Post on 11-Oct-2020
2015 Analyst and Advisor Summit
Unisys Direction and StrategyPeter Altabef, President and Chief Executive Officer
© 2015 Unisys Corporation. All rights reserved. 2
Company Overview: Unisys at a Glance
142Years of offering
products & services
$3.4BIn 2014 revenue$
Note: As of 12/31/14
> 60 million air cargo transactions per month are processed through Unisys systems
Building one of the largest cloud-based, on-demand U.S. state government computing environments
300government agencies worldwide
use Unisys solutions
Serves over half of the top 25 banks and 10of the world’s top insurance companies
>1,500Clients
80Countries
>20,000Associates globally
18 of the top 25 global airlines rely on Unisys
solutions
More than 90 of the Fortune Global 500 companies utilize Unisys services to improve productivity and customer satisfaction
© 2015 Unisys Corporation. All rights reserved. 3
Diversified Revenue Base, 1H 2015
Technology12%
Technology12%
International50%
Latin America9%
U.S. Federal19%
U.S. Federal19%
Services88%
BPO 8%
U.S. & Canada50%
Asia Pacific12%
Enterprise Solutions
81%
Public Sector25%
Application Services
28%
EMEA29%
Commercial35%
Cloud &Infrastructure
Services52%
U.S. & Canada50%
Financial Services
21%
0%
20%
40%
60%
80%
100%
Segment Segment Detail Geography Region Industry Industry Detail
Cloud & Infrastructure
Services52%
End User & Workspace
Services27%
© 2015 Unisys Corporation. All rights reserved. 4
New Organizational Model
• Client-centric teams
• Client executives responsible for client satisfaction and account growth
• Sales executives for new logos and targeted new business
• Global industry organization
• Deeper understanding of client business
• Drives client-centric innovative solutions
• Global integrated delivery teams
• Software and IP-driven solutions
• Enhanced service lines and new offerings
• Full life-cycle services spanning advisory, implementation and managed services
Enterprise Solutions
US Federal
APUS & C EMEA LA
Public Sector
Financial Services
Commercial
Sales and Client Relationship Teams
Services
Technology
Globally Integrated Delivery Teams
© 2015 Unisys Corporation. All rights reserved. 5
Select Integrated Solutions
TechnologyProducts
Vertical Industry Solutions
HorizontalService Lines
Applications
Analytics
IT Service Management
End User
Cloud and Enterprise Compute
Workspace
Security
Business Process Outsourcing
Law Enforcement Case Management (U-LEAF™)
Airline Freight and Reservations (AIRCORE® and CMS™)
Biometric Identity Management (LEIDA™)
Retail Banking (CSF™, SFB™)
ClearPath ForwardTM
Unisys Stealth®
ePortalTM
AB SuiteTM
Data ExchangeTM
© 2015 Unisys Corporation. All rights reserved. 6
Unisys in Government
• City of Philadelphia 311: Digital Citizen Services Government Computer News Award
• U.S. Department of Interior: First federal SAP application cloud migration
• 40 UK Police Agencies: SaaS solution for investigative case management
• New South Wales: ServiceFirst delivering multi-tenant digital services to government
• EPM: Manage security for the most critical IT infrastructure
• Empower citizens through technology
• Integrate mobile, data analytics, and cloud using a 4-tier architecture to modernize government
• Leverage IT best practices and DevOps to lock-in benefits from emerging technologies
Our Point of View Success Stories
Core Strengths
• Industry and integrated solutions and technology IP
• Mobile and cloud integration with legacy applications
and case management
• Border control systems
© 2015 Unisys Corporation. All rights reserved. 7
Unisys in Commercial
• Billund Airport: Deployed the first-ever home-printed bag tag solution significantly improving passenger experience
• SMS/800: First implementation of ITSM as-a-Service on a Microsoft Azure platform, enabling a customer-facing self service portal
• Elekta: Infrastructure outsourcing services leveraging an enterprise portal collaboration platform to provide on-demand expert resolution
• McDonald’s: End User IT support services enabling the client the ability to innovate its business model and deploy digital initiatives
• Gollog: Rapid deployment of new air cargo management system driving growth
• Secure an as-a-service world
• Accelerate business outcomes through domain-based IP
• Support demands of a digitally-enabled enterprise
Our Point of View Success Stories
Core Strengths
• Integrated physical and logical security solutions
• Focused digital and service development and deployment
and technology IP
• Transformative execution
© 2015 Unisys Corporation. All rights reserved. 8
Unisys in Financial Services
• Caixa: High-availability of systems; 75 million monthly transactions with response times under 4 seconds/transaction
• Lloyds: Streamlined IT Operations; delivered the largest successful mortgage application migration in Europe
• CIMB Bank: Protected the client’s customer assets through an advanced multi-channel, antifraud surveillance banking system
• American Express: Lowered the TCO by over 25% through streamlined imaging and document management
• Manulife: Shortened turnaround of insurance policy value requests from 30 minutes to as little as 8 seconds through infrastructure modernization
• Exploit digital and omnichannels
• Predictive and proactive fraud prevention
• Improve time-to-market and flexibility with SaaS
Core Strengths
• Advanced fraud analytics
• Deep Financial Services industry experience
implementation framework
• End-to-end, integrated solutions scalable in capacity and functionality
Our Point of View Success Stories
© 2015 Unisys Corporation. All rights reserved. 9
Summary
• Client-centric industry focus
• Transformative execution
• Domain-based IP and software solutions
• Talented, inspired and driven people
2015 Analyst and Advisor Summit
Unisys Go-to-Market StrategyEric Hutto, Senior Vice President and President, Enterprise SolutionsVenkatapathi Puvvada, Senior Vice President and President, Unisys Federal SystemsPatrick Doherty, Vice President, US & CanadaRoberto Trinconi, Vice President, Latin America
© 2015 Unisys Corporation. All rights reserved. 2
Financial Services Solutions Overview
Q&A
Approach to Growth Approach to Growth
Compelling Proof: The Federal Story
How We Will Expand and Acquire New Clients
Q&A
Go to Market Session Overview
© 2015 Unisys Corporation. All rights reserved. 3
Approach to Growth
Enterprise Solutions and Federal
Enhance Extend
• Understand client business
• Point of view
• Constructive engagement
• Rewarding client experience
CSATWillingness to refer
Penetration % Service lines
RevenueAcquisition of new logos
Sales
Expand
• Deploy additional industry talent
• Industry and solution-based prospecting
• Increase engagement with industry influencers
• Complementary strategies
• Identify innovation opportunities for enhanced business results
• Lead with design-thinking approach
• Accelerate value through domain expertise
• Provide end-to-end integrated solutions
© 2015 Unisys Corporation. All rights reserved. 4
What’s Different?
Client Advocates
Ready Now Skills
Industries
Solution Mix
Unisys Capabilities
© 2015 Unisys Corporation. All rights reserved. 5
Homeland Security
Civilian Agencies
Defense & Intelligence
US FederalInnovative Solutions for Government’s Complex Challenges
Customs
Border Security
Immigration
Law Enforcement
Emergency
Management
Justice & Law
Enforcement
Financial Services
Citizen Services
Acquisition
Natural Resource
Management
Warfighter Integration
Supply Chain
Management
Transportation
Logistics
Intelligence Operations
• Industry domain expertise organized in vertical segments
• Deep engineering talent to design and build integrated solutions
• Many firsts in the market in delivering disruptive IT trends and solutions
• World class services delivery and client satisfaction
• Industry recognized innovator with multiple awards from industry organizations
© 2015 Unisys Corporation. All rights reserved. 6
US FederalIntegrated Solutions Proof Points
Designed and developed one of the
world’s largest Big Data Predictive Analytics Offering to assess and manage security risk from passengers and cargo entering
the country.
Integrated and deployed biometrics and border security solutions at all
major land border crossings. Provides an integrated operational view to border protection agents.
Implemented and operates a large secure storage private cloud
for the IRS for all applications including tax processing, tax
administration and collections.
Successfully transitioned service
desk operations for 600,000 US Army end users. Deploying
Unisys VantagePointTM and ITSM as a Service solutions.
Provide full life cycle services for the Department of Justice
Asset Forfeiture Management System to enable
Federal, State and Local law enforcement agencies to manage
$3B assets annually.
© 2015 Unisys Corporation. All rights reserved. 7
Americas Sales Approach
Government
FinancialServices
CommercialSector
Specialty
ComplexDeal
BidManagement
Industry specialization
Proactive TPA engagement
Deep solutioning know-how
© 2015 Unisys Corporation. All rights reserved. 8
Prospecting Playbook
Inputs
• First-level factor and subfactor weighting
• Input from marketing data sources
• Revenue history from existing Unisys clients
Output
• Target customers and buyer personas
• Prospects list by industry
• Prospects list by geo
• Unisys potential revenue
Actions
• Industry-specific campaigns
• Tailored account-based marketing
• Focused telemarketing support for appointment setting
Maximize sales and marketing efforts
Improve conversion rates
Inform targeted industry prospects
© 2015 Unisys Corporation. All rights reserved. 9
• Distributed portfolio and GTM approach
• Geographic sales team
• Integrated horizontal solutions
• “Wide-net” marketing
From
• Client-centric relationship teams; global integrated delivery
• Vertically aligned sales teams
• Differentiated solutions tailored to industry-specific issues
• Focused and coordinated sales and marketing initiatives
To
Expanded market share in targeted
industries due to highly satisfied
clientsResults
Approach to Growth: Summary
2015 Analyst and Advisor Summit
Unisys Services StrategyNeil Gissler, Senior Vice President, Services and Delivery
© 2015 Unisys Corporation. All rights reserved. 2
Unisys Point of View
Approach to Growth
How We Deliver & Scale
Q&A
Services Overview
© 2015 Unisys Corporation. All rights reserved. 3
Internet of Things
Cloud & Hybrid ITBig Data Analytics
Personas & Context
Mobility &
WearablesSocial Computing
“Big 8” Disruptive Technology Trends
These key disruptive technologies now serve as the foundational building blocks — some mature, some emerging — in the new digital business platform ecosystem of on-demand services
Drive New, Digitally-Based Business Models, Products and Services
CybersecurityIntelligent
Automation
© 2015 Unisys Corporation. All rights reserved. 4
Disruptive Technologies are Driving Digital Transformation
Enhancing the digital customer and end-user experience to improve
loyalty, revenues, productivity and retention
Transforming business processes to reduce costs, improve
productivity, integrate supply-chain partners and differentiate offerings
Simplifying service management to reduce complexity, solve issues
before they occur, and gain visibility and control over assets
Optimizing infrastructure and operations to improve agility, flexibility
and cost-effectiveness
CEOs and CIOs expect to leverage key “disruptive” technologies to drive new digitally-based business models, products and services
Key Business Outcomes
© 2015 Unisys Corporation. All rights reserved. 5
Enabling the New Ecosystem for the Digital Enterprise
Source: “Beyond SMAC: The new platform for digital business,” Computerworld, May 2015
Enterprise
© 2015 Unisys Corporation. All rights reserved. 6
Our Vision for the Client
Optimize
Infrastructure
• Rationalized and standardized platforms
• Cost-effective service delivery/management
• Hybrid Cloud-based
• Modern security architecture
• Hardened and dedicated workloads
• Costly, proprietary systems
• Limited to moderate use of Hybrid Cloud
• Outdated security models
Current State Our Vision
Transform Business
Processes
• Cloud-centric architectures
• Modernized and current applications
• Agile-based, DevOps enabled processes
• Cost-effective delivery models
• Legacy architectures
• Outdated, inflexible applications
• Slow pace of change
• Aging workforce and cost pressures
• Managed Hybrid IT landscape
• Service performance transparency
• Proactive and predictive response
• Increased automation and cost reduction
• Hybrid IT sprawl
• Limited reporting and insights
• Slow response to service requests
• Cost pressures due to manual processes
Simplify
Management
• Smart personas
• Device independence
• Support for service aggregation
• Precision security
• Limited personalization
• Lack of omni-channel support
• Limited service integration
• Limited data-level security
Improve User
Engagement
Business Objective
© 2015 Unisys Corporation. All rights reserved. 7
Transform Business ProcessesEnhance Performance,Progress Business Strategy,Leverage Industry Leadership
What are the Tangible Business Benefits?
Improve User Engagement Improve Productivity, Enable Innovation, Reduce Cost to Serve
Simplify ManagementReduce Complexity, Create Transparency, Deliver Real-Time Insights
TCO reduction via automation5
Customer satisfaction improvement4
Cost reduction via digital customer care3
Optimize InfrastructureScale and Secure, Drive Efficiency, Power Business Impact
12%
26%
9%
29%
17%
15%
30%
33%
30%
26%
37%
30%
Greater responsiveness to IT requests7
Cost savings across entire IT budget6
Revenue increase due to new apps and IT services8
Faster Revenue Growth1
Higher Operating Margin1
Valuation Premium1
Revenue Improvement2
Profitability Improvement2
Market Valuation Improvement2
Source: 1. “User Experience linked to Financial Returns,” Tech-tonics Advisors; 2. “The Digital Advantage,” MIT Sloan & Capgemini Consulting; 3, 4. “Why companies should care about e-care,”
McKinsey; 5. Gartner Doc G00269975; 6. “Getting ahead in the cloud,” McKinsey; 7, 8. “IT Evolution: Today & Tomorrow,” VMWare
© 2015 Unisys Corporation. All rights reserved. 8
Client-centric Growth
Security
IT Strategy, Process & Governance
Enterprise Architecture
Technology Architecture
Applications, Application
Architecture & Data
Infrastructure & Operations
Industry
Point-of-View
Operating Model Insights
Processes & Organization Design
Application Requirements, Evaluation & Selection
Solutions Delivery
VP Business
Unit I
VP Business
Unit II
VP Enterprise Solutions
VP of Infrastructure
Security Director
Datacenter Director
Network Director
Operations Director
IT PPM Office
CTO & Enterprise Architect
Chief Information
Officer
Chief Executive
Officer
Chief Operations
Officer
Chief Financial Officer
Chief HR Officer
EVP Business
Unit I
EVP Business
Unit II
EVP Business
Unit III
© 2015 Unisys Corporation. All rights reserved. 9
Business
Results
Delivery
Commitment
Time &
Materials
Aligning Client Needs and Services
Business
CEO
COO
CFO
Function
Leader
BU Leader
Information
Technology
CIO
CTO
Application
Leads
Infrastructure
Leads
CISO
© 2015 Unisys Corporation. All rights reserved. 10
Services Today
Business
CEO
COO
CFO
Function
Leader
BU Leader
Information
Technology
CIO
CTO
Application
Leads
Infrastructure
Leads
CISO
Business Process
Outsourcing
Business Solutions
(Design, Build & Deploy)
Sta
ff A
ugm
enta
tion/
Capacity S
erv
ices
Security Project
& Managed Services
Application Project
& Managed Services
Cloud & Infrastructure
Project &
Managed Services
BSM/ITSM Project
& Managed Services
Business
Results
Delivery
Commitment
Time &
Materials
© 2015 Unisys Corporation. All rights reserved. 11
Services in 2016
Business
CEO
COO
CFO
Function
Leader
BU Leader
Information
Technology
CIO
CTO
Application
Leads
Infrastructure
Leads
CISO
Business
Process
Outsourcing
Business Solutions
(Design, Build & Deploy)
Application
Strategy
Infrastructure
Strategy
Security
Strategy
Sta
ff A
ugm
enta
tion/
Capacity S
erv
ices
Security Consulting &
Managed Services
Application Consulting &
Managed Services
Cloud & Infrastructure
Transformation
Cloud & Infrastructure
Consulting &
Managed Services
BSM/ITSM Consulting
& Managed Services
Business
Results
Delivery
Commitment
Time &
Materials
© 2015 Unisys Corporation. All rights reserved. 12
Consulting Services Managed Services
Cloud and Infrastructure Services
IT Service Management
End-User Services
Service Integration and Management
Enterprise Compute (Datacenter, Server, Storage & Database)
Network
Workspace
Integrated Consulting and Managed Services
Security Services
Application Services
Industry-Specific Application Services
Process-Centric Application Services
Analytics Services
Platform Development Services
DevOps Services
Business Process Outsourcing
© 2015 Unisys Corporation. All rights reserved. 13
Pre-Sales and Solution Architecture
Solution Configuration and Costing
Service Management
DeliveryTransition
Service Delivery
Cloud and Infrastructure Services
Consulting
Managed Services
Application Services
Consulting
Managed Services
End-User Services
Consulting
Managed Services
Security Services
Consulting
Managed Services
Quality and Client
Satisfaction
Go
ve
rnm
en
t
Co
mm
erc
ial
Fin
an
cia
l S
erv
ice
s
AP
EMEA
LA
US&C
© 2015 Unisys Corporation. All rights reserved. 14
• Country-Based Practices
• Managed Services-Centric
• Delivery-centric Service LinesFrom
• Global End-to-End Service Lines
• Integrated Consulting and Managed Services
• Differentiated Solutions tailored to Industry-Specific IssuesTo
Expanded market share in targeted
industries due to highly satisfied
clientsResults
In Summary
2015 Analyst and Advisor Summit
Unisys Technology StrategyTarek El-Sadany, Senior Vice President, Technology, and Chief Technology Officer
© 2015 Unisys Corporation. All rights reserved. 2
Unisys Technology Strategy:Accelerating the Technology Edge
Develop horizontally… deliver vertically
Expand Unisys Software IP
Differentiate for a Technology Edge
Innovate for the Future
© 2015 Unisys Corporation. All rights reserved. 3
Did You Know?Unisys IP and Software Powers Industry Applications
More than 60 million
air cargo transactions
per month are
processed by Unisys
Systems
100 airports worldwide
depend on Unisys solutions
More than 300
government agencies
worldwide use Unisys
solutions
Over half of the top 25
global banks rely on
Unisys systems
25%
of the world’s air
passengers check in
for their flights using
Unisys
70+ Vertical and Horizontal Applications Powering Global Organizations
© 2015 Unisys Corporation. All rights reserved. 4
Global Banking OrganizationMobilizing and Scaling Enterprise Applications
100% increase in transactions per second compared to the goal
8000 mobile transactions per second
Met organizational security requirements
© 2015 Unisys Corporation. All rights reserved. 5
Invest Innovate Ignite
How Do We Repeat Client Success?Process for a Technology Edge
Productize
Apps
IP
SaaS
Technology
Services Support
© 2015 Unisys Corporation. All rights reserved. 6
2015 Technology DifferentiationBuilding the Technology Edge
Completed migration of ClearPath™ to all Intel X86 5 years early with increased performance and flexibility
Delivering a fully X86 software defined secure compute, fabric and storage for Linux and Windows
Stealth reimagined “cloud ready” security for mobile, on premise and cloud marketplaces
Built a ClearPath Software Edition for cloud and standard technology
Mobile development technology securely supporting 9 million users
Released a high scale real-time ETLfor ClearPath and Microsoft SQL
Successful tested our facial
recognition solution at Dulles
Airport for the Customs and Border
Protection agency
For a large state government, Stealth consolidated 52 Datacenters to 1+DR eliminating ~60% of firewalls for implemented agencies
Successes
Uncommon results from Unisys Technology
© 2015 Unisys Corporation. All rights reserved. 7
Where Do We Go From Here?Align Horizontal and Vertical Solutions to Target Industries
Integrate vertical
with horizontal
capabilities for
solve organizational
challenges
Financial Services
Government
CommercialHorizontal Technology
• AB Suite™• BIS Development Suite™• ePortal™• Data Exchange™• Operation Sentinel™
• Enterprise Output Manager™• Vantage Point™• LEIDA™• InfoImage™
Government
• Secure Image Management Solution
• Law Enforcement Message Switching
• U-LEAF™
Commercial
• Airport Operations• AirCore™• Logistics• Passenger Facilitation• Voice Source™• Visual Voicemail
Financial Services
• Core Banking• Retail Delivery• Fraud & Risk• Enterprise Payments• Content Management• Appointment
Management
Infrastructure Technology
• ClearPath Libra™• ClearPath Dorado™• ClearPath Forward™• Enterprise Servers
• Stealth™ Core/Cloud/Mobile• Storage Solutions• Cloud Provisioning & Brokering
Technology Solutions
Industry Applications
© 2015 Unisys Corporation. All rights reserved. 8
Innovating for the FutureBuilding the Secure Software Defined Datacenter
Unisys “Smart Deploy”Leverage Unisys Technology and IP
Portable Aware
Business Process, Applications and Tools
• Industry Applications
• ePortal: Mobility and Web Development
• Data Exchange: Real-time ETL
Smart Deployment
• Secure Partitioning: Encapsulate Workloads
• Secure Docker: Workload Density & Portability
Technology Portability
On-premise
Applications
IOT
Analysis
MobileePortal
Real-time ETL Data Exchange
Secure Partitioning
Stealth
SecureFabrics
Cloud
Applications
IOT
Analysis
MobileePortal
Real-time ETL Data Exchange
Secure Partitioning
Stealth
SecureFabrics
Smart Protection
• Stealth: Application, Cloud and Mobile Security
• Secure Fabrics: Isolate
Data and QoS
Smart System Discovery
• All Intel Architecture: Enterprise Ready
• Software Blades: Software Definable compute
Security Infrastructure
Unisys Analyst and Advisor
Summit
S e p t e m b e r 1 4 , 2 0 1 5
2
Company Snapshot
• Reputation for client-first approach and straightforward advice
• Deep expertise and market leadership in focused industry sectors
• Strategic advisory relationships and expert execution
• 120-year track record of delivering results
Equities and Investment Banking Asset Management
• Investment Banking
• Capital Markets
• M&A Advisory
• Institutional Sales and Trading
• Equity Research
• Equity and Fixed Income
• Master Limited Partnerships
• Balanced Investments
• Private Equity Investments
• Merchant Banking
Public Finance and Fixed Income
• Public Finance Investment Banking
• Municipal Underwriting, Sales and Trading
• Taxable Institutional Sales and Trading
• Portfolio Strategy & Analytics
• Mortgage-Backed Structuring & Trading
Securities brokerage and investment banking services are offered in the United States through Piper Jaffray & Co., member NYSE and SIPC, and in Europe through Piper Jaffray Ltd., authorized and regulated by the Financial Conduct Authority. Asset management products and services are offeredthrough three separate investment advisory affiliates registered with the U.S. Securities and Exchange Commission: Advisory Research Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC.
Piper Jaffray is a leading investment bank and asset management firm
3
Guiding Clients Since 1895—A Rich Heritage
George B. Lane Commercial Paper and Collateral Loans & Co. is established; merges with Piper Jaffray & Co. in 1917 to form Lane, Piper & Jaffray
U.S. Bancorp acquires Piper Jaffray19981895
Private Client Services sold to UBS Financial Services, allowing Piper Jaffray to redirect business strategy toward building a leading investment bank
2006
2010Piper Jaffray acquires Advisory Research, Inc. to grow asset management capabilities
Lane, Piper & Jaffray merges with Hopwood Investment Co. to form Piper, Jaffray & Hopwood; largely unaffected by the 1929 crash, the new firm gains a seat on the NYSE
Company name changes to Piper Jaffray, Inc. and holding company name changes to Piper Jaffray Companies; stock begins trading on the NYSE under the symbol PJC
1931
1992
2013 Piper Jaffray acquires Seattle-Northwest Securities & EdgeviewPartners
2003 Piper Jaffray becomes independent, publicly held company following spin-off from U.S. Bancorp
What Services Does Unisys Provide??
4
U.S. Bancorp
Piper Jaffray
“You have to know the past to understand the present.”Dr. Carl Sagan
Financial Services Challenges
5
Regulation
Highly Mobile Workforce
Rapid Pace of Technology Adoption
Capital Requirements
24X7 Operating Environment
Significant Technology Demand
Why Unisys?
6
Global Footprint
Scale Yet Flexible
Client Focus
PARTNERSHIP
Piper Jaffray Companies is an investment bank and asset management firm headquartered in Minneapolis with offices across the U.S. and in London, Hong Kong* and Zurich. Securities brokerage and investment banking services are offered in the United States through Piper Jaffray & Co., member NYSE and SIPC , and in Europe through Piper Jaffray Ltd., authorized and regulated by the Financial Conduct Authority. Asset management products and services are offered through three separate investment advisory affiliates registered with the U.S. Securities and Exchange Commission: Advisory Research Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC.
© 2015 Piper Jaffray Companies. 800 Nicollet Mall, Suite 1000, Minneapolis, Minnesota 55402-7036
Prices, yields, and availability are for illustrative purposes only and subject to change with market conditions. The information contained in this communication has been compiled by Piper Jaffray & Co. from sources believed to be reliable, but no representation or warranty, express or
implied, is made by Piper Jaffray & Co., its affiliates or any other person as to its accuracy, completeness or correctness. All opinions and estimates contained in this communication constitute Piper Jaffray & Co.’s judgment as of the date of this communication, are subject to change
without notice and are provided in good faith but without legal responsibility. Piper Jaffray & Co. may buy from or sell to customers on a principal basis in the securities or related derivatives that are the subject of this communication. Piper Jaffray & Co. has or may have proprietary
positions in the securities or in related derivatives that are the subject of this communication.
Material based on data from sources deemed reliable; accuracy/completeness not guaranteed. Not for use as a primary basis of investment decisions; not to be construed to meet needs of any investor, subject to change. Not a representation or solicitation of an offer to sell or buy any security. Securities may not be eligible for solicitation in all states. Piper Jaffray, its officers or family members may own, buy, or sell these securities. Piper Jaffray may make a market in the company's common stock. Past performance does not guarantee future results.
Disclosures