network of partners spanning leading technology, software and services companies. We also provide systems integration, software implementation and custom engineering services in collaboration with specialized software and technology partners within specific industries. As the technology landscape changes, we seek to develop, maintain and expand our ecosystem of trusted partners with whom we jointly build, market and co-sell value-added solutions so we can bring cutting-edge solutions and services to our clients and proactively address their most relevant challenges. • Delivery Optimization . Our solutions and services are supported by our delivery capability, which provides comprehensive, mission-critical services that address the evolving needs of our clients who operate in complex, highly regulated industries worldwide. We work to improve our delivery efficiency by increasing automation and optimizing our geographic labor distribution. We are also centralizing our application development capabilities to achieve efficiencies of scale, standardization, and training that will enhance client value. We utilize strategic account management processes to proactively lead clients using our traditional solutions on a pathway of transformation into higher-value solutions for them and us. • Operational Excellence . We strive for operational excellence through initiatives to reduce operating expenses by streamlining centralized corporate functions, rationalizing our real-estate footprint and centralizing technology costs. We also seek to minimize capital expenditure and working capital commitments within our client engagements and pursue a research and development strategy that leverages co-investment with innovation partners where possible. Competitive Landscape We operate in a highly competitive market that is affected by rapid changes in technology in the information services and technology industries. We face competition from many domestic and foreign companies. Our primary competitors are systems integrators, consulting and other professional services firms, outsourcing providers, infrastructure services providers, computer hardware manufacturers and software providers. We compete primarily based on service quality, product performance, technological innovation, price and reputation, among other factors. We believe that our investment in enhancing and expanding our IT solutions and services, coupled with investment in our go-to-market capabilities, will favor our competitive position. F or more information on the competitive risks we face, see “Risk Factors” (Part I, Item 1A of this Form 10-K). Materials Unisys purchases components and supplies from a number of suppliers around the world. We rely on a single or limited number of suppliers for certain technology products, although we attempt to ensure that alternative sources are available if the need arises. The failure of our suppliers to deliver components and supplies in sufficient quantities and in a timely manner could adversely affect our business. For more information on the risks associated with purchasing components and supplies, see “Risk Factors” (Part I, Item 1A of this Form 10-K). 10 Patents, Trademarks and Licenses As of January 31, 2025, Unisys owns over 380 active U.S. patents and over 29 active patents granted in seven non-U.S. jurisdictions. These patents cover systems and methods related to a wide variety of technologies, including, but not limited to, information security, cloud computing, virtualization, database encryption/management and user interfaces. We have granted licenses covering both single patents and particular groups of patents, to others. Likewise, we have active licensing agreements granting us rights under patents owned by other entities. Our business is not materially dependent upon any single patent, patent license or related group thereof. Unisys also maintains 15 U.S. trademark and service mark registrations, and over 250 additional trademark and service mark registrations in 42 non-U.S. jurisdictions as of January 31, 2025. These marks are valuable assets used on or in connection with our services and products, and as such are actively monitored and protected by Unisys and its agents. Seasonality Our revenue is affected by factors such as the introduction of new services and solutions, the length of sales cycles and the seasonality of purchases. Seasonality generally has not resulted in material quarterly revenue changes. Changes in timing or terms of renewals from client to client can lead to fluctuations in software license revenue from period to period since accounting rules require that software license revenue be recognized when the license term begins. Backlog At December 31, 2024, backlog was $2.8 billion, compared to $3.0 billion at December 31, 2023. Approximately $1.2 billion (42%) of 2024 backlog is expected to be converted to revenue in 2025. Although we believe that this backlog will be executed, the orders may be canceled, in some cases with or without penalty. Human Capital People At December 31, 2024, Unisys employed approximately 15,900 professionals across the globe, of which 2,500 were located in the United States and 13,400 were located in other countries around the world. Culture At Unisys, we champion our employees in every phase of their career. We aspire to create a winning culture where our employees challenge themselves and others. Through frequent engagement, a robust talent management strategy, a strong focus on total wellbeing and an ongoing commitment to a holistic environment, our employees quickly realize that Unisys is invested in their success. We are focused on having a workforce that represents the communities in which we live and serve. Integrity is at the core of our business practices. We are committed to promoting a culture of ethical behavior and integrity. Our corporate program is designed to prevent, detect and address violations of applicable laws and regulations through our Code of Ethics and Business Conduct and our compliance policies and education programs, which include tools specifically designed to support ethical decision-making. We are committed to protecting employees who speak-up to report good-faith concerns, and maintain a compliance helpline that is available worldwide to support the reporting of such concerns without fear of retaliation. Engagement Actively engaging with our employees is important to us. To better understand employee satisfaction and organizational culture, we survey our employees annually to gather critical feedback. The results provide transparent feedback that helps us continually improve our workplace environment. We consistently have high employee participation in these surveys, with an 82% participation rate in 2024. Developing and Retaining our Talent We recognize and value the growth of our employees by promoting continuous learning and professional development. Through educational opportunities with leading third-party programming and content providers, employees can hone their technical, business and leadership skills. Learning resources include audiobooks, courses, virtual labs, video instruction, skill assessments, role-based learning paths, mentoring and instructor-led boot camps. These resources provide a critical path to upskilling, career mobility, retention and leadership succession. Retaining our employees is crucial to our success. Aside from developing our talent and providing career growth, we are committed to the health, safety and wellness of our employees. We provide our employees a wide variety of benefits and resources, including health and welfare benefits, flexible time-off and employee assistance programs. We offer market competitive rewards through internal recognition programs, incentive-based bonus plans, a company matched 401(k) plan and a 11 pay-for-performance philosophy. Our focus on retaining employees is reflected in our relatively low voluntary attrition rate of 11.8% for 2024. Available Information Our investor website is located at www.unisys.com/investor. Through our website, we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act), as soon as reasonably practicable after this material is electronically filed with or furnished to the Securities and Exchange Commission. We also make available on our website our Restated Certificate of Incorporation, Amended and Restated Bylaws, Guidelines on Significant Corporate Governance Issues, the charters of the Audit and Finance Committee, Compensation and Human Resources Committee, Nominating and Corporate Governance Committee and Security and Risk Committee of our Board of Directors, the Insider Trading Policy and our Code of Ethics and Business Conduct. This information is also available in print to stockholders upon request. We do not intend for information on our website to be part of this Annual Report on Form 10-K. 12 INFORMATION ABOUT OUR EXECUTIVE OFFICERS Information concerning the executive officers of Unisys as of February 15, 2025, is set forth below. Name Age Officer Since Position with Unisys Peter A. Altabef 65 2015 Chair and Chief Executive Officer Michael M. Thomson 56 2015 President and Chief Operating Officer Debra McCann 52 2022 Executive Vice President and Chief Financial Officer Ruchi Kulhari 43 2024 Senior Vice President and Chief Human Resources Officer Teresa Poggenpohl 63 2021 Senior Vice President and Chief Marketing Officer Kristen Prohl 51 2023 Senior Vice President, General Counsel, Secretary and Chief Administration Officer Shalabh Gupta 63 2017 Vice President, Tax and Treasurer David Brown 46 2023 Vice President, Chief Accounting Officer and Corporate Controller There is no family relationship among any of the above-named executive officers. Our Amended and Restated By-Laws provide that the officers of Unisys shall be elected annually by the Board of Directors and that each officer shall hold office for a term of one year and until a successor is elected and qualified, or until the officer’s earlier resignation or removal. Mr. Altabef has served as Chair of the Board of Directors since 2018 and as Chief Executive Officer since 2015. He also served as President of the company from 2015 to March 2020 and from December 2021 to May 2022. Prior to joining Unisys in 2015, Mr. Altabef was the President and Chief Executive Officer, and a member of the board of directors, of MICROS Systems, Inc. from 2013 through 2014, when MICROS Systems, Inc. was acquired by Oracle Corporation. He previously served as President and Chief Executive Officer, and a member of the board of directors, of Perot Systems Corporation from 2004 until 2009, when Perot Systems was acquired by Dell, Inc. Thereafter, Mr. Altabef served as President of Dell Services (a unit of Dell Inc.) until his departure in 2011. Mr. Altabef is a member of the boards of directors of NiSource Inc. and Petrus Trust Company, L.T.A., and the advisory board of Merit Energy Company, LLC. He is also a member of the President’s National Security Telecommunications Advisory Committee (NSTAC) and a trustee of the Committee for Economic Development (CED) of The Conference Board. He previously served as Senior Advisor to 2M Companies, Inc. in 2012, and served as a director of Belo Corporation from 2011 through 2013. Mr. Altabef has been an executive officer since 2015. Mr. Altabef will cease serving as the company’s Chief Executive Officer on March 31, 2025 and will remain Chair of the Board of Directors, effective April 1, 2025. Mr. Thomson has been President and Chief Operating Officer since May 2022. Prior to this role, Mr. Thomson served at Unisys as Chief Financial Officer since 2019 and as Executive Vice President since 2021 after having served as Senior Vice President since 2019. Mr. Thomson served as Vice President and Corporate Controller from 2015 to 2019. Mr. Thomson served as Controller of Towers Watson & Co. from 2010 until 2015, and he previously held the same position at Towers Perrin from 2007 until the consummation of that firm’s merger with Watson Wyatt in 2010. He also served as principal accounting officer of Towers Watson from 2012 until 2015. Prior to that, Mr. Thomson worked for Towers Perrin as Director of Financial Systems from 2001 to 2004 and then Assistant Controller from 2004 to 2007. Prior to joining Towers Perrin, Mr. Thomson was with RCN Corporation, where he served as Director of Financial Reporting & Financial Systems from 1997 to 2001. Mr. Thomson has been an executive officer since 2015. Effective April 1, 2025, Mr. Thomson will serve as Chief Executive Officer and President and a member of the Board of Directors. Ms. McCann has been Executive Vice President and Chief Financial Officer since May 2022. Prior to joining Unisys, Ms. McCann was at Dun & Bradstreet, Inc., a global provider of business decisioning data and analytics, from 2009 until April 2022, where she held roles of increasing responsibility, including as Treasury Director, Assistant Treasurer, and Treasurer and Senior Vice President, Investor Relations and Corporate Financial Planning and Analysis. Prior to Dun & Bradstreet, Ms. McCann held leadership roles at Cegedim, a technology and services company, and AT&T, Inc., an American multinational telecommunications and technology holding company. She has been a member of the board of directors and the audit committee of VeriSign, Inc. (NASDAQ: VRSN) since October 2024. Ms. McCann has been an executive officer since May 2022. 13 Ms. Kulhari has been Senior Vice President and Chief Human Resources Officer since April 2024. Prior to joining Unisys, she served as Executive Vice President and Chief People Officer at Coforge, Ltd., a global digital information services and solutions provider, from 2019 to April 2024. Prior to that Ms. Kulhari served as Global Head of Human Resources - Business Consulting and Americas/Australia/UK Human Resources Head for Data Analytics at Exlservice Holdings, Ltd., a global analytics and digital solutions company, from 2016 to 2019. She also held increasingly senior roles at Infosys Limited, a global leader in digital information technology services and consulting, from 2005 to 2016. Ms. Kulhari has been an executive officer since April 2024. Ms. Poggenpohl has been Senior Vice President and Chief Marketing Officer since April 2021. Prior to joining Unisys, she ran a consulting firm, Poggenpohl Consulting, which she founded in January 2020. Ms. Poggenpohl served as the Chief Marketing and Communications Officer for North America at Accenture, a global professional services company, from 2016 to 2019. Prior to this role, Ms. Poggenpohl held senior leadership positions within Accenture for more than twenty years. Ms. Poggenpohl has been an executive officer since May 2021. Ms. Prohl has been Senior Vice President, General Counsel, Secretary and Chief Administration Officer since August 2023. Prior to joining Unisys, she served as Vice President, Deputy General Counsel, Chief Compliance Officer and Corporate Secretary at ITT Inc., a manufacturer of highly engineered critical components and customized technology for the transportation, industrial and energy markets, from July 2021 to July 2023. Prior to that role, Ms. Prohl served as Associate General Counsel and Assistant Secretary at American International Group, Inc., a global insurance organization from June 2019 to July 2021. From 2016 to 2018, Ms. Prohl served as Senior Vice President, Chief Counsel, Corporate Law and Assistant Secretary at CA Inc. (d/b/a CA Technologies), a multinational enterprise software developer and publisher. From 2006 to 2011, Ms. Prohl served increasingly senior roles at Starwood Hotels & Resorts Worldwide, Inc., a global hotel and leisure company, most recently as Vice President, Chief Regulatory Counsel. Earlier in her career, Ms. Prohl was a corporate associate at Proskauer Rose LLC. Ms. Prohl has been an executive officer since August 2023. Mr. Gupta has been Vice President, Tax and Treasurer since 2017. Prior to Unisys, Mr. Gupta served as Vice President and Corporate Treasurer for Avon Products, an American-British multinational cosmetics, skin care, perfume and personal care company from 2012 until 2016. He also served as Treasurer for Evraz North America, Inc., a manufacturer of engineered steel products for rail, energy and industrial end markets, from 2011 to 2012, and held the roles of Senior Vice President and Corporate Treasurer from 2007 to 2011, Vice President and Assistant Treasurer from 2005 to 2007 and Managing Director, Capital Markets, Pensions, Foreign Exchange from 2004 to 2005 at Sara Lee Corporation, an American consumer goods company. Mr. Gupta also previously held treasury roles at Delphi Corporation, a global supplier of automotive parts and electronics, and General Motors Corporation, an American multinational automotive manufacturing company. Mr. Gupta has been an executive officer since 2017. Mr. Brown has been Vice President, Chief Accounting Officer and Corporate Controller since August 2023. Prior to joining Unisys, he served as Vice President and Corporate Controller at FXI, Inc., a private-equity owned specialty manufacturer of sleep and comfort solutions, from September 2021 to August 2023. Mr. Brown served in various accounting roles of increasing responsibility at DuPont de Nemours, Inc., a multinational chemical company, from 2011 to September 2021, most recently as Assistant Corporate Controller. He also held various positions at Ernst & Young, LLP from 2000 to 2011. Mr. Brown has been an executive officer since August 2023. 14