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Exam Code: CAT-060 Practice test 2022 by Killexams.com team
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Killexams : CA-Technologies Infrastructure questions - BingNews https://killexams.com/pass4sure/exam-detail/CAT-060 Search results Killexams : CA-Technologies Infrastructure questions - BingNews https://killexams.com/pass4sure/exam-detail/CAT-060 https://killexams.com/exam_list/CA-Technologies Killexams : VMware CEO defends Broadcom deal

When Broadcom confirmed its $61bn acquisition of VMware following market speculation in May 2022, several industry watchers wondered what the mega deal would mean for the virtualisation pioneer and its customers.

After all, many enterprises have come to rely on VMware’s software to run their mission-critical applications and manage their infrastructure, not only in private cloud datacentres but also on public clouds such as Amazon Web Services.

One sceptic pointed out that Broadcom’s acquisition playbook saw CA and Symantec customers facing “massive price hikes, worsening support, and stalled development”, while another was uncertain whether Broadcom would continue investing in VMware products beyond core technologies such as vSphere, VSAN and NSX.

In an interview with Computer Weekly in Singapore, VMware CEO Raghu Raghuram addressed concerns over the impending acquisition and what customers can expect from Broadcom, the evolution of VMware’s cloud strategy and opportunities in the Asia-Pacific region. Here are his answers to our questions.

There are VMware users who are concerned about how the Broadcom acquisition will pan out and the future of their VMware investments. What would you say to those customers to alleviate their concerns?

Raghu Raghuram: As you can imagine, I’ve been talking to many customers in the last two months. My message has been to look at the reasons why Broadcom has made the acquisition, which is the strength of our product portfolio, all of the infrastructure software category, the breadth of our customer base and the centrality of our software in our customers’ cloud infrastructure stack.

They acquired VMware to obviously build and grow the company. They also have a history of investing in R&D. Historically, Broadcom’s investments in R&D have outpaced even the growth of their total revenue. That’s sort of a proof point that they want to work on acquiring engineering-centric companies and invest in growing them. That’s what customers can expect after the closure of the acquisition.

Some analysts have claimed that Broadcom’s acquisition strategy in the past does not showcase an innovation-focused mindset. Following the acquisition, will VMware continue innovating in areas that matter to all customers, whether in hybrid cloud, Kubernetes or security, and not just the most profitable customers?

Raghuram: I think the perception that Broadcom does not invest in innovation is not borne out by facts. They started small as Avago and then they acquired Broadcom, the merchant silicon company that was known for its innovation. They’re continuing to invest pretty heavily in semiconductor innovation in things like wireless technologies, and the world’s smart device companies use Broadcom for various components. All of that would not be possible if the technology was a laggard. So I think if you look at the entirety of Broadcom’s portfolio, you will see a lot of innovation.

The principal reason they are acquiring VMware, besides the strength of our portfolio, is the fact that they want to be leaders in infrastructure software and have the richest portfolio of software in infrastructure and management. That’s really what they’re trying to build as a software organisation.

If you saw the announcements that came alongside the acquisition, what they’ve done is, they’re rebranding their software division as VMware and rolling in some of their existing software assets into VMware. So, they are creating VMware as a broad portfolio of assets that can service all customers, not just the biggest customers. They understand that the customer base of VMware is very different from that of CA or Symantec, which had only a few hundred customers. And so, they are going to follow a different approach in this case once the acquisition closes.

VMware has been fleshing out its cloud strategy over the years. We spoke about that, including Tanzu, the last time we met in Singapore. Can you supply me an update on the strategy and how it is resonating with customers? What do you think VMware can do better?

Raghuram: We are advocating for customers to take the cloud smart approach. If you think about the entirety of digital transformation, you’ve got all types of applications. Customers obviously want to build new cloud-native applications. They want to modernise existing applications and sometimes replatform VM [virtual machine]-based applications into containers. They also have mission-critical back-office and mid-office applications that they sometimes want to leave unchanged, but connected up to the new applications they’re building.

So, it’s a very rich landscape, and they want to build applications at the edge. Some applications might be on the private cloud, while others might be in one particular public cloud, sometimes on cloud-native architecture and sometimes on VMware architecture. What we provide is the choice for customers to look at the application and deliver it to the right location on the right cloud with the right architecture. That really is the distinguishing aspect of our portfolio.

You talked about Tanzu, which is for customers that are building and operating cloud-native applications on public cloud architecture. If they want to take existing applications and move them to the cloud, especially business-critical applications that are sitting in VMs, they use a VMware-based infrastructure stack in the public cloud or on-premise.

They understand that the customer base of VMware is very different than that of CA or Symantec, which had only a few hundred customers. And so, they are going to follow a different approach in this case once the acquisition closes
Raghu Raghuram, VMware

They are also building new applications which are either container-based or VM-based and distributing them to the edge of the network as well. So that’s how we are executing that cloud strategy. We call this cloud smart, and customers use our products because it’s the fastest and cheapest way to achieve their business goals. That’s our value proposition to the customer. The latest developments are the continuing development of Tanzu, the VMware Cloud stack, and the edge compute stack. You are going to hear more about each of these at our user conference this month.

There have been some observations that in terms of market share, the Tanzu Application Platform still pales in comparison to OpenShift. What are your thoughts on that?

Raghuram: If you think about Tanzu portfolio, there are different elements to it. There is the Tanzu Kubernetes distribution, which is very widely distributed, potentially more so than OpenShift. If you look at Tanzu Mission Control, which is a management product, OpenShift does not have such a product.

If you look at the Tanzu Application Platform, which accelerates the path from code to production for developers and helps organisations do effective DevSecOps, that’s a new product that came about only in the first quarter this year. And so, that certainly has fewer customers than OpenShift.

OpenShift has been present for maybe about six or seven years, so it’s been around longer but it’s also an architecture that’s more dated, whereas the VMware architecture is more modular. So, depending on which product you compare, you have a different answer.

Since we’re talking about the competitive landscape, I’m sure you know Nutanix and Red Hat have an ongoing partnership to deliver open hybrid multicloud solutions, even before the Broadcom acquisition was announced. I understand that they’re getting more calls from VMware customers who are exploring options. What are your thoughts on that?

Raghuram: In a competitive market, any time one of your competitors has something big happening, it’s the job of people like Nutanix to go in and try to say: ‘Look, you should not be a VMware [customer]’. But the reality is, customers make long-term choices. They don’t suddenly decide overnight that this is not for me.

So, they absolutely are going to be bombarded with promotions and advertisements from everybody in the industry, but they recognise VMware’s track record and the superiority of VMware solutions. So far, we have not seen any customer say anything other than they’re very committed to VMware.

When I thought about the potential synergies between VMware and Broadcom, Project Monterey came to mind because it’s an initiative that will clearly benefit from the coming together of Broadcom and VMware. What sorts of collaboration do you see on that front?

Raghuram: Broadcom today does not have a smartNIC and so our collaboration on Monterey is with all the other vendors and it’s going really well. As you know, we’ve been working on it for nearly two years now and we expect to get it into production in the near future.

In the long term, like I said earlier, Broadcom has been an innovator in semiconductor technology in merchant silicon, ASICs [application-specific integrated circuits] and those sorts of things. We have been an innovator in software, so I’m sure there will be opportunities for collaboration between our software and systems engineers and Broadcom’s semiconductor engineers. You can look forward to some exciting new collaborations once the acquisition closes.

I think you mentioned once that you enjoy traveling to Asia, because it’s such a dynamic region. I’m sure you see a thriving tech ecosystem and a lot of innovations being driven by a lot of cloud-native unicorns like Bukalapak in Indonesia. Many of these companies don’t really talk much about VMware, to be honest. Are you going after those customers at all?

Raghuram: We are very focused on enterprise customers, by and large. And our value proposition is to combine the rigorous requirements of enterprise with the capabilities of the cloud. That is our sweet spot. Having said that, we do serve cloud native customers, but the vast majority of our business is enterprise-centric.

Where do you see growth coming from in the Asia-Pacific region? What are the sweet spots for VMware geographically?

Raghuram: Like you pointed out, it’s a very dynamic region, and different parts of the region are investing in different things. For example, we see a lot of interest in application modernisation, cloud acceleration and the hybrid workforce across the region. As for individual countries, Singapore has done a lot of work on things like the private cloud in the past. They’re moving to public cloud based on our solutions, and specifically Tanzu. In Japan, they have done a lot with cloud and end-user technologies in the past and they’re continuing to grow. So, every country has its own, I would say, uniqueness.

Mon, 01 Aug 2022 18:21:00 -0500 en text/html https://www.computerweekly.com/news/252523415/VMware-CEO-defends-Broadcom-deal
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Fri, 24 Apr 2020 13:57:00 -0500 en-CA text/html https://www.veritas.com/en/ca/form/whitepaper/better-infrastructure-management-with-the-help-of-it-analytics
Killexams : Central bank digital currencies could mean the end of democracy

In accurate years, we have witnessed a growing interest in the idea of central bank digital currencies. Similar to cash, central bank digital currencies are a form of money issued by central banks.

In each country, a central bank manages the local currency and the monetary policy to ensure financial stability. Unlike cash, central bank digital currencies are expected to update national financial infrastructures to the changing needs of the economy and technology.

Led by international financial institutions such as the Bank of International Settlements and the International Monetary Fund, central banks examine technologies, conduct experiments and prepare national economic scenarios. However, central banks cannot — and should not — identify the social consequences of implementing this technology.

The transition to national digital currencies gives governments the ability to automate transactions and create conditions under which it can be spent. This raises crucial implications about democracy that must be identified and considered before central bank digital currencies become a reality.

Important questions to consider

Central bank digital currencies are expected to hand authorities the ability to completely control the finances of their citizens. States would be able to restrict citizens from purchasing any services and goods, and governments would gain a greater influence and control over people’s lives.

For example, societies will be able to decide whether limiting someone who is addicted to gambling from buying a lottery ticket is a positive feature of money. Similarly, they might also be able to decide whether welfare assistance can only be used for food, medicine and rent.

A man uses the Ethereum ATM, beside a Bitcoin ATM, in Hong Kong in May 2018. Cryptocurrencies like Ethereum differ from central bank digital currencies because they are decentralized, not under state control. THE CANADIAN PRESS/AP, Kin Cheung

Introducing a central bank digital currency raises a number of important questions. The first is whether or not people would benefit from the new features of these digital currencies. The second is whether we can be sure these features, in the hands of governments, won’t undermine the already-trembling foundations of democracies. Both questions raise important discussions about the future and our values as a society.

There are also plenty of open questions that citizens, rather than central banks, should deliberate about. Do we want to connect personal financial information with credit systems? How about sharing health expenses or political donations with governments and corporations? What do we think about issuing different money, with different financial characteristics, to different people? What is the social importance of keeping cash alongside central bank digital currencies? Do we even need a central bank digital currency?

We don’t want to leave these questions solely for those who develop and implement digital monetary systems, or raise them too late. Currently, concerns about democracy are lagging behind the race to implement central bank digital currencies. We must have these discussions before it’s too late.

Maintaining democracy

When it comes to decisions related to the central bank digital currency infrastructure, each country should examine whether structural changes are required for maintaining democratic supervision and proper checks and balances.

This not only applies to central banks, but also to security agencies and authorities in charge of anti-money laundering and tax collecting, who will most likely have access to user information and be able to freeze accounts and confiscate funds.

A visitor passes by a logo for the e-CNY, a digital version of the Chinese yuan, displayed during a trade fair in Beijing, China, in September 2021. China is developing an electronic version of the yuan for cashless transactions that can be tracked and controlled. (AP Photo/Ng Han Guan)

It is up to democratic institutions to guarantee that actions like freezing bank accounts of political dissidents won’t become a common practice.

There will be those who will argue that central banks are only examining and preparing the infrastructure and, when the day comes, it will be governments who fill in the details. But this kind of answer is unacceptable. It detaches designers of the system from those responsible for running it and, most importantly, from those who will be affected by it.

Diverse discussion needed

Deliberation requires a diverse mix of public representatives, including the marginalized, elderly and poor, those living in remote places and people with disabilities. Social organizations, academia, citizens and the press should highlight different perspectives.

The bottom line is that central bank digital currencies are not just a matter of technology, but also a matter of political power and social justice. They have the potential to unleash unintended, unwanted and unexpected societal consequences — only time will tell what these consequences are.

Although central banks are responsible for platforming social issues to the public stage, democratic institutions must take the lead for this issue. Countries should implement digital currencies only if they can ensure that their governments and authorities will not cross red lines. These rules and regulations must be drawn immediately by democratic institutions, rather than exclusively by central banks.

Ultimately, what lies ahead of us is not just a technological advancement in payment, but a fundamental change in the world’s financial infrastructure. This change is expected to cause shifts in the social and political fabric of societies, and we must prepare for it in a democratic way.

Sun, 31 Jul 2022 23:39:00 -0500 Ori Freiman en text/html https://theconversation.com/central-bank-digital-currencies-could-mean-the-end-of-democracy-187505
Killexams : Advanced Recycling for Healthcare Plastics: Debunking Four Common Myths

Northampton, MA --News Direct-- Healthcare Plastics Recycling Council

Plastics plays a unique and critical role in the delivery of cost-effective global healthcare, as clearly illustrated in COVID-19 response actions over the past two years. According to an analysis by the World Health Organization, plastic production has more than doubled since the start of the COVID-19 pandemic. While global plastic waste is on track to nearly triple by 2060, research shows that only 9% of plastic waste is effectively recycled. The Healthcare Plastics Recycling Council (HPRC) believes that in addition to “reduce and reuse” initiatives, recycling is critical to solving the plastic waste problem.

Advanced recycling (also referred to as molecular or chemical recycling) uses solvents, heat, enzymes, and even sound waves to purify or break down plastic waste for recycling (Source: Closed Loop Partners). Advanced recycling technologies, while still evolving and not yet widely available, have emerged as promising solutions for difficult-to-recycle healthcare plastics (such as multilaminate packaging materials or a stream of mixed plastic waste) that can’t be processed using traditional mechanical recycling processes.

Advanced recycling technologies complement mechanical recycling processes, providing another avenue toward reducing reliance on virgin plastic feedstock made from fossil fuels and enabling a circular model where plastic materials can be recycled and reused indefinitely. However, some questions remain surrounding the overall impacts and sustainability of advanced recycling processes. HPRC is seeking to answer these questions while debunking common myths around advanced recycling, with a specific focus on unique opportunities to recycle healthcare plastics.

Myth #1: Investing in advanced recycling doesn’t make sense until we address the general lack of capacity for mechanical recycling — which is simpler, cheaper, and applicable to the majority of plastic waste.

Fact: It’s absolutely true that mechanical recycling is the backbone of plastics recycling. We should continue investing in infrastructure for all forms of recycling, including mechanical recycling, as they share common challenges of collection, sorting, and preparation for recycling processes. But while mechanical recycling can address a portion of the plastic waste we face today, it also has limitations. To be successful, our recycling infrastructure must be able to handle plastic waste as we actually find it – in waste streams containing mixed materials, multi-layer structures, and flexible form factors. These are the areas where the limitations of our current recycling system are most pronounced. The combination of mechanical and advanced recycling is necessary to create a viable and robust solution to recycle ALL plastics.

Bottom Line: We need to look at recycling holistically to address the large volume of recyclable plastics, including those not currently served by mechanical recycling technologies. Mechanical and advanced recycling share a common infrastructure and should be viewed as complementary solutions, both of which merit greater investment.

Myth #2: Advanced recycling is bad for the environment because it has a high carbon footprint.

Fact: Carbon footprint data for advanced recycling processes is still being researched, and while early indications show that most advanced recycling technologies generally have a greater carbon footprint than mechanical recycling processes — they usually have a lower carbon footprint than producing plastics from fossil fuels. The ability to displace these fossil fuel-derived materials is where advanced recycling technologies can help bring dramatic positive transformation to the sustainability of our value chains.

Moreover, advanced recycling processes enable material circularity to keep recycled plastic material in circulation rather than sending it to landfills or incineration. By investing in recycling infrastructure and working to create co-location of advanced and mechanical recycling in close proximity to the feedstock and end markets, we can lower the overall carbon impacts of both mechanical and advanced recycling processes.

Bottom Line: Both mechanical and advanced recycling processes have a lower carbon footprint than producing plastics from fossil fuels, reduce overall reliance on fossil fuels, and drive material circularity, where plastic materials can be recycled and repurposed an indefinite number of times.

Myth #3: The net environmental impact of using recycled plastic content derived from advanced recycling is worse than using materials such as metal, paper, or glass.

Fact: Lifecycle analysis goes beyond just plastics, considering all materials through the same critical lens and holding them to the same standards. For example, if a manufacturer opts to replace plastics with a different material such as metal, paper, or glass, the full lifecycle impacts of that material from sourcing, supply chain, manufacturing, transport, usage, and end-of-life must be considered— not just the impact of the process used to recycle it. For example, what impact does a heavier glass container have on the emissions from transportation? How much energy is required to produce a metal container, relative to other materials? What is the land usage impact of sourcing paper and pulp?

The overall impact of advanced recycling is highly complex and is still being researched. Advanced recyclers must evaluate the full impact of their technologies through a comprehensive life cycle assessment (LCA) and be transparent in sharing the results of their assessments with all stakeholders. Most advanced recycling companies welcome direct stakeholder engagement, and many are sharing LCA data publicly (e.g., recyclers Eastman and PureCycle Technologies).

Bottom Line: Environmental impact should be evaluated by considering the full lifecycle of creating a product, bringing it to market, and using it, not just the impact of the process used to recycle or dispose of it. Advanced recyclers must be proactive in researching and sharing this data.

Myth #4: Advanced recycling isn’t really “recycling” because it is used to create fuels.

Fact: Advanced recycling processes convert recovered plastics into raw materials suitable for producing new plastic products in a circular system that does not rely on virgin materials. This model for material circularity is HPRC’s stated goal for plastics recycling in the healthcare industry.

As we explore the root of this myth, it is helpful to remember that plastics are derived from fossil fuels, which are naturally occurring mixtures of hydrocarbons. Advanced recycling relies in part on technologies that convert waste plastic materials back into the hydrocarbons used to produce them. Just as fossil fuels can be used to make plastic or burned as fuel, these recovered hydrocarbons can be used to produce plastic, which would be considered “recycling,” or to produce fuels, which would be considered “recovery”.

Further complicating matters, there may be multiple parties involved – one party that converts recycled plastic into hydrocarbons, a second party that takes the hydrocarbons and creates plastic, and a third party that takes the hydrocarbons and creates fuels. While both end users contribute to a reduction in fossil fuel demand, burning these hydrocarbons as fuels reduces the material available for production of new plastic. In our work, HPRC strives for plastics circularity where waste plastics are converted back into new plastics; we continue to invest in our research and efforts with that goal in mind.

Bottom Line: Plastic waste can be converted into hydrocarbons that can be used to produce plastic (recycling) and/or fuels (recovery). When used to produce plastics, these technologies have the capacity for complete material circularity and can help break the cycle of reliance on fossil fuels for producing plastic products. This is the model HPRC seeks to advance.

HPRC’s Position on Advanced Recycling

Since 2010, the Healthcare Plastics Recycling Council (HPRC) has been working to Boost the recyclability of healthcare plastics and drive a circular economy. Our work spans across the entire value chain, addressing barriers to plastics recycling in the design, manufacturing, and use of healthcare products and packaging. We believe that advanced recycling is a complementary solution to mechanical recycling and presents a unique opportunity for healthcare plastics circularity. Read more about our position and research on advanced recycling here.

View additional multimedia and more ESG storytelling from Healthcare Plastics Recycling Council on 3blmedia.com

View source version on newsdirect.com: https://newsdirect.com/news/advanced-recycling-for-healthcare-plastics-debunking-four-common-myths-830550852

Thu, 04 Aug 2022 05:35:00 -0500 en-CA text/html https://ca.finance.yahoo.com/news/advanced-recycling-healthcare-plastics-debunking-173507263.html
Killexams : Unisys Corporation (UIS) CEO Peter Altabef on Q2 2022 Results - Earnings Call Transcript

Unisys Corporation (NYSE:UIS) Q2 2022 Results Conference Call August 4, 2022 8:00 AM ET

Company Participants

Courtney Holben - Vice President, IR

Peter Altabef - Chair and CEO

Deb McCann - CFO

Mike Thomson - COO

Conference Call Participants

Rod Bourgeois - DeepDive Equity Research

Lee Jagoda - CJS Securities

Joseph Vafi - Canaccord

Matthew Galinko - Maxim Group

Anja Soderstrom - Sidoti

Operator

Good day and welcome to the Unisys Corporation Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I'd like to turn the conference over to Courtney Holben, Vice President Investor Relations. Please go ahead.

Courtney Holben

Thank you, operator. Good morning, everyone. This is Courtney Holben, Vice President of Investor Relations. Thank you for joining us. Yesterday afternoon, Unisys released its second quarter 2022 financial results. I'm joined this morning to discuss those results by Peter Altabef, our Chair and CEO; Deb McCann, our CFO; and Mike Thomson who will participate in the Q&A session in his new role as COO.

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 morning to guide our discussion as well as other information relating to our second quarter performance on our investor website, which we encourage you to visit.

Third, today's presentation, which is complementary to the earnings press release, includes some non-GAAP financial measures. The non-GAAP measures have been reconciled to the related GAAP measures, and we've provided reconciliations within the presentation. I'd also like to remind you that all forward-looking statements made during this conference call including any references to guidance or color regarding expected future financial performance are subject to various risks and uncertainties that could cause the actual results to differ materially from our expectations.

These factors are discussed more fully in the earnings release and the Company's SEC filings. Copies of those SEC reports are available from the SEC and along with other materials I mentioned earlier, on the Unisys Investor website. Unisys does not assume any obligation to update the information presented on this call except as Unisys deems necessary and then only in a manner that complies with Regulation FD.

With that, I'd like to turn the call over to Peter.

Peter Altabef

Thank you, Courtney, and good morning, everyone, and thank you for joining us to discuss our second quarter results. In addition to exceeding consensus on all key metrics in the second quarter, we grew revenue in constant currency and grew ACV and TCV signings and pipeline. Perhaps most significantly we are showing momentum within our key focus areas of modern workplace within digital workplace solutions and digital platforms and applications within cloud applications and infrastructure solutions. I will explain all of those terms in a few minutes.

And then Deb will provide detail on our financial results as we welcome her to her first earnings call with Unisys. But first I'll supply some insight into the business. Starting with digital workplace solutions or DWS, our primary focus is in higher growth, higher margin solutions that help clients streamline and optimize collaboration, to maximize employee productivity and engagement, which we refer to as a Modern Workplace.

Our focus on these proactive experience-based elements differentiates us in the market. We refer to DWS solutions, not included in Modern Workplace, as traditional workplace. Our DWS business is positioned to take market share as we shift our mix to Modern Workplace and we expect constant currency revenue and profitability for DWS to Boost year-over-year and sequentially in the second half of the year.

During the quarter, we expanded our Modern Workplace offerings through our relationship with 1E, a mobile device management software provider, which allows us to leverage their Tachyon platform for experience-based solutions and makes us a preferred consulting and managed services provider for 1E. Our client, Lenovo, recently honored us with an Award for Excellence in Premier Support in Asia Pacific.

And we were also named as a finalist in six categories at the Help Desk Institute Awards, of which we won two. In the second quarter, we signed a new logo for DWS work with a large American beverage company. That work includes our full suite of both Modern Workplace and traditional workplace solutions. We also signed a new scope managed services contract with a large financial services institution, also involving modern and traditional workplace.

As part of this contract, we will help to transform the client's communication systems for a hybrid work Microsoft Teams environment, leveraging PowerSuite, our software for managing and securing collaboration and communications platforms within our Modern Workplace business.

Shifting to cloud applications and infrastructure solutions or CA&I, momentum continued in this segment during the quarter. We have revised the name of this segment because applications are an increasingly important part of our growth story. We undertook a thorough search for the right acquisition fit to bolster our applications capabilities and presence in the market, and we acquired CompuGain in December of last year.

We're working to shift the mix of revenue in CA&I toward higher-growth, higher-margin, hybrid and multi-cloud management, cybersecurity, application modernization, cloud native application development and data and analytics and insights, which we are now referring to as the digital platforms and applications piece of CA&I. The remaining part of this segment and the refinement of our digital platforms and applications and modern focus areas really are part of the sharpening of our go-to-market approach for this business.

As we increase awareness of our capabilities in CA&I, we expect constant currency revenue and profitability upside, both year-over-year and sequentially for the second half. As part of our improvements to our digital platforms and applications offering, during the second quarter, we released a new version of our cloud platform with enhanced automation features, including core visibility solutions, incident prevention, optimization and ticket and operations automation.

Also within digital platforms and applications, we enhanced our containerization capabilities, database migration to AWS and Azure, leveraging cloud-native tools, environment monitoring and assessment capabilities as well as our hybrid cloud security services. We are being recognized in the industry for our solutions. And during the quarter, we were named a leader in the U.S., in Brazil and in the U.S. public sector in ISG's 2022 Provider Lens for Private/Hybrid Cloud and Data Center Services and Solutions.

I'll now highlight three contracts within digital platforms and applications that we signed during the quarter. First, we signed a new logo contract with one of the largest public K-12 school systems in the United States to provide a cloud-ready application to increase the effectiveness and efficiency of processing, evaluating, submitting and tracking claims needed for reimbursement of services rendered to students.

We also signed a new logo contract with the New South Wales Department of Communities and Justice in Australia for their -- a new biometric security system based on Stealth identity. This system will Boost the speed of processing inmates, staff and visitors as they move within New South Wales correctional centers. This cybersecurity win is supportive of one of our key growth areas within digital platforms and applications.

Finally, we signed a new scope contract with a large financial institution in the secondary mortgage market to support its transition from on-prem legacy applications to the public cloud.

Turning to Enterprise Computing Solutions or ECS, this segment is ahead of expectations for the year as several clients renewed ClearPath Forward licenses earlier than anticipated. Outside of ClearPath Forward licenses, we see opportunities for growth in ECS related services in specific proprietary financial services and travel and transportation industry applications and a next-generation compute to advancing our capabilities related to quantum, edge and serverless computing systems, although these opportunities are in the early stages.

We released a new version of our ClearPath Forward data exchange solution during the quarter, which enhanced Azure capability, increased automation, improved processing speed and upgraded compliance capabilities.

Also in the quarter, we signed a new scope ECS services contract with a U.S. state unemployment insurance agency to migrate legacy applications to modern software and architecture and deploy workloads to the cloud to streamline the agency's ability to make changes to its unemployment insurance applications to interface with its ClearPath Forward environment.

As we turn to discuss specific metrics for the Company and each of our segments, Deb and I will also provide some metrics related to both the focus areas of modern workplace and of digital platforms and applications. And we expect to provide additional details on these focus areas in future calls. As we look across the Company, the transformation of our solution portfolio and go-to-market approach is driving improvement in leading revenue indicators.

Total company ACV grew 25% year-over-year. DWS ACV grew 15% year-over-year and C&I ACV grew 63% year-over-year. Given clients increasing preference for shorter duration contracts, we focus more on ACV than TCV, but second quarter TCV also grew 12% year-over-year. The weighted average expected gross margin associated with those contracts signed in the quarter was again higher than in the prior year period.

While ACV grew, it did not grow as much as anticipated as a number of contracts we were expecting to sign in the quarter have been delayed. Total company pipeline grew 30% year-over-year. DWS pipeline increased to 20% year-over-year. And within that, the Modern Workplace pipeline more than doubled year-over-year. C&I pipeline grew 45% year-over-year and within that, digital platforms and applications pipeline more than doubled year-over-year.

The pipeline for Modern Workplace and digital platforms and applications now amounts to approximately $1 billion of our total $6 billion pipeline. The investments we have made in our sales and marketing initiatives contributed to these results and our upcoming brand transformation will amplify awareness for the Company and our solutions. On the sales front, we have invested in direct sales, client management, consulting and in our partner network.

With respect to marketing initiatives, we have increased the size of our industry analysts and third-party advisor team, and we hosted an Industry Analyst and Advisor Event in June. 100% of the advisors who completed our post-event survey said they would include Unisys in client discussions. We have been making progress in marketing even before the brand launch. We initiated a digital advertising campaign at the end of 2021, targeting clients and prospects to drive awareness and engagement.

And these groups are demonstrating increased interest in learning about Unisys and our solutions. We are seeing more than double the industry benchmark levels for engagement, and web visitors are downloading nearly twice, as much content from our site as previously. With respect to brand, we are engaged in the most significant brand transformation since the formation of Unisys in 1986.

While keeping the Unisys name, we have created a new brand platform, both visual and verbal that will launch in the fourth quarter of this year. The campaign is designed to refresh everything from our brand differentiation to our employer value proposition. The campaign will amplify awareness and extend across all touch points, target audiences and content, including advertising, Unisys.com, thought leadership publications, marketing collateral, demand generation, public relations, social media, pitch decks, sales materials and recruiting material.

We're looking forward to the results of our rebranding, and we think those results will include driving sales, building our reputation, engaging our associates, recruiting new talent and enhancing our corporate culture. We have also taken a targeted approach to this initiative aiming to maximize impact efficiency.

Turning to workforce management, the cost of labor remains elevated across the industry. In the first half of the year, attrition, the competitive talent market and inflation drove the cost of labor higher in parts of our business. We're seeing signs of improved talent availability and expect attrition to level off in the second half of the year. Redeployment of internal talent to fill open roles has been enabled by our career development programs.

These programs, which include new leadership and technical development opportunities have resulted in our people earning 28 more certifications -- excuse me, earning 28% more certifications in the first half of 2022 than in the prior year period. We're also improving the efficiency of our internal deployment process through automation that accelerates the movement of internal talent into open roles.

We expect the combination of market forces, lower attrition and enhanced ability to deploy internal talent to stabilize the cost of labor in the second half of the year. We are also expanding our focus on campus hiring globally as we transition our labor pyramid to be weighted more heavily towards lower-cost early career talent. Our DEI efforts are continuing to gain traction. We were named in the top 20 of America's Best Employers for Women by Forbes and received a score of 100 on the 2022 Disability Equality Index.

Turning to ESG, we recently announced the goal of net zero greenhouse gas emissions for Scope 1 and 2 by 2030. This aligns with science-based targets initiative, business ambition for 1.5-degree centigrade and builds on the Company's participation in the carbon disclosure project and the UN Global Compact. At this time, we do not have much information to share, but we are aware of a accurate apparent cyberattack involving our software lab environment.

Our internal security team with the assistance of a leading cyber defense firm is actively taking steps related to this incident. We have also engaged with law enforcement authorities. At this time, there are no service disruptions either for our operations or for our clients. So in summary, demand drivers such as digital transformation, hybrid work models and migration to cloud remain robust, and our strategy is showing momentum in our focus areas.

Progress in signings has been slower than expected, though, and foreign exchange rates have also deteriorated since our last call. Because of this as well as increased labor costs, we are lowering our revenue and profitability guidance for the year. That said, we expect revenue and profitability both as reported as in constant currency to grow year-over-year and sequentially in the second half.

With that, I'll turn the call over to Deb to discuss our financial results.

Deb McCann

Thank you, Peter, and good morning, everyone. I am excited to be here today for my first earnings call since joining Unisys in May, and I look forward to getting to know our investors and analysts better in the coming quarters. In my discussion today, I will refer to both GAAP and non-GAAP results. As a reminder, reconciliations of these metrics are available in our earnings materials.

Additionally, I will provide the total company revenue on an as-reported basis as well as constant currency and will provide segment level revenue on a constant currency basis. As Peter highlighted, our strategy continues to gain momentum. We are encouraged by the year-over-year increases in ACV, TCV and pipeline in the quarter and the fact that we grew revenue year-over-year in constant currency and beat consensus on all key metrics.

That said, progress has been slower than expected, in part due to delays in contract signings, which has resulted in less opportunity for in-year revenue growth and margin expansion related to mix shifts as well as increased labor costs, which impacted profitability in parts of our business. Foreign exchange created an additional revenue headwind. None of these elements impact our long-term strategy.

And we expect our contract signed to-date this year and anticipated second half signings, including ECS licenses will drive year-over-year in sequential revenue and profitability improvements in the second half. We also anticipate that our sales and marketing initiatives will further contribute to a year-over-year improvement in second half signings, and we still expect year-over-year improvement to free cash flow for the full year '22.

With that as a backdrop, I'll provide more insight into our second quarter results. Total company revenue beat consensus growing 2.8% year-over-year in constant currency or flat as reported, and our focus areas of Modern Workplace and digital platforms and applications grew year-over-year. Several clients renewed ECS licenses earlier than anticipated, resulting in 11.3% year-over-year constant currency growth in that segment.

We are now anticipating better full year ECS results than originally indicated with full year '22 revenue expected to be down low single-digits year-over-year in constant currency. As a reminder, the majority of ECS revenue timing depends on the number and size of contracts up for renewal in a given quarter as opposed to renewal rates themselves, which remain over 95%. We believe there is future upside in this segment in ECS-related services, specific proprietary industry applications and with next-generation compute capability.

Moving to CA&I, our momentum continues. The revenue growth for the segment of 8.7% year-over-year in constant currency, driven by our higher growth, higher-margin digital platforms and applications, which increased to approximately 29% of CA&I revenue from approximately 20% in the prior year period. We see meaningful incremental opportunity within this segment, specifically related to digital platforms and applications in which our acquisition of CompuGain significantly enhanced our capabilities.

We are increasing awareness of our offerings in this market, and these efforts, along with the 63% year-over-year increase in second quarter CA&I ACV are expected to drive accelerated year-over-year growth going forward in this segment. Next, let's discuss DWS, which is positioned with the right solutions and go-to-market tools to be successful. Our experience focused differentiation in modern workplace is being recognized in the industry and has helped to drive a 15% year-over-year DWS ACV growth.

New business within DWS has been growing, although slower than expected as the, number of new contracts have been delayed, and we are also continuing to feel the impact of the roll-off of the traditional workplace contracts that we exited in 2021, which totaled $24 million in the second quarter. As a result, our DWS revenue was lighter than expected in the quarter, down 11.7% year-over-year in constant currency.

Excluding the impact of the exited contracts and currency, DWS revenue grew 5.7% year-over-year. We expect the exited contracts will impact Q3 by $20 million and Q4 by $11 million. We are encouraged that we continue signing new logo contracts for our Modern Workplace Solutions as it highlights our ability to move up the value chain. Modern Workplace Solutions revenue increased to approximately 14% of DWS revenue in Q2 from approximately 4% in the prior year period.

With respect to the Company overall, as we look to the second half of the year, we expect revenue in the third quarter to be up 50 to 150 basis points year-over-year in constant currency, though down 375 to 475 basis points year-over-year as reported, in part as a result of ECS renewal timing with more significant constant currency and reported revenue growth in the fourth quarter, leading second half revenue to be up year-over-year overall.

According these revenue expectations are the ACV and pipeline detail we provided as well as our backlog. Total company backlog as of June 30 declined from $2.9 billion at the end of the first quarter to $2.7 billion, primarily due to FX. Of the total company revenue expected in the third quarter, approximately 75% is already in backlog.

Despite the positive momentum and encouraging leading indicators supporting a strong second half, the delayed signings and FX deterioration since the last earnings call have led us to lower our revenue growth guidance for the year from our original range of 5% to 7% to 2.5% to 4.5% on a constant currency basis or negative 1% to positive 1% as reported, approximately 350 basis points of the change versus our original range was due to foreign exchange and approximately 250 basis points was due to contract signing delays.

In the past, foreign exchange did not have a large impact on our revenue growth, while at current rates it now has approximately a 350 basis point impact year-over-year, which is why, going forward, we will be providing revenue growth guidance in both constant currency and as reported.

Moving to profitability, total company gross profit was $148 million, up 4.1% year-over-year, and gross margin was 28.8%, up 130 basis points. EPS profit was up 16.1% year-over-year, which led gross margins from the segment to be up 460 basis points year-over-year. As a reminder, ECS costs are relatively fixed, both year-to-year and throughout the year, given that the key components of costs are the labor to support the platform and the amortization of software development costs. So the timing of license renewals can also have a significant impact on profitability.

DWS gross margin decreased 240 basis points year-over-year to 13%, largely driven by higher cost of labor due to the competitive talent market and inflation. We expect productivity improvements and more efficient staffing models, stabilizing cost of labor as well as mix shift to drive year-over-year improvement in DWS gross margin in the second half of '22 and future years.

Within CA&I, gross profit margin was 5.5% versus 11.1% in the prior year period, impacted by higher labor costs. We are increasing standardization and adding automation across our C&I solutions, which is expected to Boost efficiency, scalability and profitability in the second half of 2022 and future years. Total company non-GAAP operating profit margin was 9%, down 70 basis points year-over-year relative to our stated expectation of being down 450 to 550 basis points.

Adjusted EBITDA margin was 17.6%, down 60 basis points year-over-year relative to our stated expectations of being down 450 to 550 basis points. The year-over-year comparisons were impacted by the higher cost of labor in the parts of the business that I noted and increased investments in sales and marketing that contributed to the ACV, TCV and pipeline growth Peter mentioned, but those impacts partially offset by the level of ECS signings in the quarter.

In addition to the productivity improvements, stabilizing cost of labor, mix shift and increased automation, I mentioned, the timing of ECS licenses is expected to contribute to profitability, improving both year-over-year and sequentially in the second half. However, due to the split of those ECS licenses between the third and the quarter, we expect total company non-GAAP operating profit and adjusted EBITDA margin to be down approximately 375 to 475 basis points year-over-year in the third quarter.

We then expect these two metrics to be up meaningfully year-over-year in the fourth quarter. As we continue to refine our cost structure and real estate footprint, we expect $5 million to $10 million of associated charges in the third quarter. Based on these expectations and primarily driven by inflationary impacts, such as increased cost of labor and the delay in signing that has impacted the shift to higher margin solutions.

We are lowering our full year non-GAAP operating profit margin guidance in the original range of 9.5% to 10.5% to 7.5% to 9% and adjusted EBITDA margin guidance from our original range of 18% to 19% to 16% to 17.5%. Approximately 100 basis points of this was related to the increased cost of labor with the balance related to delayed signings. Going forward, we expect to continue providing a similarly sized guidance range given increased volatility in macroeconomic environments include foreign exchange.

Our net loss of $17.1 million or $0.25 per diluted share improved versus a net loss of $140.8 million or $2.10 per diluted share in the prior year period, largely due to the Company taking a settlement charge in the prior year period related to pension liability reduction initiatives, partially offset by a tax-related benefit. Non-GAAP net income was $16.2 million or $0.24 per diluted share versus $46 million or $0.68 per diluted share in the prior year period, largely driven by an increase in taxes year-over-year due to the jurisdictions in which income was earned.

Moving to cash flow-related items, CapEx in the quarter was $25 million versus $23 million in the prior period. Free cash flow was impacted by the timing of collections related to ECS licenses in both periods. As a result, free cash flow was negative $59 million, which was down $78 million year-over-year. We continue to see free cash flow expansion as important and expect year-over-year improvement in the metrics for the full year 2022.

Although we do not supply free cash flow guidance, we can supply you a sense of where we expect to end 2022, which is a range of $35 million to $75 million, up relative to $32 million in 2021. Our current expectation is for CapEx to be $90 million to $115 million for the full year. We had a healthy cash balance of $380 million as of the end of the quarter, which is above our working capital needs.

Overall, we are excited about the momentum we are seeing in the business reflected in the improvement in go-to-market metrics we have noted. While some of the signings, revenue and profitability progress we anticipate in making by this point in the year has been delayed, we feel good about the underlying demand drivers in our areas of focus, believe we have the right solution to effectively address them and see the market recognizing it. We look forward to the completion of our sales and marketing initiatives planned for the second half of the year and the additional momentum that we expect these to drive.

With that, I'll turn the call back over to Peter. Peter?

Peter Altabef

Thank you, Deb. With that, I would note that for the Q&A session, in addition to Deb, we are joined today by Mike Thomson in his new role as Chief Operating Officer. We'll be happy to respond to any questions you may have.

Operator, would you please open the call for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from Rod Bourgeois with DeepDive Equity Research.

Rod Bourgeois

So I'd like to ask about pension. I'm wondering if you can just supply an update on your pension in light of the latest market conditions. Any kind of interim pension estimates would be helpful as we've definitely received a round of pension questions of late?

Deb McCann

For calculations of both the GAAP accounting deficit as well as the cash contributions for our U.S. qualified -- defined benefit pension plan, we only perform this valuation analysis at the end of each year based on year-end data. International contributions are determined by tri-annual negotiations and are typically based more upon affordability than macroeconomic factors.

Given the current market trends, we believe our accounting deficit with U.S. and international combined should Boost from year-end '21 because calculations mark -- liabilities using higher discount rate due to rising interest rates, which we expect will more than offset the deterioration in asset value.

However, as you probably know with, regarding U.S. cash contributions, a material deterioration in the value of our U.S. qualified defined benefit pension plan assets as well as any changes in pension legislation, discount rates or economic or demographic trends could require us to make cash contributions to these plans in the future.

On our Q4 call early next year, once our valuation analysis is complete, we will update our expectations. But based on deterioration in both the equities and the fixed income markets this year, we may be required to make additional cash contributions to our U.S. qualified -- benefit pension plans in the future.

Rod Bourgeois

I want to dig into the causes of the signings delays. And I guess I wonder, is it possible that some of the signings delays are due to Unisys working carefully on contractual terms and pricing and to what extent our macro changes contributing to the signings delays. Some more color on that would be really helpful?

Peter Altabef

It's actually pretty hard to dissect inside specific contract negotiations because they're all relatively unique. We do a fair amount of our revenue is what we consider long-term. So 82% of our revenue are long-term contracts, only about 18% are project works. So on the macroeconomic side, when you have people who are not sure, are we in a recession, we're not in a recession, outside the U.S. still represents about 55% of our revenue.

And particularly in Europe, there are more questions there. So I would say that some of the delays, as I'm going through in my head, the contracts that have been delayed. So I think certainly, macroeconomics plays a pretty big role there. I think that in terms of the pricing for those contracts, I'd actually turn it over to Mike, who has been more involved in exactly how we're pricing is.

Mike Thomson

I would really echo the comment that it's probably a lot more to do with the macroeconomic environment. We've done quite a bit of work in the analysis of our contract signings. As you know, we really spent a lot of time ensuring that we've got the right call, opposes and those types of things in our contracts. But I wouldn't -- our contracting process is not really elongating or delaying those signs.

In fact we're trying to expedite those contracts signed by really breaking those contracts into various buckets, right? So you've got these large extended contracts, which clearly take a lot more time and effort to get through. But we also have plenty of these fast-track contracts that might be things like professional services, augmentation and things like that. So I would definitely concur with Peter in that it's a lot more to do with the uncertainty in the environment and probably thoughts around duration of contract than it is our processes.

Peter Altabef

The one item I would add to that, Rod, which isn't necessarily on your list. But as we think about those deals that we have, when we think -- when we go back to that sort of pipeline, our pipeline has grown significantly in both DWS and in CA&I, but most significantly in the focus areas right? So the pipeline has doubled in the focus areas of modern workplace and digital platforms and software.

And so not to say that that's new, but as Deb talked about, that's a fast -- those are fast-growing focus areas for us. And so we're quickly making a name for ourselves in those areas. But I think it does take a little bit, especially when you're really moving into those higher growth areas to get all of that traction in a timely man. So I would say we're really happy with the ACV growth in those areas. We're very happy with the pipeline growth. I think some of that is going to go a little more slowly than some of the traditional solutions.

Operator

Our next question comes from Jon Tanwanteng with CJS Securities.

Lee Jagoda

It's actually Lee Jagoda for Jon. So just starting -- appreciating that a lot of the contract signings delays are related to the macro. As you transition to higher growth, higher-margin type work, are you able to kind of supply us some representative examples of some of the new stuff that you're signing, the target margins on that stuff versus the target margins you may have had one, two or three years ago?

And then whether the current labor situation and inflation situation is able to be built into those new contracts to get you to those target margins? And then the last piece of my 19 part question here is, are you gaining, losing or maintaining share as a result of the new way that you're going after work?

Peter Altabef

Well, so I'll start, and then I'll hand it over to Mike for a little more detail on some of the sub questions. With respect to target margins, as I mentioned in my remarks, the target margins for the deals we're signing in the first quarter and in the second quarter are higher than the target margins of the period before.

And part of the reason they're higher is because we are selling a higher mix of higher margin work and both in DWS, modern workplace and in cloud applications and infrastructure that digital platforms and software group are both higher margin. So as we sell more of those focused area items, we are going to get higher margins, and we expect to get those higher margins going forward.

And I'll let Mike talk specifically about the pricing because we are dealing with inflation in several different ways, and it largely depends on what our client preferences are, but we are covering ourselves from inflationary pressure. Some of those are through call, opposes, and some of those are through expected adjustments in pricing over time. But I'll let Mike to deal with that.

Mike Thomson

Yes, look, I think Peter gave you the good highlights here. And one of the things I would note is when you look at our weighted average expected gross margin associated with contracts we signed in the quarter they're higher than the prior year period, right? So that tells us that we are getting the proper margin profile on a higher labor cost base, meaning clients are obviously paying the higher pricing that we're passing through in regards to the labor cost.

Now we do have an increased labor cost year-over-year. We're looking at it being approximately $20 million of increased labor costs to support those, new contract work. But I think the important factor here, and we noted it a couple of times, is when you look at the pipeline growth and the ACV growth, -- it's more than doubled in both of our target focused areas. And so, I don't think you've seen actually the mix shift yet for those new signings at the higher margin because some of it is still in the pipeline.

And some of it is new ACV and the labor costs have already hit us. So there is a bit of a timing mix between when the labor cost hits to when we see that pricing come through, and that's a little bit of the pressure that you're seeing now. The other thing I'd mention around pricing is we do a lot of public sector work, roughly 34% of the work that we do is in public sector. That is a little bit insulated from some of the macro-economic conditions because it's driven a little bit more by the budgets and they don't necessarily change in the short-term.

So we have a little bit of prevention there. Peter mentioned that roughly 80% or more are of our revenue is returning and a lot is in backlog, I think that [Audio Gap] 75% in the next quarter, revenues already in backlog. So we would expect over time to see that margin profile continue to Boost based on the multiples that we're seeing in the new business improvement.

Peter Altabef

Yes, so Lee, let me just tie though your question and Rod's question together and then make sure that Mike and I are being clear because I think I want to be clear because otherwise, we can lose some stuff in the scenes of all the answers. So when I go back to the first quarter and when Mike and I were having the discussion on the first quarter, I think everybody was expecting and seeing early indications of inflationary environment.

Everybody was seeing indications of labor shortage, particularly in the IT field, right? So I think our clients were also seeing that, and our clients were, I would say, relatively receptive to the idea that we were putting in call, opposes, we were increasing prices because of inflation, et cetera. What's happened since, and this may be where you and Rod are coming from, so I want to recognize it because it is happening.

What's happening since is two things. First, I think we all believe that, that labor market is loosened. So it's still inflationary pressure, not as much as it was back in April, right? A lot is happened between April and August. So the inflationary pressure has decreased a bit as people are going back into workforce [Audio Gap] I think people are a little more willing to work [Audio Gap] in addition, we have a potentially recessionary environment, which clients are a little less eager to help out their providers because they worry for themselves. So to answer your question and Rod's question and sure that [Audio Gap] covered part of the answer.

Do we think that all of that mix of inflation changes, labor changes, recession changes, currency changes, we think that is affecting the timing of contracts, yes. That's what we said. It's part of that because there's a bit of a delay in getting clients to agree to the pricing. I think the answer to that is yes. But again, it's very hard to attribute motives to a client on a specific deal or any deal.

But when you think about all of those things at once, it is actually quite likely that our efforts to maintain, pricing is causing some of the delay. We do not believe that, that's making us not competitive. So we're not seeing that in a decrease of win rates, but we are seeing that in a longer period of contract site Lee, I don't know if that helps. And Rod, I may have misunderstood your question, so I don't know if that helps you as well.

Operator

The next question comes from Joseph Vafi with Canaccord.

Joseph Vafi

Congrats on the new role, Deb and Mike, maybe we'll just start first. I know you added the A to CA&I. Could you just kind of go into a little more detail on kind of how big applications is now kind of some of the -- I mean, perhaps the growth rates there. I know your cloud business is one of your faster-growing pieces overall and how it may stack up there? And then I have a quick follow-up?

Peter Altabef

I want to start with saying that you're exactly right. It is a name change only. So the segment that was formally cloud and infrastructure is now hold cloud applications and infrastructure. It's exactly the same stuff. We added the word applications because although we have always had applications revenue in there with the acquisition of CompuGain in December and with the changes in the marketplace.

Frankly, we think that long-term, for IT solutions providers like ourselves, the infrastructure piece of the cloud will be large and will grow, but the applications side of the cloud will be larger and growing faster. So we really worked last year to make sure that we felt we had the right or enough scale on the application side, and that led with the acquisition of CompuGain. So what we have done is to say, okay, so within the larger segment of what we're now calling cloud applications and infrastructure -- what is the focus area there.

And what we're doing there is we're not actually signaling out just applications, right? We've now created a focus area of called digital platforms and applications. So digital platforms and applications is broader than just applications because it is what we really consider kind of the pure cloud infrastructure piece of that as well as well as -- and I went through the definition of my remarks, some very, very higher growth elements of that of the overall space.

So if we look -- so the answer to the question is we're not breaking out applications alone, but we are breaking out the revenue for you of DPA as a focus area of CA&I and going forward, I mean, we gave you some information on these focus areas. But as I said in my remarks, we're going to supply more and more specifics because we really want all of you on the call to understand, we intend to beat market growth rates, but the market growth rates between modern workplace and traditional workplace are very different.

In the modern -- and the growth rates in the market between DP&A and classic infrastructure are very different. So one of the insights that Deb brought to the Company was we really have to break this out for you guys. So because if you just aggregate all of DWS and all of CA&I, we're kind of missing the story, which is to show that we believe we're going to grow faster on both elements within those segments, but those elements are very different. So Deb, if we look at just DPA as a portion of CA&I and how that has grown, I think you gave a percent of what it is this quarter compared to a year ago, right?

Deb McCann

Right, yes, that's true. This year, right now, it's about, for this quarter 29%. The revenue of the CA&I business and this time last year, it was 20%. So it's definitely growing, and we'll continue, as Peter mentioned in his script, as time goes on, we'll supply even more metrics on that.

Peter Altabef

Right and the market growth of that area versus traditional infrastructure is so different. We just need to break it out for you.

Joseph Vafi

Sure, sure that's great. And then just CapEx for the year I know you're continuing to work to bring some of the capital intensity down just kind of just wanted to get some further thoughts on that topic?

Deb McCann

Right so yes, as I had mentioned CapEx, we plan on being about $90 million to $115 million for the year, which does put us more in that 5% of revenue area, which I think is more typical for our industry related to our peers. So I think in the past, it was higher, closer to 7% to 8%. So I think we're moving more in the range of where we should be and will most likely be going forward.

Operator

Our next question comes from Matthew Galinko with Maxim Group.

Matthew Galinko

The new deals that you are getting through, is there anything distinguishing about the customers, the customer need or the mix of services that are getting them through versus the stuff in the pipeline that's being delayed? It sounds like by -- from your view, macro issues?

Mike Thomson

Matt, it's Mike. I'll take that one good to hear from you. I wouldn't say that there is a distinction in the demographic data of the customers, right? I guess the first thing I would say is that for the deals that are getting through and being signed, they are elongated and the ones that we've signed actually started a little earlier in the process. But the interesting thing, specifically when we talk about the elements in DWS or modern workplace, and I think Peter alluded to this in his prepared remarks, they're for the full stack, right?

We've signed several deals where they've taken both sides of the coin, right? So you've got the traditional workplace as well as the modern workplace. And I think the demographic of the deals where we've had success, we're the ones where we can continue to illustrate the experience aspect of it, and they've actually been much richer and deeper contracts and more inclusive of everything that we have to offer.

And I would say the ones that have been signed also across our segments, right? So we have a CA&I component and a DWS component. So I think strategically, that's what we wanted. And when we look at deals like that, we seem to have a quicker turnaround or more success rate on those particular deals. And our real focus is getting invited to more right? It's not a matter of whether we can facilitate it.

It's how many more we can get invited to because our win rate has been pretty consistent in those areas, and we feel really good about the solutions, the offerings and the quantity and quality of what's being asked for and what we're providing. So I think it's a little bit more, Matt, tied into that full deal versus these one-off components that are driving the success rate in the modern workplace.

Matthew Galinko

Yes, that was a great answer and hit on everything. So I appreciate that. I guess my follow-up is on the ECS pulling renewals a little earlier. Is that more from the second half of the year or is that pulling forward from beyond 2022?

Peter Altabef

Yes, Matt, so let's just get into the details on that. The answer is a little both. We don't control this. And depending on the needs of the clients, it's pretty obvious we can be fooled. And in this particular quarter, we had some renewals and extensions that we were anticipating signing this year. We even had some that we were not anticipating signing this year at all and signing in the future that we're -- that the client wanted to sign.

So we are -- we hope we're very client responsive in all of our business. When it comes to ECS, given the size of those contracts and the importance we're especially client responsive. And that's what happened this quarter. Deb?

Deb McCann

Yes, no I think that's right, Peter. Not too much more to add, but just as I mentioned in my remarks, just to reiterate, our expectation is for the full year that, that ECS will be down low single-digits year-over-year in constant currencies is our expectation. Now I think before we gave you a bigger decline, but because of the factors Peter mentioned, that's where we stand right now.

Peter Altabef

The other thing I would point out is, again as we are, I think, becoming a bit more sophisticated in the way we're looking at each of these segments. As I mentioned in ECS, it's not just about renewals of ClearPath Forward anymore. We've identified three future, if you will, revenue streams tied to specific offerings. We've talked in the past on these calls about what we call ECS services -- and those are the services that are associated with whether it's ClearPath Forward or other ECS proprietary applications, there's a big market for that.

And we expect to take advantage of that and to serve customers in a more powerful way on the services side. Think of the applications that our clients have that sit on top of ClearPath Forward as an example. We're only doing a fraction of the modernization and maintenance of those applications. We think we can do more for our clients. And then we've talked in today about two more offerings and revenue streams.

One is what we call those industry-specific applications. Now we've had those for a while, things like cargo, things like air traffic, things like financial services applications. And we're really looking at invigorating some of those and the revenue and market share that is attached to those. And then the third element of that is really around next-generation compute. There are a few organizations that are as capable as or well positioned as ours to really help our clients on the journey to quantum, both offensive and defensive to serverless technologies, et cetera.

And so again, as we get further down the road here and start kind of isolating these growth areas as Deb is kind of restructuring this for us. You'll hear us talk about ECS in a lot broader way than just talking about Debra for renewals, and that's going to be an important part of our future.

Operator

Our next question comes from Anja Soderstrom with Sidoti.

Anja Soderstrom

Most of them have been addressed already. But I'm just curious you mentioned the talent availability has improved. Where do you see that coming from?

Peter Altabef

Well, so I would say it's really coming from almost all geographies. Some of it is, I think, macroeconomics and some of it is because of stuff we're doing. So on the macroeconomic stuff, I do think there's a realization in the marketplace that there are not -- the gap between the number of tech jobs that are available and the number of people who are qualified is actually shrinking.

And that's because, as we all see in the paper, there are some organizations that are decreasing the hiring of people. So that's a macroeconomic event that is making life a little easier on us. It's not easy, but it's easier. As we think about our own attrition, our attrition continued to tick up this quarter on a sequential basis, but it picked up only a little bit, 60 basis points, and that is the smallest pickup we have had on a sequential basis since the first quarter of 2021.

So we really are seeing kind of a leveling off of that. And then the flip side of that, it's not all about macroeconomics. Some of it is what we're doing. So we issued a press release earlier in the quarter about a program that we've had for 14 years called the Unisys innovation program in India that used to be called Unisys 2020. It's a remarkable program where we go out to students throughout India and get them involved in innovative processes and projects and then we have winners, and we supply job offers.

But it's not really so much about the job offers as it is about -- it's a very prestigious competition. Well this year, we had an almost 13% increase in the number of people submitting entries into that program. And so that's something we've had for a while, but I would say we're kind of putting that on steroids. And similarly, when we talk about our campus programs and our other outreach programs, I just think we're doing more internally as an organization to really be up our game in terms of recruiting as well as retention.

33% of our job openings were filled by internal candidates this quarter. That's the highest number I can remember. And it goes to the efforts I mentioned that we're really working hard at retraining people and positioning them for next-generation jobs as we get more clients doing that kind of work, we much rather retrain our people than hire from the outside. So it's a combination of macroeconomics, and I think what we're doing internally. I hope that helps. Mike, any other thoughts on that?

Mike Thomson

The only other element I would add is just the branding and the clear focus on attraction of talent and how we're positioning ourselves in the marketplace. But I think you covered every other element of it.

Peter Altabef

And on the branding piece, a good of that is to come. We talked about that as really kind of all the work is done, frankly. We know exactly what the branding campaign is going to look like. We held the statements we know whatever thing is going to visually be. We're now really setting up the, if you will, the Domino's to start that in the fourth quarter. But I would, following on what Mike said, just refer back to my remarks.

As much as I talked in my remarks about how we believe that campaign will really kind of show our clients and particularly our prospective clients. What we do, we will also show prospective employees what we do. We don't see that branding campaign and only at prospective plans. It's kind of equally weighted to perspective. We call our employees associates, but that's a very important part of what we're doing, as Mike pointed out.

Operator

This concludes the question-and-answer session. I would like to turn the conference back over to Peter Altabef for any closing remarks.

Peter Altabef

Thank you so much, operator. I really appreciate all the questions today. I want to thank Deb for joining us as Chief Financial Officer. I also want to thank Mike for using that opportunity to really excel as Chief Operating Officer. We have a pretty awesome leadership team. We will be available to our investors and shareholders on an ongoing basis as we always are.

And I would like you to think a little bit more about those focus areas, what it means for us, how we're trying to show you the power of those focus areas. And as Deb and I both mentioned, we're going to supply you more and more information about those in the future.

With that, I want to thank everyone again for joining our call.

Operator

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Sat, 06 Aug 2022 09:18:00 -0500 en text/html https://seekingalpha.com/article/4530890-unisys-corporation-uis-ceo-peter-altabef-on-q2-2022-results-earnings-call-transcript
Killexams : Security and Law

Security and law against the backdrop of technological development. Few people doubt the importance of the security of a state, its society and its organizations, institutions and individuals, as an unconditional basis for personal and societal flourishing. Equally, few people would deny being concerned by the often occurring conflicts between security and other values and fundamental freedoms and rights, such as individual autonomy or privacy for example. While the search for a balance between these public values is far from new, ICT and data-driven technologies have undoubtedly given it a new impulse. These technologies have a complicated and multifarious relationship with security. This book combines theoretical discussions of the concepts at stake and case studies following the relevant developments of ICT and data-driven technologies. Part I sets the scene by considering definitions of security. Part II questions whether and, if so, to what extent the law has been able to regulate the use of ICT and data-driven technologies as a means to maintain, protect or raise security, in search of a balance between security and other public values, such as privacy and equality. Part III investigates the regulatory means that can be leveraged by the law-maker in attempts to secure products, organizations or entities in a technological and multiactor environment. Lastly, Part IV, discusses typical international and national aspects of ICT, security and the law.

Sun, 11 Apr 2021 04:20:00 -0500 en text/html https://www.cambridge.org/core/books/security-and-law/CA0979A1D9C70C48222BBA997812D41F
Killexams : American Resources Corporation's reElement Technologies LLC to Present at the Virtual Investor Spotlight Event

Live Video Webcast Presentation on Wednesday, August 3 rd at 11:00 AM ET

FISHERS, IN / ACCESSWIRE / August 1, 2022 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible provider of carbon, rare earth and critical elements and advanced carbon products to the infrastructure and electrification marketplace, today announced that, post successfully commencing operations at ReElement Technologies' ("ReElement") first commercial-scale rare earth and battery element purification and refining facility whereby achieving greater than 99.5% pure REEs, it will present at the Virtual Investor Spotlight on Wednesday, August 3, 2022 at 11:00 AM ET.

As part of the virtual event, the Company will discuss how reElement is leading the way in the production of critical and rare earth elements for the electrified economy using the most cost effective and environmentally and socially sustainable methods ever developed. The Company will address how it intends to utilize its patented technology and operational team to scale its production to meet the domestic demand for rare earth and battery elements while also furthering its expansion with overseas partners. In addition to the moderated portion of the event, all investors and interested parties will have the opportunity to submit questions live during the event. The Company will answer as many questions as possible during the event.

A live video webcast of the presentation will be available on the Events section of the Investors page of the Company's website (www.americanresourcescorp.com) . A webcast replay will be available two hours following the live presentation and will be accessible for 90 days.

About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible provider of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.

American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook , Twitter , and LinkedIn .

About reElement Technologies LLC
ReElement Technologies LLC is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally-safe, circular supply chain. American Rare Earth has developed its innovative and scalable "Capture-Process-Purify" process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain's growing demand for magnet and battery metals. For more information visit reelementtech.com or connect with the Company on Facebook , Twitter , and LinkedIn .

Special Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.

PR Contact
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co

Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com

RedChip Companies Inc.
Todd McKnight
1-800-RED-CHIP (733-2447)
Info@redchip.com

Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com

SOURCE: American Resources Corporation

View source version on accesswire.com:
https://www.accesswire.com/710466/American-Resources-Corporations-reElement-Technologies-LLC-to-Present-at-the-Virtual-Investor-Spotlight-Event

Mon, 01 Aug 2022 09:02:00 -0500 en-CA text/html https://ca.news.yahoo.com/american-resources-corporations-reelement-technologies-205500452.html
Killexams : Charest, Baber and Aitchison keep it courteous in final Conservative leadership debate No result found, try new keyword!Three of the five candidates vying to become the next leader of the Conservative Party of Canada took part in the race's final debate Wednesday evening in Ottawa in what proved to be a courteous, ... Wed, 03 Aug 2022 13:37:00 -0500 en-ca text/html https://www.msn.com/en-ca/news/canada/charest-baber-and-aitchison-keep-it-courteous-in-final-conservative-leadership-debate/ar-AA10h20R Killexams : WFH & Mobility Infrastructure Policy Bundle 2022: Policies and Procedures on How to Deal with Increasing Mobility

Company Logo

Dublin, July 28, 2022 (GLOBE NEWSWIRE) -- The "WFH & Mobility Infrastructure Policy Bundle" report has been added to ResearchAndMarkets.com's offering.

Based on data from the most accurate IT Salary Survey, 97% of the 500 plus companies that we interviewed have WFH or flexible hours as a fringe benefit for IT professionals. That is up from 80% in 2021 and 42% in 2020

Policies and procedures on how to deal with increasing mobility are the nemesis of CIOs around the world - CCPA and GDPR implications addressed

Telecommuting and WFH Best Practices - Work From Home (WFH) is now standard for many IT Pros

WFH and Mobility Infrastructure Policy Bundle contains the following policies and associated electronic forms in MS Word and PDF formats: BYOD Policy; Mobile Device Access and Use Policy; Privacy Compliance Policy; Record Management, Retention, and Destruction Policy; Social Networking Policy; WFH and Telecommuting Policy; Travel and Off-Site Meeting Policy; Wearable Device Policy; 15 complete job descriptions and 30 electronic forms.

WFH & Mobility Policy Bundle to Administer Telecommuters - The increasing use and dependency on IT is drastically changing the way companies Boost employee productivity and keep in closer contact with its customers. Today most businesses provide laptops to employees. The challenge comes with Smart Phones and tablets while bringing additional benefits. Employees who are accustomed to using these tools in their personal life are requesting (or demanding) to use the same tools at the workplace.

In addition to the influx of mobile devices, companies are dealing with increasing numbers of employees who are working from non-traditional office locations. Whether employees are traveling, working from customer sites, or working from home, there is a growing need to access corporate data while outside the walls of an office and the firewalls of an IT department. Some questions are raised.

Where should the focus be for mobility computing implementation? Supporting employees involves device management, the connection of those devices, and applications that support collaboration. While connecting with customers involves less focus on devices and more focus on applications and a support structure that addresses customer needs.

  • Policies defined the rules of the road for mobile computing yet only one in five organizations have them defined and implemented. This lows rate of definition is driven by smaller to mid-sized firms as almost half of all large firms have mobility policies defined. The mobility policy template addresses all of the areas related to mobility: mobile devices (including procedures for lost devices), mobile applications including consideration for approved applications for business use), and data in mobile environments (including policy for using public WiFi networks).

  • CIOs are looking into a wide range of devices. Most published data shows that the most capital expenditures are related to mobile devices - tablets (rising), laptops (declining), and Smart Phones (rising). A "post-laptop" era many not necessarily mean that laptops will disappear from the workplace. Rather Smart Phones and tablets can perform certain functions more efficiently than a laptop. Asides from communication, Smart Phones are mostly used for very light work, such as checking email or quick web browsing. Tablet users find a broader variety of applications, including note-taking and presentations. One implication is that CIOs will need to manage a suite of three devices for those workers who require flexibility in their computing options. Many CIOs are exploring mobile device management (MDM) tools, while others are adopting Bring Your Own Device (BYOD) policies by giving workers device stipends and transferring the liability and support away from the IT department.

  • IT Help desks need to focus more of their resources handling mobile computing. Even though remote access is only available to one third of mobile workers and instant messaging is only available to one quarter, CIOs need to consider new technologies when providing support to workers who do not have ready access to in-person support options. Policies and performance metrics are a must.

  • By definition, mobile devices are extending beyond corporate physical security controls and data on devices or transmitted over public WiFi networks is at risk. Security is a key concern for CIOs as they begin to implement mobile device solutions. Over two thirds of all CIO, according to Janco Associates, Inc. , feel that security of mobile devices is the largest risk to deal with when building a mobility strategy.

  • Lost or stolen device are the most common type of mobile security incident today. How many times have we heard in the media that an employee of a hardware vendor loses a device in a bar or cab before it is released? Add to this, unauthorized applications or malware targeted at mobile devices that do put corporate systems at risk.

Best Practices for WFH and Telecommuting

WFH and telecommuting employees are now common practices. In addition to having policies in place for these workers, enterprises need to ensure that what is being done is what should be worked on. Customer service is key, and at the same time management of human and technical resources should be a management focus.

With our prior experience and our subsequent activities during the pandemic-related shutdowns, we have defined Best Practices for Telecommuting and WFH. These have all been included in our WFH & Mobility Infrastructure Policy Bundle.

8 Policies included in the full bundle are:

  • BYOD Policy

  • Mobile Device Policy

  • Privacy Compliance Policy

  • Record Management Retention and Destruction Policy

  • Social Networking Policy

  • Travel and Off-site Meeting Policy

  • WFH & Telecommuting Policy

  • Wearable Device Policy

30 Electronic Forms including:

  • BYOD Access and Use Agreement Form

  • Company Asset Employee Control Log

  • Enterprise Owned Equipment Form

  • Mobile Device Access and Use Agreement Form

  • Mobile Device Security and Compliance Checklist

  • Privacy Policy Compliance Agreement

  • Safety Checklist - Working at Alternative Location

  • Social Networking Policy Compliance Agreement Form

  • Telecommuting Work Agreement

16 Full Job Descriptions:

  • Chief Experience Officer

  • Chief Mobility Officer

  • Chief Security Officer

  • Data Protection Officer

  • Manager BYOD Support

  • Manager Compliance

  • Manager Record Administrator

  • Manager Security and Workstations

  • Manager Social Networking

  • Manager Telecommuting

  • Manager WFH Support

  • BYOD Support Supervisor

  • BYOD Support Specialist

  • Record Management Coordinator

  • Security Architect

  • Social Media Specialist


The 10 Best Practices are:

  • Have a plan for what each remote worker should be doing with a time schedule for deliverables.

  • Have every employee report to their manager daily, with a brief email that lists his or her achievements, upcoming goals, and any obstacles that may be in the way.

  • Have managers focus on removing obstacles and keeping the remote workforce productive.

  • Have managers create KPI metrics that capture results and communicate status up and down the organization.

  • Make sure every manager has at least a weekly, if not daily, video conference with their team.

  • Build team morale and keep people focused on business goals.

  • Monitor security and compliance for all access and use of sensitive enterprise information.

  • Have the IT help desk focus on the remote workforce. Provide tips to the employees on how to manage clogged Internet connections. For example, ask others on the same Internet connection to pause the movie they're streaming while video conferencing with others.

  • Management team members should engage the teams in discussions about how they will emerge stronger with a remote workforce. What can the team do to Boost customer satisfaction, the supply chain, order processing, etc.?

  • C-Level executives should work with their leadership teams and Board of Directors to start shaping a new strategy. There is time to adjust or redefine, enterprise strategy.

For more information about this report visit https://www.researchandmarkets.com/r/5rg8ow

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Wed, 27 Jul 2022 21:18:00 -0500 en-CA text/html https://ca.sports.yahoo.com/news/wfh-mobility-infrastructure-policy-bundle-091800558.html
Killexams : Dream Office Real Estate Investment Trust (DRETF) CEO Michael Cooper on Q2 2022 Results - Earnings Call Transcript

Dream Office Real Estate Investment Trust (OTC:DRETF) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET

Company Participants

Michael Cooper - Chairman and CEO

Gordon Wadley - COO

Jay Jiang - CFO

Conference Call Participants

Sairam Srinivas - Cormark Securities

Mark Rothschild - Canaccord Genuity

Matt Kornack - National Bank Financial

Scott Fromson - CIBC

Mario Saric - Scotiabank

Pammi Bir - RBC Capital Markets

Jenny Ma - BMO Capital Markets

Scott Fromson - CIBC

Operator

Good morning, ladies and gentlemen. Welcome to the Dream Office REIT Q2 2022 Conference Call for Friday, August 5, 2022. During this call, management of Dream Office REIT may make statements containing forward-looking information within the meaning of applicable securities legislation.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Office REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information.

Additional information about these assumptions and risks and uncertainties is contained in Dream Office REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Office REIT's website at www.dreamofficereit.ca. Later in the presentation, we will have a question-and-answer session. [Operator Instructions]

Your host for today will be Mr. Michael Cooper, Chair and CEO of Dream Office REIT. Sir, you may begin.

Michael Cooper

Thank you very much, operator and good morning to everybody. Welcome to Dream Office's second quarter conference call. Today, I'm here with Gord Wadley, the Chief Operating Officer; and Jay Jiang, the Chief Financial Officer and they will speak to the results. I just want to start with a couple of opening comments on what's happening at Dream Office.

Firstly, we're very pleased with the assets that we own. We did a lot of work to reduce the portfolio to these assets. We spent a lot of time improving the assets, decarbonizing the assets and I think we've got sensational assets that are irreplaceable. The office sector is a complicated sector in a complicated time. So what we're finding now is like, as an example, we'd like to redo our space and make it a little bit more modern.

However, we're really not sure, how we should change our office space, because we're not convinced that how it's going to be used. Now I've met with few other CEOs, who are at exactly the same position. All of whom want to have at the same amount of space as they have now. But we're still uncertain, so we've been seeing a lot more people coming downtown. We're really pleased that the demand for restaurants downtown is huge.

There's a lot more traffic and we think this fall, we'll see a lot more people. So I think things are coming around and we expect that, as we head into the fall, we'll see a lot more people in the office and we expect to see some more leasing. We're pleased that in the first six months of the year, we've had consistent occupancy and Gord will get into a little bit about some of the delays, but we've got some wonderful restaurants that have made commitments to our buildings.

And we think that not only will they be great tenants that'll also attract other great tenants. So as we look forward, we're still little bit uncertain what normal occupancy is, we believe it significantly higher than where we are now. We're not - just not certain as to how long it may take to hit the new normal.

But we think there's a lot of embedded value in our business and I think that our valuations of the assets have been pretty conservative over the last 2.5 years. And even notwithstanding that between cash that we're with retaining and the industrial REITs performance. We've seen net asset value grow consistently.

Gord, you want to get into the operations?

Gordon Wadley

I will, thanks, Michael. It's very nice to be with you all today and I hope everyone's doing really well. Much in line with what Michael just stated, as there - as our industry continues to navigate what wholesome return to work looks like specifically to our clients, prospective tenants and various industries.

Our team is staying the course to offer best-in-class operations, elevated level of hospitality, building quality and to drive leasing as we wrap up construction to future proof our portfolio for the long term. The City of Toronto has seen market vacancy grow and stabilize from pre-pandemic levels just around 2% to the current levels of about 14% across all classes.

Our portfolio has moved in lockstep with this trend, where our core portfolio relating to current and committed occupancy on average is trending at approximately 89%, which is up just over 20 basis points from last quarter. Although, we saw some positive momentum, there is tempered optimism from leasing, operations and construction as our clients, albeit slower than expected begin to open their doors and come back to work or like Michael said, are diligently planning or coming back potentially in the fall after labor day.

We are seeing some positive variables that indicate improvements to occupancy long-term, as our tours are consistently growing week-to-week, sublease space has stabilized, now representing only about 2% of our portfolio. We are tracking already this year to do more square footages absorbed than last year and complete a higher number of both new leases and renewals.

Net rents are trending quite strong with averages well over CAD30 a square foot, across all of Toronto in parallel to this we're seeing strong NERs despite cost pressures associated with construction, procurement of deliveries and materials and the time it takes to build. In our other markets portfolio, current and committed occupancy remained largely unchanged quarter-over-quarter at 79%.

We're seeing better toured view velocity in Saskatchewan, where we did about 38,000 square feet at the beginning of the year. Again rates in NERs of 16% and 60% respectively compared to our budget. Overall across all markets, we're quite pleased with how our team has managed communications with existing tenants and clients. Collections are back up at pre-pandemic levels of over 99% and this is also signified by over 75% retention ratio at mid-year for 2022.

Year-to-date, leasing volume has picked up versus last year, as we've done both driven by 43,000 square feet, totaling just above 55 deals both new and renewal. These are all at pre-pandemic rates in hours and NERs. And I just wanted to note, this is probably already approximately 100,000 square feet more than this point last year.

We have some cautious optimism with the additional 115,000 square feet at [indiscernible] in conditional deals in very active negotiation, which we will report on the subsequent quarters. One key driver to our future success that I just wanted to touch on is our curated retail strategy. Over the past few quarters, we've been highlighting the negotiations and prospect of completing four very marking deals on our Bay Street collection.

We're very proud to say today that we completed three of these deals with arguably Canada's top restaurant tours that total approximately 30,000 square feet. And we have two additional marquee deals that are conditional. Our completed retail deals are not reflected in this quarter's stats and just firmed up in the past few days. When complete, this will total approximately 50,000 square feet of total absorption at average net rents close to $70 a square foot and annualized NOI impact of just over $3 million.

These are all in our most desirable note. And in finished shop and supporter of thesis, are bringing in elevated and all new experienced boutique luxury to the financing forum. The global challenges associated with construction have been very well publicized, our teams worked very hard to supply challenges, mandated construction shutdowns and have managed well and over 95% complete our Bay Street collection project with all the bathrooms, all the lobbies and our future alleyway all complete.

We're effectively just finishing up the full lazing refacade program at 330 Bay. This is scheduled to be completed at the end of September. We are all well underway of 366 Bay and tracking quite well to budget for this 40,000 square foot asset. The feedback has been tremendous to-date and we're receiving a steady influx of tours. We really look forward to showing you the completed product and hopefully we'll get chance to walk you through in person very soon. For 366 Bay on context, we're looking at spending about $16 million on a $22 million building.

We anticipate a positive value increased upon construction completion at the end of Q1, 2023. In unison with this project, we're also doing 67 Richmond, which we previously had on the books for about $30 million. We injected about another $12 million in capital and upon completion, we're targeting about a 5.5% yield on an adjusted cost base.

We took both buildings offline as these are full feet retrofits, where we were replacing all the buildings systems ensuring we meet our GHG reduction targets, introducing all new control technologies, new lobbies, new bathrooms and curtain walls to bring in more light penetration and also have a direct bird's eye view of our alleyway project and the great animation associated with it.

We often get asked by people on this call, regarding 357 Bay, our client is well into their fit up and doing a great job on what's going to be a showcase location for them. As context, we spent about $29 million on time and on budget to the building that was valuated about $24 million to now over $62 million. And we also dramatically decarbonized and fully removed over 30 tonnes of asbestos, added an all new HVAC and mechanical to make this a stainable, clean example of what a premier heritage asset should look like [indiscernible].

Being a good community steward is absolutely core to our business, by upgrading our assets, we put a real focus on improving consumption metrics and data of GHG and carbon utilization associated with our overall net-zero strategy. Rapidly working with CIB on our $113 million debt facility to dramatically reduce our carbon emissions by 40% over the next three years and adhere to our very lofty goal to be net zero by 2035.

These initiatives are at the forefront of what we hope will separate us from all our peers. As a landlord and leader, we have tremendous opportunity to influence and Boost our carbon footprint and in turn, aligned with the growing sustainability demands for our clients. Last year, we had the country's best first year GRESB score at 91 and our team has been working very hard on building on that momentum for year end, equal or better score.

Also we have the country's to Sustainalytics score and are among the top 10% in this rating globally. Sustainalytics is a Morningstar company that rates sustainability of listed companies based on their environmental, social and corporate governance performance and then effectively applies risk rating. In addition, we're signatory to UNPRI and we also committed to net zero Asset Managers, which stem from COP 26 and represents the largest organization of asset managers globally.

Leasing and operating metrics side, general public corporations and our government at all levels over the past few years to become much more sophisticated in understanding the importance of these ESG verticals, and as such, there have been tremendous partners, supporters and advocates to integrate programs into our hard assets, making the much more resilient and appealing to various churning tenants..

Operating leases are a key component of this commitment that tenants are making to the physical space and work environments. This past quarter I'm very proud of the team, as we are awarded certified platinum and recognize like Green Lease Leaders Association as having the most sustainable lease and operating standards in all of Canada.

Creating healthy and positive buildings have always been a cornerstone of our Dream Office approach and a real source pride for our team. As a company, we're very fortunate to and focused on great buildings and irreplaceable locations and used our capital in time to Boost our abilities to a whole new standard of boutique luxury that focuses on sustainability, hospitality and community stewardship.

As always, I always welcome an opportunity to show or share in person our progress and please stay tuned for some very exciting announcements from our new committed retail partners.

With that, I'll turn it over to Jay.

Jay Jiang

Thanks a lot, Gord. Good morning, everybody. Originally our goal for 2022 have been to minimize before COVID, so we can manage our business in a more normalized operating state, both economically and psychologically. While that has been true to some extent till COVID coming up less in our conversations, we now find ourselves in a rather uncertain economic environment, facing significant supply chain disruptions, high inflationary environment and rising interest rates.

The return to work for larger users of office space in Toronto has lagged a bit, as a result of the summer and a competitive labor market. However, we are seeing good progress and improvements in utilization of both our office buildings and parking garages. We believe post Labor Day, will be a meaningful milestone, see increasing activity from both existing and prospective tenants.

We think despite all these challenges noted above, our company has continuously delivered stable results over the past few years. We own a very well located portfolio of assets in Downtown Toronto, and if we take good care of them through our modernization and decarbonization programs, we can capitalize on flight to quality and have a very valuable and safe portfolio of assets that we will be happy to own for a very long time.

On the quarter, we recorded $0.38 of diluted FFO per unit or flat year-over-year. We had income contribution from completed development and also a share with higher income from our Dream Industrial REIT investments, offset by lower in-place occupancy, higher interest expenses and drop off of onetime income in the comparative periods such as the wage subsidy programs

Our committed occupancy was unchanged quarter-over-quarter at 85%, which consisted of 20 basis points increase in downtown Toronto and 30 basis points decrease in other markets. We have less than 150,000 square feet of expiring consisting of 33 leases for the remainder of the year, which we feel is quite manageable, especially considering that fared against the 150,000 square feet of deals that we are currently in negotiations for.

Now as an update to our internal model. We are currently projecting diluted FFO per unit of approximately $1.50 for 2022. We have factored in higher interest rates as refinancing and variable rates are up 200 basis points since January and also reflected the timing of lease commencements that have been signed to date. Now for clarity, we are tracking well against budget on committed occupancy target of around 90% in downtown Toronto and 80% in other markets.

However, these perspective tenants most of them all is leader restaurants have lagged a bit in taking possession of the space usually longer than anticipated texturing periods, caused by supply chain disruptions and elevated construction costs. We'd like to highlight that the leases signed this quarter we're at very healthy spreads at 48% higher than expiry in Toronto, and we are getting record rents on our retail and restaurant spaces, which have not yet been reflected in the results.

This means, for the purpose of modeling, some of the budgeted NOI that was originally anticipated in the second half of the year will be recognized in the first half of 2023, which will contribute favorably to stabilize cash flow and value. Our Q2 NAV was $32.83, which is relatively flat quarter-over-quarter. Given the backdrop of interest rate and cap rate sensitivities, we reviewed our valuation assumptions in detail this quarter.

Under the direct cap method, our downtown Toronto assets were 82% of our portfolio by fair value, and using a stabilized cap rate of approximately 4.8% and market rent of just over $31. Our cap rates remain comfortably within the midpoint of ranges of latest published broker increased our cap rate service and our time leases year-to-date ear to date have been hired and published market rents.

When we reconcile this methodology to discount cash flow models and latest available private market trade data, we think our assets' values are quite reasonable. Our balance sheet remains very safe. We have $145 million of cash availability on our credit facility and $130 million available on the Canadian Infrastructure Bank facility that can be used for building retrofit and GHG emission reduction programs.

We think we have ample liquidity and resources for all operational capital needs for the foreseeable future. For the remainder of the year, unsurprisingly, our focus is to lease space, because that is a driver and outlet for cash flow as to liquidity, value and investor sentiment. We are encouraged that the building capital we invested across Bay Street is starting to show fruition and the restaurant REIT will significantly increase rents, value and tenant appeal across our portfolio.

We intend to adopt a similar type of buildings across all of our capital initiatives, including 2 smaller development projects at 356 Bay and 67 Richmond. We are conscious to Boost the value and return on capital on every dollar invested on behalf of our unitholders. Beyond leasing and value add capital, our NCIB program is renewing in August and we intend to continue to repurchase our units on an opportunistic basis given the disconnect between implied valuations versus the price acquired or to grow the new property today.

Overall, we'll remain cognizant over the challenges of managing a commercial office business. But we just want to say that we remain very committed to the company because we see significant value and quality in our assets.

Operator, we're happy to take any questions now.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] We have our first question from Sairam Srinivas with Cormark Securities.

Sairam Srinivas

Thank you, operator, good morning, guys. And my first question is for Gord. Gord, in terms of the back-to-office momentum what are you hearing from a tenant in terms of their plans heading into the fall? As well as generally in terms of office utilization rates. I wasn't been looking for Q2 and right now post quarter?

Gordon Wadley

Yes, that's a good question. You broke up a little bit on there, but I think you asked, what we've been seeing and what kind of types we can see from our tenants on their return to work, it's the first part of the question?

Sairam Srinivas

Yes.

Gordon Wadley

Effectively what we seen, a lot of our private sector tenants we've seen a bit more of an appetite on them working with us to understand what our backward policies or the improvements that we've done so they can communicate with their tenants, get them on-boarded feeling comfortable about coming back.

And we've seen a big difference to be quite candid, that we've seen a big difference at the occupancy levels at our private sector tenants versus our public sector tenants. Our private sector tenants will probably seen in just over about 50% or 60% occupancy ratio based on people coming through doors, checking through.

Our public sector tenants, did a bit of a different story. It's a bit of a lower occupancy ratio of what we've been doing is, communicating with them, working with them. What we are hearing at the federal provincial levels, we'll start to see a lot more traction after Labor Day and getting people back into the office.

So really for us, just in communicating what our operating protocols are, putting them on paper, sharing them with their tenants, so they can in turn share them with their clients and their staff, so people feel more comfortable getting that. And then doing a lot of tours and walking them through and showing them the improvements how we've done around UV technologies and the HVAC in the elevators and just raising the overall comfort level.

So, right now, I'd say, private sector tenants 50% to 60% back in the office. Public sector much lower, but we're pretty optimistic that the public sector tenants will start to come back in earnest from September. And then, my apologies, the second part of your question, I didn't quite get, because the phone lines broke up.

Sairam Srinivas

Got it. I think you answered my question, because this was basically on utilization rates. So I think there was a good color. Just probably digging back on the public side, would you say that numbers close to about 30% to 40% I guess, in terms of occupancy?

Gordon Wadley

Yes, you know that it's really department driven. I'd say that's a really good number to save, there is a lot of back-office and it says board to above 30% right now. But we have some client facing, this public sector tenants that is at a much higher occupancy levels. So it's really department specific.

If you're working at financial revenue for the Federal or Provincial Government, may not need to be in this much, but if you working for passports, immigration, infrastructure, they generally seem to be in a little bit more.

Sairam Srinivas

And that makes sense. Thanks for the color, Gord. And my last question, I guess was for Jay. Jay, I know last quarter you kind of guided in terms of occupancy being or maybe I think in Q4, when you guided for the occupancy being fairly stable for the rest of 2022. Is that something you probably maintained? There is no -- do you see any tenants leaving?

Jay Jiang

Yes thanks for the question so most of our maturities happen in the first half of the year. For the rest of the year in my prepared remarks that we only have 150,000 spread across 33 leases. So the point there was, it's quite manageable one. And two, there is a lot of leases block and tackle. So we feel like we've been addressed most of them, and we could stabilize our committed occupancy around the 90%, which was our original goal and that is really what we see as a driver of value and cash flow, looking out into 2023 over quite optimistic today about that.

Just on the in-place occupancy, where we're a bit lighter. Our comments were that the hands are taking a bit longer than previously or pre-COVID in terms of taking the base and getting their fixtures done. So what we're seeing now is a lag for a bigger spread between in place and committed occupancy by around 200 basis points. So we're quite comfortable and getting our committed pretty high year end with we're really we're focused on.

But the in place will lag a little bit that our composition of the nature of the leases that we're signing. They're a bit more complicated restaurant, larger and more unique tenants and it's that by saying disruptions that giving them a bit more time to do their construction work.

Sairam Srinivas

That's great color. Thank you so much, I'll turn it back.

Operator

Thank you. Our next question comes from Mark Rothschild with Canaccord Genuity.

Mark Rothschild

Thanks and good morning, everyone. Maybe just to start and maybe for Michael, if you could expand a little bit on the capital program as far as how you look at, whether you want to sell more assets or buyback units and you have some projects going on with investment properties. How you look at that over the next year?

Michael Cooper

I think, we started a lot of programs with the idea of comes with the idea of creating excellent buildings and we're continue with that. On the development front, we are pretty much delayed things a little bit, because we don't really want to put the capital into it now. We're still bullish on buying back stock and I think that, we've got the liquidity to do that and we've got other source of liquidity, if we need it.

So I would say, we're not looking to do any acquisitions. We're probably spending less money on our existing that we planned. But the key things we're continuous. 2200 Eglinton is coming along, and we could bring in a partner there if we choose. And that could help with liquidity and also development. But for the most part, we want to see -- just continuing with what we've been doing.

Mark Rothschild

Okay, great, thanks. And it does sound like there's some good leasing going on. The TIs were up in the quarter. To what extent is that a trend or is that maybe just some specific leases this quarter? Obviously, any different quarter could jump around?

Gordon Wadley

Yes, that's a good question. You pulled it out, Mark. The cost in the TIs have been higher due in large part to construction costs. Jay have done it in his remarks, a little bit by construction cost kind of quarter-over-quarter and escalated quite a bit from materials. And not just the procurement of materials, its securing trades and executing on time and that's been one of the biggest factors that we've seen. We've had a little bit more money in the deals, just to try to accelerate and get the space built in time. But it's just a combination of materials and getting the people to do the work as well, do its -- proven a bit of a challenge that I think all that works we're dealing with right now.

Mark Rothschild

So, is it more to do with from my -- you're saying more to do with just the cost of getting things done and not so much as a change in or increased demands from tenants?

Gordon Wadley

Yes, I'd say, it's more of cost and getting things done. And to be honest with you too Mark, tenants have a little bit more leverage with the growing vacancy over the last quarter or two that may traditionally have in the past. So we're starting to see a little bit more requests on potentially free rent, in term free rent as well too, where sometimes we're breaking that deals and we'll have TI.

Mark Rothschild

Okay, great, thanks so much.

Gordon Wadley

Welcome.

Operator

We have our next question from Matt Kornack with National Bank Financial.

Matt Kornack

Good morning, guys. With regards to the property you have for sale are in the process of selling in Saskatchewan. Can you supply us a sense as to who the buyer is and also what the NOI impact would be from the sale of that if it is - if it goes through?

Jay Jiang

Sure. It will be domestic low buyer, but sort of the capital may be from outside the country and a private buyer and it's strategic for them. And in terms of the impact on the financials, the cap rate will be between 7% to 8%. But if you want to talk free cash flow, because there's a lot of capital commitments to it, you're looking at more on that too.

Matt Kornack

Yes. So sorry, 7% to 8% on in place or is that a stabilized number? Because it looks like most of the occupancies that you've disclosed are a little lower in that market.

Jay Jiang

7% to 8% would be the in-place four quarter annualized.

Matt Kornack

Okay, fair enough. And then on 67 Richmond, did that contribute to NOI at all in Q2 or was it already vacated throughout most of the quarter?

Jay Jiang

Very, very [technical difficulty] low. That was basically we had been planning for this building to become our next heart project for over a year now. And I was just fortunate that the tenant leases coming up and we already had approved there a couple of some cases with 357 Bay and the capital we were putting across the State Street and once we are seeing strong traction on the retail and restaurant side, it was natural for us to become the next building and we're quite excited to bring this to the market when its ready

Matt Kornack

And then I think Gord said 12 million of CapEx associated with the repositioning of that. Is that correct?

Matt Kornack

That's correct, Matt.

Matt Kornack

Okay and last one, Gord. Just in terms of -- I missed your commentary in terms of the timing as to when you'd expect the restaurants to be in their space in this space to be fit out. And then maybe as ancillary question on 357 Bay. Do you have a sense as to when we work with maybe fitting out their space. Just in terms of getting that Bay Street corridor looking to its best shape?

Gordon Wadley

Yes, so for both of your question. So we worked actively, working on this space right now. They anticipate in early Q1, any completion date. I was just in there the other day, doing a tour and it looks incredible. Starting to do a great job, the exterior looks great as well too. And the work we've done is really strong. I think on the restaurant side, Matt, there's going to be a couple of different dates.

Our partners are pretty particular on when they launch. But we are actively doing the construction on one of our very large restaurant spaces right now, we are well underway. And we anticipate that potentially kind of summer or fall of next year, we'll be in a position to be opening and cash flow in that space.

Matt Kornack

Okay, perfect. And then sorry, Jay, one last follow-up on the timing of the Saskatchewan disposition. Should we expect that to close in the near term or is it that far along in the process?

Jay Jiang

You never know as, trying to sell a building today, but we're hopeful that we wrap up the rest of the paper work can wrap up the rest of paper work and see by 30, 60 days both.

Matt Kornack

Okay, perfect. Thanks guys.

Operator

We have our next question from Scott Fromson with CIBC.

Scott Fromson

Hi, thanks and good morning, gentlemen. Just wondering, what impact you're seeing from the tax slowdown in terms of current tenants. I was looking to downsize or put a space upper sublease?

Michael Cooper

Yes. So in our portfolio, Scott, it hasn't changed too much really since the beginning of the pandemic. Most of our larger tenants, we've already had discussions earlier in the past two years. So I don't foresee us getting any surprises internally from the slowdown. But just as some general market color. I am hearing and seeing that there will be some more sublet space coming on in the financial court and looking West region from some tech users.

But for the most part in the financial court, the buildings that we own, I think we're going to weather the tech slowdown quite well just because we don't have as much exposure. And we've just been consistently and constantly communicating with them. And one of our larger tenants were actually well underway on doing a blend and extend as well. So we foresee that we're not going to see much resident [technical difficulty].

Scott Fromson

And Gordon, have you seen a change in tone and volume of discussions with prospective tenants I guess, either intact or other industries?

Gordon Wadley

Yes, I want to be cautiously optimistic about how I see this so, tours have picked up a little bit but to be candid with you, Scott. Deals are just taking longer and there is not the same sense of urgency. There was to get deals over the goal line and seek deals as there were -- that we were seeing before 2020. Like I think there is activity there, people are still coming through the door, they're very desparate on seeing what we've done and how we can lend ourselves to their business. But the deals in general are just taking longer.

And I think tenants are starting to get reserve to the fact that building their space and mobilizing and will be home work just taking longer as well too. So we're starting to see a lot of tenants quite frankly, passed the two year mark that may have two years, 2.5 years of term, still on their existing space. Already come a little bit earlier to get a sense of what we're doing, so they can start to plan ahead on what they're occupancy decisions are, because it's just taking a little bit longer overall.

Scott Fromson

And maybe sort of a follow-on on that. Putting aside the retail leasing component of new leases can you comment on expected timing of closing the gap between in place and committed occupancy?

Gordon Wadley

Yes Jay and I were talking about this yesterday and what we're seeing from in place they committed. We are hoping kind of by next summer, we'll be in a position where we'll see that gap closing a little bit for us in our forecast and how we've been looking at deals. We've been pushing to deals out probably two to three months, it's usually taking 60 to 90 days more to get these deals commencing.

You get the deal done, but at 60 or 90 days more to do the fixed rent and other things. So it's taken a little bit longer, so the gap right now is probably two to three months more than we've traditionally seen. And we're hoping things stabilize in terms of the labor and trade market at little bit more towards next summer and we're in a position where we can see a hybrid completion and cash flow close the gap a little bit.

Jay Jiang

Yes, Just on the key metrics, so I think by year-end, you'll see some meaningful progress on getting the in-place occupancy is up. And it's always going to trail a little bit on, any lease flew sort of time from over the next year or so. But a lot of the leases have been committed and so we'll just start by two more will be pretty good. And then you'll gradually see the income pick-up in Q1, Q2 by next summer or hopefully our mid occupancy will be a lot higher and you surprised, you're not to handle on the in-place as well.

Scott Fromson

Thanks, Gordon, Jay and actually maybe just one more for Jay. Are there any other major properties, I mean, I think it's sort of the like 40 to - 40,000 square feet plus that you're considering taking offline for redevelopment?

Jay Jiang

At this right now, I think we're pretty much close to getting through the rest of the base three assets. We will be doing capital programs on a selective basis and finally leverage our CIB program as well to decarbonize the building. But for our entire building re-modernization then re-development, I think that would probably be the last one grow-on.

Scott Fromson

Okay. Thanks, gents. It's very helpful. I'll turn it to back. Thank you.

Operator

Thank you. [Operator Instructions] We have our next question from Mario Saric with Scotiabank.

Mario Saric

Good morning, guys. Maybe an operational question for Gord. Maybe bit more detail, but I'm curious, if Dream keep stock on the percentage of tenants on your lease renewals that are kind of expanding versus contracting versus maintaining at least renewal. I guess the occupancy stands will highlight the trend, but just curious to see if there's more color on that front? And as you can separate out between public versus private tenants and so on?

Gordon Wadley

Yes, now it's a good question. We don't per se slackness necessarily on that. What I can say is, few of our bigger tenants as people know State Street and net other groups had downsized a little bit. What we're seeing from the Government is that, it's basically kind of a wait and see, stay in place. We're seeing some shorter-term renewals as it until they're in a position to make occupancy decisions. So public sector for the most part, we haven't seen very much downsizing.

Some of our larger tenants earlier on in the pandemic and then as we saw over the course of the last year, we saw some marginal downsizing, one or two tenants we saw -- private sector we saw a little bit bigger downsizing. But we're starting to see some tenants grow as well too. We've got a lot of smaller tenants in our portfolio.

So we're starting to see a lot of private sector tenants, maybe take an extra thousand square feet to put another court room. Maybe do some exterior perimeter offices, so it's a mix. At this point Mario, I'll be shooting in the dark, I gave you a specific number, but if I could supply you any real color, it would be that our public sector tenants are for the most part just kind of stay there as it is.

Mario Saric

So would it be fair to say then the larger tenants may be supply ample little bit of space, but your -- like your average 5,000 square feet tenant. Just kind of the bread and butter of the portfolio not necessarily seen a contraction about [technical difficulty] 5,000 square feet to 3,000 square feet, they're going from 5,000 to zero or growing in the other way?

Gordon Wadley

Exactly you said it exactly right, the 5,000 tenants, they were producing on 5,000 to zero or they're making up another 10% to 15%.

Mario Saric

Got it okay. And then maybe shifting over to kind of capital allocation on the NCIB would it -- would be fair to say that going forward given where leverages, I mean, concerns over cap rates moving up broadly speaking in the space that the NCIB is going to be more directly tied to asset dispositions, whether that's indirect assets like the one Saskatchewan or Dream Industrial units for example or do you see yourself using liquidity today, if the price remains below $20?

Gordon Wadley

Yes, thanks Mario yes we're getting kind of steady quite carefully, so we're quite comfortable with the position we are today. We obviously have a couple of levers. All I mean that, Dream Industrial units have been great to us over the past few years, fantastic fundamentals. But we had that many times, it's not strategic. But just having them around is a, good support backstop liquidity and we did also margin them.

And they develop an unencumbered asset pool. We do not have any restrictive covenants that prohibit us from having unencumbered pool. We have a, Canadian infrastructure bank program which, cover a lot of capital. So we are quite comfortable with the liquidity to use, but at the same time we are open to selling assets outside of the core. I mean, we're in the buckets of selling a smaller building, but there may be others.

So we think they have a lot of levers to pull and it's just the entire program in South we estimate to be about $60 million, so it's not going to be as a huge use of capital. So I think over the next year, we're quite comparable with the liquidity and how we navigate it for purpose of NCIB.

Mario Saric

Got it. And then how do you think about -- I think Michael mentioned that you could have the potential bringing in a partner at Eglinton and Birchmount. So how do you think about potentially sacrificing some long-term value creation if you bring in a partner in today as opposed to two years from now for liquidity to execute on the NCIB, which is more tangible and more community. How do you think about the short versus long term in terms of capital allocation, I guess the question?

Michael Cooper

Yes, so 2200 Eglinton is - go ahead. Jay.

Jay Jiang

Okay, maybe I'll start and you can jump in. 2200 Eglinton, we're working through the final phase in the rezoning right now. And the good thing about that development side is, it could probably we plan to six to eight phases, but we have a lot of flexibility in terms of when to bring in a partner and for whatever - the first phase, I'll call it.

And I think it's also residential, so that has a broader appeal right now with different sources of the capital, if we can get good value for it, I think that's a win-win in terms of monetizing a good value on our books. It will help you lever the balance sheet a little bit and as you said, we'll be able to use that as a source of liquidity for the NCIB.

Michael Cooper

Yes, I'm going to say that it's - it would get good value now, because we're so far down to the rezoning and that project is probably a $1.6 billion project in total. So only half is still a major development and it's probably more accessible for us than a 100%.

Mario Saric

Maybe my last question and may not be announcing this. But it was mentioned that the goal was to get to net zero by 2035. Is there any way today to think about the cost of doing so in relation to these in fair value of the building?

Jay Jiang

Yes, that's a really good question. I think even before these initiatives were announced, I think we were quite prudent and looking at ways to make our building more attractive to tenants are all of these initiatives include decarbonization. And we look at these types of programs towards and how we would look at any traditional capital program, which will we expect to get those financial returns in addition to making or going more green.

So on one hand, we've already got with lease certification and law certification across a lot of the portfolios, because we've been doing it for the last five years. This CIB program was important because, first of all, its a great source of debt in order to fund the 25-year unsecured program and it's aligned in a way that the more GHG we reduce in the building, the lower the interest rate will be.

So the very important source of capital and making our buildings better. And on the return side, I think the tenants are really supported in a lot of these initiatives. We'd be able to amortize a lot of the common areas, because I mean it's important to the tenant, they have their own ESG and a mission goes as well. So I think over the next we'll allow, we're looking at tackling every single project like how we would look at doing an expansion or a redevelopment. But we think with the capital facility as well as being aligned with the tenant will have a pretty attractive program that can deliver big IRRs.

Gordon Wadley

Yeah, I think it was Scott that mentioned a little bit about closing the gap from commitments to occupancy. And what we're seeing with this GHG program and what we're doing in the building, is that its helping us with our absorption and we're winning business as a result of having this program, showcasing this program. And the feedback that we've been getting from government tenants and also too from very sophisticated private sector tenants that have this, ESG verticals as a component of their business, is that it's a deciding factor in a lot of what we're doing.

We're also seeing all of units of this a little bit higher number right now, but we're also seeing people not only are going to take earlier, but they're willing to pay more and be a part of it. And they like the reporting that we're doing, they like the awards that we're winning and the way that we showcase them. Is there a partner in the building, everybody benefits from the shared success that we have through this program and to be candid with you, it's helping us win some key -- some pretty key business.

Mario Saric

Okay, great, thanks for the color.

Operator

We have our next question from Pammi Bir with RBC Capital Markets.

Pammi Bir

Thanks. Good morning. Just coming back to 2200 Eglinton I just wanted to maybe, I don't know if you have maybe some color on company? The zoning - is that might be before year-end. And then you mentioned the discussion around bringing in some partners, but I'm curious our talks already in progress on that and any color you can share there would be helpful?

Gordon Wadley

Yeah. I'll let Michael, talk about the progress of the discussion with partners. You broke up on the first part, but I think you were asking about the size of the rezoning. We're hoping or optimistic, we'll be able to get clarity on that before year end. We're just working through some final milestones with regards to Section-37 in some of the community benefits. There is a lot of that will be post operative but we just need clarity on that and things have moved a bit slow over the summer, but we're quite optimistic, we'll be able to get rebounding and really good value out of the site. Michael, do you want to cover partnerships aspect?

Michael Cooper

Okay. Well, on the rezoning, we expect that by the end of the year we'll be in good shape on the rezoning. We sell at the site plan to go. With the site plan, we haven't gone far enough on the pricing and pro forma. But so we've had some very brief conversation, but we don't have numbers to show anybody yet until we're finished with rezoning, so this might be something for next year.

Pammi Bir

Okay. I'm sorry. Michael, just on this - your comment on the site plan if rezoning is successfully received by year end, presumably you would then mark the value on that process or do you have to wait for the site plan approval?

Michael Cooper

That's a Jay question. I think that the value would be pretty reasonable at that time. But Jay, when do you mark them up?

Jay Jiang

I think if you got rezoning, you did certainly hit one of the milestones. And what I would do is I would front that question to the appraiser. And the same way, it goes through all the analysis. And also question that so they would probably look at the similar sites and the progress with the other landlords and derive a value. But the first mark that we did, we were pretty far off in financing with one of the key milestones because we got offered a piece of debt that was higher than the book value.

So that was probably a good indication it was worth more. We did take one to get rezoning and achieved another significant milestone. So it's likely worth more and gradually, the level over time to be a completed site. And then, well - I don't if Michael said before, we'll take pro forma on an EPS basis to see what will be the economic value from previous value to today. So over time, we expect that to gradually pick up over the next year or so.

Pammi Bir

Okay. Just on the 2023 debt maturities up, it's very large and I believe a chunk of it relates one property, but just any thoughts on plans for the refinancing of that, maybe any possible consideration of the hedge. I'm just curious, are you thinking about next years?

Jay Jiang

Yeah, you're right next year the biggest asset actually our head office. We're sitting in there right now. We're already starting some conversations with the lenders a bit. Their good appetite, because it doesn't while lease as well located and also they like the sponsorship. So we are quite confident we'll be able to get pretty good terms on this asset. With regards to your question, on whether it has the rates.

We've had these conversations since January 1. Because, I mean, we are looking at swapping potentially a portion of our credit discipline at that point in time when the rate for in the mid-twos. And interestingly on that part of vendors, we've talked to multiples, we're saying that the fixed rate was probably beyond 1.5 the labor making in six to seven phases and then when the war began, we call the lenders again, and nothing leasing, so we thought out quite interesting.

We did a refinancing within the disclosures for our building in Mississauga and while variable debt was probably keep it simple in the high fours, six was around five. We're not speculators of interest rates, I think overall we're quite encouraged that we were able to get up finance on the properties and the lenders see good value in the asset. So what we did and we had a partner for that building, if you half swap on it, so we fix 65 of the 130 and what you end up with the blended rate about 4 or 4.9 for the building next year.

I think typically my preference to go though big, the curve on inverse. So I think it'll be interesting to see what like the 10-year rate would be. But now obviously a lot has changed. So a lot has changed since 2022, every single month will get data points, so by the time we have been conversations next year, I would say things might be different but will be prepared to make the best decision on the mortgage.

Pammi Bir

Okay. And just to clarify, I think the extended rates about 4%?

Jay Jiang

For this building, I don't have it off hand, but it sounds about right, because they are the high threes or fours.

Pammi Bir

Okay. And then just lastly, Jay I just wanted to clarify maybe we just not entirely clear on mind, in terms of when it came through. But the - did you say a $1.50 that's 1.50 for your FFO guidance this year and then if you can also just expand on that implied for NOI growth?

Jay Jiang

Okay. Yes, it is 1.50 at NOI growth, I think for the year will probably slightly negative single-digit. And as we said before, so the income push to next year. So we're set up quite well both that NOI and asset booked and hopefully occupancy is for 2023.

Pammi Bir

Great, thanks very much. I will turn it back.

Operator

We have our next question from Jenny Ma.

Jenny Ma

Thanks. Good morning. Just got a couple of more questions with regards that $1.50 guidance you gave, Jay. You mentioned that, you're factoring some higher rates I presume that's on the floating. Does that factor any expected future increases or just what we've seen to date?

Jay Jiang

I would say, its mostly to date, though we try to all that use, but it's really hard to speculate what will be announced at the next round the meeting. So I think all-in we assume the blended rate on the facility is mid to high four, which is what we're seeing today. And that also factors in the refinancing of the one property that we talked about earlier with Pammi.

Jenny Ma

Okay. So if I'm hearing you correctly. To the extent there is more bumps in the rate then there could be additional pressure on cash flow?

Jay Jiang

It depends on when the bumps are, but that's correct. If interest rates go up, our interest goes up and by personally yes.

Jenny Ma

Okay. Are you factoring any more share buyback in the guidance?

Jay Jiang

No, our base case for that do not include any major capital allocation decisions, disposition with that.

Jenny Ma

Okay, great. So it looks like you mentioned earlier that you're looking at using liquidity to continue to buyback units. And I'm just wondering, given where the floating rate is at and potentially moving to when we think about that, would it be fair to look at the yield on the units sort of as a proxy on the cost of the equity and then comparing the two numbers and thinking about how you would allocate capital?

Jay Jiang

That's one metric that we look at. We also really look at the value of the -- the intrinsic value of the real estate. And on the liquidity, we would certainly factor in the cost of debt both in terms of the impact to FFO in addition to debt to EBITDA, and that's the gross book value. So we're cognizant of all those factors. Ultimately, we think the business and the portfolio is incredibly valuable. I think it's been a tough run for being a commercial office landlord, but I think we're seeing a lot of positive indicators as well.

And what we're seeing is probably pretty good to stabilize cash flows and value over the next -- not to mention that, replacement cost is running even higher, and we're sitting in a building today that's on an implied basis trading in the stock market at around $450. And the one we've built across the street, where we're looking at right now, is probably for $1,500.So we look at our data. We look at stock. We look at employment numbers. We feel pretty good about office buildings, well located ones that don't require a lot of capital or are well maintained and we want to own more of this.

Jenny Ma

Great, that's helpful. I guess my next question is when you look at the floating rate debt component pushing 30%. So I know you mentioned you weren't speculating on interest rates, but would you be comfortable having that creep a little bit higher to the fund unit buybacks or is there some sort of unofficial ceiling on that number, where your comfort level go down.

Jay Jiang

We don't really have a feeling per se, but we are very aware of not taking on too much variable interest rate. We run a lot of sensitivities as a risk management exercise within the company to – going back to Tommy question. We look at swapping it. We don't think economically it really makes sense because we would just be paying today's rate starting off in January. But what we really want to focus on is looking at what the impact of any future increases would have on just how we manage the company.

So I think we have a lot of levers with holding on to a lot of industrial units, working on future dispositions and maybe some fixed debt. We'll see. But we have lots of plans to exercise the CIB program. The program is tough, as I said before. It really has 2 things. But we're definitely aware of our variable - full exposure

Jenny Ma

Okay, great and then, one more housekeeping question on the Saskatchewan potential disposition. Is there any debt on that asset?

Jay Jiang

Yes, actually on that building been a challenge for us. So that is actually -- a bit more than the asset itself, which is carried our breadth that will be transacted IFRS. So the proceeds of all of that will be used to de lever the balance sheet yes.

Jenny Ma

Okay. Do you have the right handy on that?

Jay Jiang

The rate on the debt?

Jenny Ma

Yes.

Jay Jiang

I think it's probably in the mid-50.

Jenny Ma

Okay. Great, thank you very much.

Operator

Thank you. We have our next question from Scott Fromson with CIBC.

Scott Fromson

Hi, I had a follow-up on refinancing, but it was covered in the discussion with, Pammi. So I withdraw. Thanks.

Jay Jiang

Thank you.

Operator

And we have no further questions at this time. I will now turn the call back over to Mr. Michael Cooper, for closing remarks.

Michael Cooper

Thank you very much. I appreciate everyone's interest. Lots of questions, we'll try to continue to provide you with good information to understand the company. What I would say is, our view of the assets, are very valuable. I don't believe that the yield on the distribution is a good metric to look at the value of the buildings. As far as floating rate debt, if we want to have less floating rate debt, we would fix it. So I don't think that's a capital allocation decision.

So I think that we'll manage the debt in a way that we're comfortable with. I think Jay's point is the right now when you fix the debt, you end up locking in a pretty high interest rate and I don't think we feel it helps much. But we'll watching and pick our opportunities and interest rates, we moving around a lot even as of today. But we're quite bullish of the -- about the business in the long term and we just need people to come back to work. But I do thank you all for your interest in the company and we look forward to proving out the results. Thank you very much.

Operator

Ladies and gentlemen, this concludes our conference. We thank you for your participation. You may now disconnect.

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