Diebold Nixdorf Inc (DBD) 2025 Q2 法說會逐字稿

Hello. Good day, and welcome to Diebold Nixdorf second quarter 2025 earnings call. My name is John, and I'll be coordinating today's call. (Operator Instructions)

你好。大家好，歡迎參加 Diebold Nixdorf 2025 年第二季財報電話會議。我叫約翰，我將負責協調今天的電話會議。（操作員指示）

I would now like to turn the call over to our host, Maynard Um, Vice President of Investor Relations. Maynard, please go ahead.

現在，我想將電話轉給我們的主持人、投資者關係副總裁 Maynard Um。梅納德，請繼續。

Hello, everyone, and welcome to our second quarter 2025 earnings call. To accompany our prepared remarks, we posted our slide presentation to the Investor Relations section of our website.

大家好，歡迎參加我們 2025 年第二季財報電話會議。為了配合我們準備好的發言，我們將幻燈片簡報發佈到了我們網站的投資者關係部分。

Before we start, I'll remind all participants that you will hear forward-looking statements during this call. These statements reflect the expectations and beliefs of our management team at the time of the call, but they are subject to risks that could cause actual results to differ materially from these statements.

在我們開始之前，我要提醒所有參與者，你們將在本次電話會議中聽到前瞻性的陳述。這些聲明反映了我們管理團隊在電話會議時的期望和信念，但它們受到可能導致實際結果與這些聲明有重大差異的風險。

You can find additional information on these factors in the company's periodic and annual filings with the SEC. Participants should be mindful that subsequent events may render this information to be out of date.

您可以在公司向美國證券交易委員會提交的定期和年度文件中找到有關這些因素的更多資訊。參與者應注意，後續事件可能會使該資訊過時。

We will also discuss certain non-GAAP financial measures on today's call. As noted on slide 3, a reconciliation between GAAP and non-GAAP measures can be found in the supplemental schedules of the presentation.

我們還將在今天的電話會議上討論某些非公認會計準則財務指標。如投影片 3 所示，可以在簡報的補充附表中找到 GAAP 和非 GAAP 指標之間的對帳。

With that, I'll turn the call over to Octavio.

說完這些，我會把電話轉給 Octavio。

Thank you, Maynard, and good morning, everyone. Thank you for joining us. Before I get to my prepared remarks, I'd like to extend my sincere gratitude to Chris Sikora for his invaluable contributions during his time as Head of Investor Relations. Chris has played a critical role throughout the years wearing multiple hats at DN, and his dedication and expertise have been instrumental to the company. Chris moves on to head our business finance operations for retail, where his skills and experience will continue to be invaluable with the large retail opportunities and growth we see ahead of us.

謝謝你，梅納德，大家早安。感謝您加入我們。在我開始準備發言之前，我想向克里斯·西科拉 (Chris Sikora) 表示誠摯的感謝，感謝他在擔任投資者關係主管期間做出的寶貴貢獻。多年來，克里斯在 DN 擔任多個職務，發揮了關鍵作用，他的奉獻精神和專業知識對公司起到了重要作用。克里斯將負責我們零售業務的商業財務運營，他的技能和經驗將繼續發揮無價的作用，因為我們看到了未來巨大的零售機會和成長。

I'd also like to welcome Maynard Um as the new Head of Investor Relations. Maynard brings over 25 years of Wall Street and investor relations experience across multiple industries. His deep knowledge and expertise will help build on the strong foundation already in place. We're excited to have him on board and look forward to strengthening the relationship with the investment community and communicating the company's value proposition.

我還要歡迎梅納德·烏姆 (Maynard Um) 擔任新任投資者關係主管。梅納德擁有超過 25 年的華爾街和跨產業投資者關係經驗。他的深厚知識和專業技能將有助於鞏固現有的堅實基礎。我們很高興他能加入我們，並期待加強與投資界的關係並傳達公司的價值主張。

Starting on slide 4. Q2 was another standout quarter, where we delivered strong performance in our key objectives amidst a volatile global environment, generated the third consecutive quarter of positive free cash flow and finished the first half with great momentum, giving us confidence in our ability to deliver strong operational performance in the back half of the year.

從投影片 4 開始。第二季度是另一個出色的季度，在動蕩的全球環境中，我們出色地完成了關鍵目標，連續第三個季度實現了正的自由現金流，並以強勁的勢頭結束了上半年，這使我們對在下半年實現強勁運營業績的能力充滿信心。

Product orders grew 10% year-over-year, reaching the highest level in three years. Our backlog now stands at approximately $980 million. This momentum, combined with our robust first half, gives us conviction to reaffirm our full year outlook, with the business trending towards the higher end of our range for revenue, adjusted EBITDA and free cash flow.

產品訂單年增10%，達到三年來的最高水準。目前我們的積壓訂單約為 9.8 億美元。這一勢頭，加上我們上半年的強勁表現，讓我們有信心重申全年展望，業務收入、調整後 EBITDA 和自由現金流將趨向於我們預期的高端。

Our solutions continue to see strong demand in the market, and we remain focused on exceeding the expectations of our global customer base. Gross margins expanded 50 basis points year-over-year and 120 basis points sequentially, driven by favorable product mix and our commitment to continuous improvement, lean principle and pricing discipline.

我們的解決方案在市場上持續受到強勁需求，我們將繼續致力於超越全球客戶群的期望。由於良好的產品組合以及我們對持續改進、精益原則和定價紀律的承諾，毛利率同比增長 50 個基點，環比增長 120 個基點。

Demand for advanced ATMs with cash recycling and video teller capabilities is accelerating across multiple markets. In Q2, we achieved a historic milestone with positive free cash flow for the third consecutive quarter and first half of the year.

多個市場對具有現金循環和視訊櫃員功能的先進 ATM 的需求正在加速成長。第二季度，我們實現了歷史性的里程碑，連續第三個季度和上半年自由現金流為正。

To maximize shareholder value during the quarter, we repurchased $30 million of DN shares, reflecting our priority of returning capital to shareholders and our strong belief in the long-term value of our company.

為了在本季度實現股東價值最大化，我們回購了價值 3000 萬美元的 DN 股票，這體現了我們向股東返還資本的優先考慮以及對公司長期價值的堅定信念。

Let's move on to slide 5. We had a great second quarter that we're very proud of. As my team and I shared during our Investor Day, we have multiple ways to win across our markets and deliver for our shareholders. Our three-year growth plan shared at our February 2025 Investor Day is on track. Here is how we're executing.

讓我們繼續看投影片 5。我們第二季的業績非常出色，對此我們感到非常自豪。正如我和我的團隊在投資者日期間所分享的那樣，我們有多種方法可以在市場上獲勝並為股東帶來回報。我們在 2025 年 2 月投資者日分享的三年成長計畫正在順利進行中。以下是我們的執行方式。

We're capitalizing on market opportunities. Diebold Nixdorf is a leader in a $32 billion banking and retail automation market that we serve. Our innovative self-service solutions continue to gain traction and are well positioned to capture growth in this highly attractive market. We're driving disciplined growth and profitability.

我們正在利用市場機會。Diebold Nixdorf 是我們服務的 320 億美元銀行和零售自動化市場的領導者。我們的創新自助服務解決方案持續獲得關注，並有望在這個極具吸引力的市場中成長。我們正在推動有紀律的成長和獲利。

In Banking, we're accelerating branch automation by introducing teller cash recycler technology and additional managed services. We're capitalizing on the ATM refresh cycle with tailored solutions, gaining momentum in fast-growing markets. And in Retail, our AI-driven checkout solutions solve real customer challenges, provide a high return on investment for customers and our strong competitive difference. Our focus on lean operations is enhancing profitability.

在銀行業務方面，我們透過引入櫃員現金循環技術和額外的託管服務來加速分行自動化。我們利用 ATM 更新周期提供客製化解決方案，在快速成長的市場中獲得發展動力。在零售業，我們的人工智慧結帳解決方案解決了真正的客戶挑戰，為客戶提供了高投資回報和強大的競爭優勢。我們專注於精益運營，以提高盈利能力。

Our first half free cash flow success sets the stage for $800 million in cumulative free cash flow by 2027, with 60%-plus conversion and approximately 15% adjusted EBITDA margins, all while maintaining a fortress balance sheet.

我們上半年自由現金流的成功為 2027 年累積 8 億美元的自由現金流奠定了基礎，轉換率超過 60%，調整後的 EBITDA 利潤率約為 15%，同時保持穩健的資產負債表。

Now let's turn to slide 6, where we will discuss the progress on our growth acceleration strategy. In Q2, we made solid progress at financing our key priorities. In Banking, we are seeing the benefits of branch automation, cash recycling and our fit-for-purpose strategy.

現在讓我們翻到第 6 張投影片，我們將討論我們的成長加速策略的進展。在第二季度，我們在重點事項的融資方面取得了堅實的進展。在銀行業務中，我們看到了分行自動化、現金循環和適合用途的策略帶來的好處。

In the Middle East, we introduced dual-power ATMs that open the door to new customers and opportunities. QNB was the first bank in the Middle East to deploy DN's extra high-capacity DN Series 500, with both the cash deposit capability and the highest deposit, recycling and dispensing capacity in the market.

在中東，我們推出了雙電源 ATM，為新客戶和新機會打開了大門。卡達國民銀行是中東地區第一家部署 DN 超大容量 DN 500 系列的銀行，該系列不僅具備現金存款能力，還擁有市場上最高的存款、循環和分配能力。

We also recently announced the rollout of state-of-the-art interactive teller machines with Kuwait International Bank, which are video- capable and instantly print and activate debit cards, and facilitate high-value deposits and withdrawals. These advanced recycling ATMs essentially service a branch in a box, and customer acceptance has been great.

我們最近也宣布與科威特國際銀行合作推出最先進的互動式櫃員機，該櫃員機具有視訊功能，可即時列印和啟動借記卡，方便大額存款和提款。這些先進的循環 ATM 機本質上是為一個盒子裡的分公司提供服務，而且客戶接受度很高。

We also spoke about our new line of ATMs rolling out in India. These are purpose-built to being compact and very energy efficient to meet the needs of the market. We expect to see continued growth in this large market and are encouraged by our pipeline and product wins, as this fuels growth in our installed base and long-term, higher-margin service agreements.

我們也談到了在印度推出的新型 ATM 系列。這些都是專門設計用來滿足市場需求的緊湊且節能的產品。我們期望看到這個龐大的市場繼續成長，我們的通路和產品勝利也讓我們感到鼓舞，因為這將推動我們的安裝基礎和長期、高利潤服務協議的成長。

In Retail, AI continues to change the way our customers think about their operations. In Q1, we announced wins with large European customers, and I am now pleased to share that we have our first live customer in the US. A midsized grocer has rolled out the first 18 stores operating our Smart Vision product. The feedback we've received has been tremendous, supporting our optimism that the increasing number of pilots and proof of concepts we're running will lead to long-term growth opportunities.

在零售業，人工智慧不斷改變客戶對其營運的看法。在第一季度，我們宣布贏得了歐洲大客戶，現在我很高興地告訴大家，我們在美國迎來了第一位正式客戶。一家中型雜貨店已開設了首批 18 家經營我們智慧視覺產品的商店。我們收到的回饋非常多，這讓我們更加樂觀地認為，我們正在進行的試點和概念驗證的數量不斷增加將帶來長期的成長機會。

In fact, Vynamic Smart Vision shrink reduction, age verification and produce recognition technology was recognized by a leading French retail industry publication, LSA, and won its tech for AI business award. It's nice to see the solution winning external accolades. It is further proof of the value and innovation we're keenly focused on delivering.

事實上，Vynamic Smart Vision 縮水、年齡驗證和產品識別技術得到了法國領先的零售業出版物 LSA 的認可，並獲得了其 AI 商業技術獎。很高興看到解決方案贏得外界讚譽。這進一步證明了我們熱衷於提供的價值和創新。

On the product side, we launched retail manufacturing in Ohio to serve our North American customers, building upon our local-to- local manufacturing strategy. I am extremely proud that through implementing lean principles, we were able to optimize our overall footprint and strengthen our US manufacturing capabilities.

在產品方面，我們在俄亥俄州開展了零售製造業務，以服務我們的北美客戶，並建立在我們的本地對本地製造策略的基礎上。我非常自豪，透過實施精實原則，我們能夠優化我們的整體足跡並增強我們的美國製造能力。

In services, my commitment to our customers is to make DN the prime example of service quality and the most trusted service provider in the industry. To strengthen our ability to deliver the outstanding service that we are committed to providing, we are consolidating our repair centers, further rolling out technician software and adding field technicians to support our growing portfolio.

在服務方面，我對客戶的承諾是讓 DN 成為服務品質的典範和業界最值得信賴的服務提供者。為了增強我們提供優質服務的能力，我們正在整合我們的維修中心，進一步推出技術員軟體並增加現場技術人員以支援我們不斷增長的產品組合。

A clear example of this is the rollout of our upgraded field technician software in Canada, which produced improvements in response time, call rates, incident rates, so we're accelerating the initial deployment in the US World-class service is the top priority for Diebold Nixdorf.

一個明顯的例子就是我們在加拿大推出的升級版現場技術人員軟體，該軟體在響應時間、呼叫率和事故率方面都有所改善，因此我們正在加速在美國進行初步部署。世界一流的服務是 Diebold Nixdorf 的首要任務。

Additionally, in Q2, our centralized operations center in Ohio went live. This center efficiently controls dispatching, training and parts logistics for our technician network in North America, where we will continue to invest to drive efficiency and growth. We have seen positive early results with real-time monitoring of customer KPIs, driving improvements in client satisfaction. We are delivering innovation with our products and solutions that address real problems, driving efficiencies and creating lasting value in our markets for customers and shareholders.

此外，第二季度，我們位於俄亥俄州的集中營運中心投入使用。該中心有效地控制我們北美技術人員網路的調度、培訓和零件物流，我們將繼續在該中心進行投資，以提高效率和成長。我們透過即時監控客戶 KPI 看到了積極的早期成果，推動了客戶滿意度的提升。我們透過產品和解決方案實現創新，解決實際問題，提高效率，並為客戶和股東在市場上創造持久價值。

Now on to slide 7. Continuous improvement is critical to our success, not only to drive margin improvement, but also to ensure our teams are safer, more productive and the most efficient in the industry. I recently visited our manufacturing facility in Paderborn, Germany, and I'll tell you that the team is incredibly motivated. From just one year ago, we've been able to meaningfully reduce floor space and improve first time through in manufacturing, an important metric that reduces rework and enhances product quality. I am very proud of the team for what they've been able to accomplish.

現在看投影片 7。持續改善對於我們的成功至關重要，不僅可以提高利潤率，還可以確保我們的團隊更安全、更有效率、在產業中效率最高。我最近參觀了我們位於德國帕德博恩的製造工廠，我可以告訴你，我們的團隊非常積極。從一年前開始，我們已經能夠大幅減少佔地面積並提高製造的首次通過率，這是減少返工和提高產品品質的重要指標。我為團隊所取得的成就感到非常自豪。

In services, we're laser focused on not just consistently meeting, but exceeding our service agreements. Our lean principles are key to supporting the enhancements to our service, leading to greater productivity, faster repairs and fewer repeat costs, resulting in greater efficiency, higher customer satisfaction and more business for us.

在服務方面，我們不僅專注於始終如一地滿足服務協議，而且致力於超越服務協議。我們的精實原則是支持我們服務改善的關鍵，從而提高生產力、加快維修速度、減少重複成本，從而提高效率、提高客戶滿意度並為我們帶來更多業務。

One of the enablers to launching retail manufacturing in Ohio were our lean principles. We freed up space and increased future opportunities for growth. I am proud of how our US manufacturing team has embraced continuous improvement and lean as a way of life.

我們的精實原則是推動俄亥俄州開展零售製造業的因素之一。我們釋放了空間並增加了未來的成長機會。我為我們的美國製造團隊將持續改進和精益作為一種生活方式而感到自豪。

Lastly, I wanted to highlight our work in Poland, where we're consolidating our European repair and service operations. A new simplified delivery model developed with direct involvement of our install and repair technicians will help us improve efficiency. As you can see from the photos, our teams are committed to continuous improvement and enhancing our operations through lean principles.

最後，我想強調我們在波蘭的工作，我們正在鞏固我們在歐洲的維修和服務業務。我們的安裝和維修技術人員直接參與開發的新型簡化交付模式將有助於我們提高效率。從照片中您可以看到，我們的團隊致力於透過精益原則不斷改進和加強我們的營運。

Overall, the momentum we've generated in the first half gives us confidence that 2025 will be another great year of progress for our company.

整體而言，我們上半年的進展讓我們有信心，2025 年將是我們公司又一個偉大的進步之年。

With that, I'll turn it over to Tom to walk through our financial results.

接下來，我將把時間交給湯姆來介紹我們的財務表現。

Thank you, Octavio. Starting on slide 8. Overall, we're very pleased with our second quarter and first half results. Our execution gives us strong confidence in our full year outlook, which we currently see trending toward the higher end of our guidance ranges.

謝謝你，奧克塔維奧。從投影片 8 開始。整體而言，我們對第二季和上半年的業績非常滿意。我們的執行力讓我們對全年前景充滿信心，目前我們看到全年前景正朝著指導範圍的高端發展。

Product backlog at the end of the second quarter increased to approximately $980 million, up from approximately $900 million at the end of the first quarter on strong new order entry, which was up 10% year-over-year, led by Banking.

第二季末的產品積壓訂單從第一季末的約 9 億美元增加至約 9.8 億美元，這得益於強勁的新訂單，其中銀行業務的訂單年增 10%。

As we shared previously, we expected revenue to be weighted towards the second half, given customer project activity, and this is playing out just as we expected. In Q2, FX was a tailwind to revenue of $19 million. However, for the first half, FX was a net headwind of approximately $4 million. First half revenue came in at 46% of total year's revenue, in line with our previous guidance of approximately 45%.

正如我們之前所分享的，考慮到客戶專案活動，我們預計收入將集中在下半年，而這也正如我們預期的那樣。在第二季度，FX 業務為公司帶來了 1,900 萬美元的收入。然而，上半年，外匯交易的淨虧損約為 400 萬美元。上半年收入佔全年收入的 46%，與我們先前預測的約 45% 一致。

Gross margin continued to improve, up 50 basis points year-over-year and 120 basis points sequentially. Product gross margin saw a significant improvement, both year-over-year of 250 basis points and sequentially of 230 basis points, primarily driven by better geographic mix, pricing discipline and the ongoing impact from our lean initiatives. Product gross margins remain on track for up to 50 basis points of improvement year-over-year. On the services side, gross margin improved 40 basis points sequentially and was down 80 basis points on a year-over-year basis.

毛利率持續提高，年增50個基點，季增120個基點。產品毛利率顯著提高，較去年同期增加 250 個基點，環比增加 230 個基點，這主要得益於更好的地理組合、定價紀律以及精益舉措的持續影響。產品毛利率仍有望年增至 50 個基點。服務方面，毛利率較上月增加40個基點，較去年同期下降80個基點。

We remain focused on driving sequential improvement throughout the year as we continue to enhance the best service organization in the industry. We also remain on track to exit Q4, with a run rate in service margins up 100 basis points versus prior years.

我們將繼續致力於推動全年的連續改進，並持續增強行業最佳服務組織。我們也將繼續按計畫完成第四季度，服務利潤率比前幾年上升了 100 個基點。

In the second quarter, operating expense was up sequentially, primarily due to FX and stock compensation. Excluding these impacts, operating expense would have been comparable. Earlier this year, we discussed plans to reduce our operating expenses by $50 million on an annual basis. Going forward, operating expense represents another opportunity for us to work to improve our cost profile and achieve our three-year strategic plan objectives. We've been working on through these plans, and we'll be taking the initial steps in the coming months and look forward to providing updates.

第二季度，營業費用較上季上升，主要原因是外匯和股票薪資。排除這些影響，營運費用將是相當的。今年早些時候，我們討論了每年削減 5000 萬美元營運費用的計劃。展望未來，營運費用為我們改善成本狀況和實現三年策略計畫目標提供了另一個機會。我們一直在執行這些計劃，並將在未來幾個月內採取初步措施，並期待提供最新消息。

Continuing on slide 9, we look at our five-year quarter financial trends. As we've said in the past, we remain committed to strengthening our profitability and significantly improving our free cash flow generation by nearly doubling year-over-year. We delivered adjusted EBITDA of $111 million in the second quarter. Sequentially, our adjusted EBITDA margin grew 180 basis points.

延續第 9 張投影片，我們來看看五年季度的財務趨勢。正如我們過去所說的那樣，我們仍然致力於提高盈利能力，並透過同比幾乎翻一番的方式顯著提高自由現金流的產生。我們第二季的調整後 EBITDA 為 1.11 億美元。我們的調整後 EBITDA 利潤率連續成長 180 個基點。

Typically, our adjusted EBITDA builds throughout the year and we expect a continued ramp through the end of 2025. To add some additional color, we expect to generate approximately 45% in Q3 and the remainder in Q4.

通常，我們的調整後 EBITDA 會在全年內不斷增加，我們預計到 2025 年底這一數字將持續上升。為了增加一些色彩，我們預計在第三季產生約 45%，其餘部分在第四季產生。

We also generated $13 million of free cash flow in Q2. This is the third consecutive quarter of positive free cash flow and the first time in DN's history of positive free cash flow in the first half of the year. Historically, the first half has been a significant use of cash, so our ability to reverse the trend and sustain positive cash flow is a testament to the discipline and hard work by the entire company. We feel confident about our ability to improve free cash flow conversion to 40%-plus in 2025, which again nearly doubles our 2024 free cash flow generation.

我們還在第二季產生了 1300 萬美元的自由現金流。這是DN連續第三個季度實現自由現金流為正，也是DN史上上半年自由現金流首次為正。從歷史上看，上半年是現金使用量很大的時期，因此我們能夠扭轉趨勢並維持正現金流，證明了整個公司的紀律和辛勤工作。我們有信心在 2025 年將自由現金流轉換率提高到 40% 以上，這將使我們 2024 年的自由現金流產生率再次翻倍。

Moving to slide 10. Banking continued to deliver solid quarterly results behind favorable geographic mix and disciplined pricing. Revenue was up $50 million sequentially, and order entry was strong, supporting our revenue outlook for the year.

移至投影片 10。在有利的地理分佈和嚴格的定價的推動下，銀行業務繼續取得穩健的季度業績。營收季增 5,000 萬美元，訂單量強勁，支持了我們今年的營收前景。

Gross margin was up 140 basis points year-over-year and 180 basis points sequentially, led by product margin expansion driven by favorable product and geographical mix, pricing discipline and our ongoing lean initiatives.

毛利率年增 140 個基點，環比增長 180 個基點，主要原因是有利的產品和地理組合、定價紀律和我們正在進行的精益舉措推動了產品利潤率的擴大。

Going forward, we expect to continue driving solid ATM refresh activity and momentum in all geographies, and we are encouraged by the first orders of our teller cash recyclers in our branch automation strategy. We're very pleased with how our strategy is playing out with strong hardware growth that will positively impact our service operations.

展望未來，我們預計將繼續在所有地區推動 ATM 更新活動和發展勢頭，並且我們對分行自動化策略中櫃員機現金循環機的首批訂單感到鼓舞。我們對我們的策略如何發揮作用感到非常高興，強勁的硬體成長將對我們的服務營運產生積極影響。

Turning to slide 11. In Retail, we drove sequential growth in order entry revenue and backlog in Q2. We are more optimistic than ever that the second half will bring on a firm recovery in our Retail business and fuel sequential and year-over-year improvement throughout the remainder of 2025.

翻到第 11 張投影片。在零售業，我們在第二季推動了訂單收入和積壓訂單的連續成長。我們比以往任何時候都更樂觀地認為，下半年我們的零售業務將強勁復甦，並推動 2025 年剩餘時間內的環比和同比改善。

Gross margin was down sequentially 70 basis points and year-over-year 190 basis points, with strong product margins being offset by service margins. In Q2, we delivered higher volumes of point-of-sale terminals with lower margin-related services. As we look into the second half of the year, we're expecting a stronger contribution from self-checkout and more normalized gross margins in the mid-20% range as Retail total gross margin improves through the remainder of the year.

毛利率較上月下降 70 個基點，較去年同期下降 190 個基點，強勁的產品利潤率被服務利潤率所抵銷。在第二季度，我們交付了更多銷售點終端，但相關服務的利潤率較低。展望下半年，我們預計自助結帳業務的貢獻將更加強勁，隨著零售總毛利率在今年剩餘時間內提高，毛利率也將更加正常化，達到 20% 左右。

In the US, our AI-enabled Smart Vision solutions are gaining traction with increasing proof of concepts and pilots underway, and the first live installations are now operating. The long-term outlook in Retail remains positive. We are especially excited about our Vynamic Smart Vision capabilities and early positive signs in North America with a growing pipeline.

在美國，我們支援人工智慧的智慧視覺解決方案正獲得越來越多的關注，概念驗證和試點計畫正在進行中，首批現場安裝現已投入運作。零售業的長期前景依然樂觀。我們對 Vynamic Smart Vision 的能力以及北美市場不斷增長的早期積極跡象感到特別興奮。

Moving ahead, let's review our guidance on slide 12. We see the business trending toward the higher end of our guidance across revenue, adjusted EBITDA and free cash flow. Our strong start in the first half of the year, combined with current demand levels and our backlog, reinforces this outlook.

接下來，讓我們回顧一下第 12 張投影片上的指導。我們看到，該業務的收入、調整後 EBITDA 和自由現金流均趨向於我們預期的高端。我們上半年的強勁開局，加上目前的需求水準和積壓訂單，強化了這一前景。

We expect total company revenue to continue building throughout the year with an approximate split of second half revenues at 45% in Q3 and the remainder in Q4. On a constant currency basis, we expect to grow at least approximately 1%. Under current conditions, we also expect FX to be a tailwind of approximately 1% for the year.

我們預計公司總收入將在全年持續成長，下半年營收約佔第三季的 45%，其餘營收將佔第四季的 45%。以固定匯率計算，我們預計至少會成長約 1%。在當前條件下，我們也預計今年外匯市場將帶來約 1% 的順風。

Our multiple operational levers, whether it's gross margin or OpEx improvements, have given us the ability to achieve the higher end of our adjusted EBITDA guidance of $470 million to $490 million, despite the impact of tariffs. For the second half of 2025, we expect to generate approximately 45% in Q3 and the remainder in Q4.

我們的多種營運槓桿，無論是毛利率還是營運支出的改善，都使我們能夠在受到關稅影響的情況下，實現調整後 EBITDA 指引的較高水平，即 4.7 億美元至 4.9 億美元。對於 2025 年下半年，我們預計第三季將產生約 45% 的收益，其餘的收益將在第四季產生。

In Q2, taking into account discrete onetime tax benefits, we were able to achieve an effective non-GAAP tax rate of 33%. As a result, we expect our non-GAAP effective tax rate for the year to be in the 40% to 45% range.

在第二季度，考慮到一次性的單獨稅收優惠，我們能夠實現 33% 的有效非公認會計準則稅率。因此，我們預計今年的非公認會計準則有效稅率將在 40% 至 45% 之間。

We expect free cash flow to once again be positive in Q3 similar to Q2. For the full year, we are trending toward the higher end of our expected range of $190 million to $210 million, representing 40%-plus free cash flow conversion. We are extremely confident in our ability to nearly double free cash flow based on lower interest expense, adjusted EBITDA growth and significantly better working capital management.

我們預計第三季的自由現金流將再次為正，與第二季類似。就全年而言，我們趨向於預期範圍的高端，即 1.9 億美元至 2.1 億美元，代表著 40% 以上的自由現金流轉換。我們非常有信心，憑藉較低的利息支出、調整後的 EBITDA 成長和顯著改善的營運資本管理，我們能夠將自由現金流幾乎翻倍。

We remain confident in our ability to deliver another strong year of financial results for the company and our shareholders and once again demonstrating our commitment to doing what we say.

我們仍然有信心，我們有能力為公司和股東帶來另一個強勁的財務業績，並再次證明我們信守承諾。

Turning to slide 13. We remain committed to maintaining our fortress balance sheet, allowing us to support our capital allocation strategy. At the end of the quarter, we had approximately $620 million of liquidity, balanced between $310 million of cash and short- term investments and $310 million of capacity on our revolving credit facility, which remains untapped. Our net leverage ratio is 1.5 times, what we believe is the strongest balance sheet in the industry.

翻到第 13 張投影片。我們仍然致力於維護我們的堡壘資產負債表，以支持我們的資本配置策略。截至本季末，我們的流動資金約為 6.2 億美元，其中現金和短期投資為 3.1 億美元，循環信貸額度為 3.1 億美元，但尚未開發。我們的淨槓桿比率為1.5倍，我們認為這是業界最強勁的資產負債表。

We repurchased approximately $30 million or 637,000 shares in the second quarter. This brings our total share repurchases to $38 million or 822,000 shares at an average price of $46.08. Remember, we started our buyback in March, so this buyback represents only four months of activity. We intend to continue executing on our remaining $62 million authorization.

我們在第二季回購了約 3,000 萬美元或 637,000 股股票。這使得我們的股票回購總額達到3,800萬美元，即82.2萬股，平均回購價格為46.08美元。請記住，我們從3月開始回購，因此此次回購僅持續了四個月。我們打算繼續執行剩餘的 6,200 萬美元授權。

Maintaining a strong balance sheet and our local-to-local manufacturing footprint are foundational elements for the new DN. The way we have positioned our company allows us to best serve our global blue-chip customer base and quickly respond operationally to the dynamic global environment without undermining our ability to achieve our longer-term financial targets.

維持強勁的資產負債表和本地製造足跡是新 DN 的基礎要素。我們對公司的定位使我們能夠最好地服務於我們的全球藍籌客戶群，並對動態的全球環境做出快速的營運反應，同時又不損害我們實現長期財務目標的能力。

Lastly, we've talked a lot about doing what we say, or our say-do ratio. I think it's fair to say that we've delivered again in the second quarter. We're proud of our progress, while at the same time focusing on operational execution and driving even better results over the long term.

最後，我們多次談論了說到做到，或者說到做到的比例。我認為可以公平地說，我們在第二季度再次取得了成果。我們為自己的進步感到自豪，同時專注於營運執行並推動長期取得更好的成果。

With that, I'll turn it back to Octavio for some closing remarks.

最後，我將把演講時間交還給 Octavio，請他做最後的總結發言。

Thank you, Tom. To wrap things up on slide 14, we delivered yet another strong quarter with a relentless focus on our customers and improving operations, demonstrating the progress we're making against our multiyear growth plan. We've built a strong backlog that gives us visibility to the back half of the year.

謝謝你，湯姆。在第 14 張投影片上總結一下，我們又一個季度表現強勁，堅持不懈地關注客戶並改善運營，展示了我們在多年增長計劃方面取得的進展。我們已經建立了強大的積壓訂單，讓我們能夠預見下半年的情況。

In Banking, we're gaining momentum with a growing customer pipeline for teller cash recyclers and tailored solutions in fast-growing markets, while the refresh cycle continues to progress.

在銀行業務方面，我們正透過不斷成長的櫃員現金回收機客戶管道和快速成長市場中的客製化解決方案來獲得發展勢頭，同時更新周期也在不斷推進。

In Retail, we expect to see continued sequential improvement for the remainder of the year. Our pipeline continues to grow, particularly in the North America market. We continue to make great strides in building more efficient operations through a disciplined lean culture, and there's still much more to come.

在零售業，我們預計今年剩餘時間內將持續持續改善。我們的產品線持續成長，特別是在北美市場。我們繼續透過嚴謹的精實文化在建立更有效率的營運方面取得長足進步，未來還會有更多進步。

And of course, we will continue to focus on maintaining a fortress balance sheet with a target of nearly doubling year-over-year free cash flow generation and returning capital to shareholders.

當然，我們將繼續致力於維持穩健的資產負債表，目標是使自由現金流年增近一倍，並向股東返還資本。

In closing, I'd like to thank our loyal customers, partners, employees and shareholders for their trust and support. We've laid a strong foundation for long-term success, and I am optimistic about the opportunities ahead. And with that, operator, please open the line for questions.

最後，我要感謝我們忠實的客戶、合作夥伴、員工和股東的信任與支持。我們為長期成功奠定了堅實的基礎，我對未來的機會充滿樂觀。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Matt Somerville with DA Davidson.

馬特·薩默維爾 (Matt Somerville) 和 DA Davidson。

Thanks, morning. I was hoping maybe to start with Retail. Expand a little bit on the fact that you have all this confidence regarding that business inflecting in the second half of the year. Can you speak to where that is being driven from a pause versus still standpoint? Is it North America? Is it Europe?

謝謝，早安。我希望可以從零售業開始。稍微詳細說明一下，您對下半年的業務變化充滿信心。您能否從暫停和靜止的角度談談這是如何實現的？是北美嗎？是歐洲嗎？

And then can you maybe discuss a little bit how the funnel in North America may be starting to mature and if you'd be willing to maybe put a value on that North American funnel?

然後，您能否稍微討論一下北美的漏斗如何開始成熟，以及您是否願意對北美漏斗進行估值？

Yeah. Thanks, Matt, for the question. Look, in the quarter, what we saw was a much higher mix of point-of-sale revenue versus SCO revenue. That mix unfavorably impacts us in terms of margin performance from the perspective of not only services, but hardware as well. Some of that backlog and order entry growth that we're seeing, and Octavio will comment on this in a second, it's led by Banking, but we're seeing really positive signs of recovery in Retail.

是的。謝謝馬特提出這個問題。你看，在本季度，我們看到銷售點收入與 SCO 收入的比例要高得多。這種組合不僅從服務角度，而且從硬體角度對我們的利潤表現也產生了不利影響。我們看到積壓訂單和訂單量有所增長，Octavio 稍後會對此發表評論，這是由銀行業主導的，但我們看到零售業確實出現了積極的復甦跡象。

And we remember, in that backlog sits our Deutsche Post win, which we would expect to start converting into product sales towards the end of this year or early next year as well. So we remain confident that over the next quarters, we'll be able to sequentially improve both revenue, operating profit and margin as well.

我們記得，在那筆積壓訂單中，我們贏得了德國郵政的訂單，我們預計它將在今年年底或明年年初開始轉化為產品銷售。因此，我們仍然有信心，在接下來的幾個季度中，我們將能夠連續提高收入、營業利潤和利潤率。

Yeah. Probably just adding to Tom's comment, Matt, remember, we started the year with big expectations for North America. We created a very focused strategy. We understand where the opportunities lie in the market. We have a targeted pipeline. We identified the 40 best accounts for us to target initially this year. We've engaged with most of them. We have pilots in many of them.

是的。馬特，可能只是補充一下湯姆的評論，記住，我們今年年初對北美寄予厚望。我們制定了非常有針對性的策略。我們了解市場中的機會在哪裡。我們有目標管道。我們確定了今年最初要瞄準的 40 個最佳帳戶。我們已經與其中大多數公司進行了接觸。其中許多都有我們的飛行員。

Again, these are some of the largest grocers, general merchandising companies in the US. Again, it's a long complicated sales process where we're trying to unseat formidable incumbents. But I am convinced that as we keep showcasing the capabilities of our products and our solutions that, particularly, I am very impressed with all the pilots that we or all the proof of concepts and pilots that we're driving with our AI solution, that gives me a lot of confidence.

再說一次，這些都是美國最大的雜貨店和百貨公司。再次強調，這是一個漫長而複雜的銷售過程，我們試圖擊敗強大的現任者。但我確信，隨著我們不斷展示我們的產品和解決方案的功能，特別是我們對所有試點項目或我們使用人工智慧解決方案進行的所有概念驗證和試點項目印象深刻，這給了我很大的信心。

As far as the size of the pipeline, probably I can't comment on an exact number, Matt. But what I can tell you is if you think of our business, where our European business has always been 80%, 85% of our total revenue, I can tell you that our North America pipeline now supports the idea that we will have a North America business that is growing much faster than the rest of the world for us, again, be it from a small basis, but we're very optimistic about that, and the team is very focused on it.

至於管道的規模，馬特，我可能無法給出一個確切的數字。但我可以告訴你的是，如果你考慮我們的業務，我們的歐洲業務一直占我們總收入的 80% 到 85%，我可以告訴你，我們的北美通路現在支持這樣一種想法，即我們的北美業務增長速度將遠遠快於世界其他地區，儘管基礎較小，但我們對此非常樂觀，團隊也非常專注於此。

Maybe as a follow-up. It was mentioned several times in the prepared remarks, but can you talk a little bit about the TCR, the penetration rates as they sit today across the major geographies? And I guess, where you see banks prioritizing branch automation? Is it more at the ATM? Is it more at the teller counter? And I guess, are you seeing verified sort of cross-sell opportunities between those two products?

也許作為後續行動。在準備好的發言中多次提到這一點，但是您能否稍微談談 TCR，即目前在主要地區的滲透率？我想，您認為銀行會優先考慮分行自動化嗎？ATM 機上還多嗎？是不是在櫃員櫃檯辦理比較多？我想，您是否看到了這兩種產品之間經過驗證的交叉銷售機會？

And maybe just again, I've asked this in the past, using a baseball analogy, what inning are we in with TCR adoption? What inning are we in with the recycling-led replacement cycle?

也許我以前曾用棒球類比來問過這個問題，我們在 TCR 採用方面處於什麼階段？在以回收為主導的替代週期中，我們處於什麼階段？

Thank you, Matt, and thank you for asking that because talking about TCRs is probably my favorite thing to do nowadays when I'm with customers in Banking. So remember, the TCR, the hardware that we're deploying to take recycling into the teller line is part of our broader branch automation strategy. We will be launching officially this strategy or kind of communicating more broadly in our Intersect customer event later this month.

謝謝你，馬特，謝謝你問這個問題，因為談論 TCR 可能是我現在在銀行與客戶相處時最喜歡做的事情。所以請記住，TCR，即我們部署的用於將回收功能帶入櫃員機的硬件，是我們更廣泛的分支機構自動化戰略的一部分。我們將在本月稍後的 Intersect 客戶活動中正式推出此策略或進行更廣泛的溝通。

But what it basically boils down to, when you think of the cash ecosystem at a branch, it encompasses the ATM, the teller line and the vault. So through our services, through our hardware and through our software, we're now able to manage that complete cash ecosystem.

但基本上，當你想到分行的現金生態系統時，它包括 ATM、櫃員線和金庫。因此，透過我們的服務、硬體和軟體，我們現在能夠管理完整的現金生態系統。

So when I think of branch automation services, it encompasses the ATM where we can do just sell you the hardware or manage it completely for you. Now we will be able to help you manage the cash at the teller line by selling you the hardware with our recyclers, keeping tabs on where that cash is, whether it's in a teller at the ATM.

因此，當我想到分支自動化服務時，它涵蓋了 ATM，我們可以向您出售硬體或完全為您管理它。現在，我們將能夠透過向您出售我們的回收機硬體來幫助您在櫃員機上管理現金，並密切注意現金的位置（無論是在 ATM 櫃員機中還是在櫃員機中）。

Our products are interoperable, so we can change cash from one device to the other and provide you a complete view on how you're operating the cash ecosystem at the branch level.

我們的產品具有互通性，因此我們可以將現金從一台設備轉換到另一台設備，並為您提供有關如何在分支機構層面運作現金生態系統的完整視圖。

This resonates with banks tremendously. As you know, cash operations is one of the biggest cost drivers in many in any retail, branch retail network, and this is really providing a strong ROI for customers.

這引起了銀行的強烈共鳴。眾所周知，現金營運是許多零售、分支零售網路中最大的成本驅動因素之一，這確實為客戶提供了強勁的投資回報率。

I would say that we're in the for us, we had our first significant order with for Teller Cash Recyclers this quarter. I'm extremely proud of the team because this is a customer that wasn't our customer for ATMs, wasn't our customer for Teller Cash Recyclers. And again, this opens the possibility to start at the branch level, but then move to the ATM.

我想說的是，我們本季收到了第一筆重要的 Teller Cash Recyclers 訂單。我為這個團隊感到非常自豪，因為這個客戶不是我們的 ATM 客戶，也不是我們的櫃員機現金回收機的客戶。再次，這提供了從分支機構層級開始，然後轉移到 ATM 的可能性。

And where we are already very strong with the ATM, it allows the opportunity to incorporate a complete ecosystem at the branch level, giving us additional service, additional software opportunities. And more importantly, as banks look to outsource more of these functions, I think that having the ATM, the branch and the vault and being able to provide a holistic view really changes the value proposition that we bring.

我們在 ATM 方面已經非常強大，它讓我們有機會在分支機構層級整合一個完整的生態系統，為我們提供額外的服務和額外的軟體機會。更重要的是，隨著銀行尋求外包更多這些功能，我認為擁有 ATM、分行和金庫並能夠提供整體視圖確實改變了我們帶來的價值主張。

So again, we're very early in that. So I'm proud of the progress that we've made, and I'm also proud that these Teller Cash Recyclers are being manufactured here in Northeast Ohio for our North America market, which is the one with the highest adoption rates right now for us.

所以，我們仍處於早期階段。因此，我為我們所取得的進步感到自豪，同時我也為這些櫃員機現金回收機在俄亥俄州東北部生產並銷往北美市場而感到自豪，北美市場是目前我們採用率最高的市場。

And again, we will see this continuing to expand as some of our large banks deployed. We'll see it trickling down to others and then advance eventually expanding globally.

隨著一些大型銀行的部署，我們將再次看到這種情況繼續擴大。我們將看到它逐漸惠及其他人，然後進一步發展，最終擴展到全球。

As far as the recycler, where are we in the cycle? I would tell you, once again, it's always the analogy, and I keep forgetting what inning we were last quarter in, but we're probably now in the fourth -- third, fourth inning with still a lot of runway to go. And again, remember, as we keep adding functionality to our product set, we are creating new use cases.

就回收商而言，我們處於循環的哪個階段？我想再告訴你一次，這始終是一個類比，我總是忘記上個季度我們處於哪一局，但我們現在可能處於第四局 - 第三局、第四局，還有很長的路要走。再次提醒，請記住，隨著我們不斷在我們的產品集上添加功能，我們正在創建新的用例。

You heard me talk about some of the Middle East wins, where now in one of our large recyclers, we're able to print debit cards, we're able to incorporate video teller technology. So I think we're taking all these components and really creating a very strong value proposition for our banking customers.

您聽我談到了我們在中東取得的一些成功，現在在我們的一家大型回收商中，我們可以列印借記卡，可以採用視訊櫃員技術。所以我認為我們正在採取所有這些要素，並真正為我們的銀行客戶創造非常強大的價值主張。

Appreciate the call.

感謝您的來電。

Thank you.

謝謝。

Antoine Legault, Wedbush Securities.

韋德布希證券公司的 Antoine Legault。

Thanks for taking my question. Just, Octavio, you mentioned about the Indian market, and it's clearly a very large addressable market. And you mentioned that the ATMs you sell there are more compact and energy efficient. Overall, are you able to achieve a similar margin profile in these machines? And just can you speak more broadly to the opportunity ahead in India?

感謝您回答我的問題。剛才，奧克塔維奧，您提到了印度市場，這顯然是一個非常大的潛在市場。您提到，你們在那裡銷售的 ATM 更加緊湊且節能。總體而言，您能在這兩台機器上實現類似的利潤率嗎？您能否更廣泛地談談印度未來的機會？

Yeah. So Antoine, India is probably one of the largest ATM deployer market today or one of the largest ones. We built our strategy around local manufacturing in India with a more compact, more energy-efficient product, smaller footprint because that's what the market needed.

是的。所以安托萬，印度可能是當今最大的 ATM 部署市場之一，或是最大的市場之一。我們的策略圍繞著印度本地製造，生產更緊湊、更節能、佔地更小的產品，因為這是市場所需要的。

So this new redesigned product that meets all of our DN Series quality standards does allow us to compete and command similar margins to those that we have in the rest of Asia Pacific.

因此，這款符合我們所有 DN 系列品質標準的全新設計產品確實使我們能夠與亞太其他地區的公司競爭並獲得類似的利潤。

Remember, the importance of this market is that it is a very fast-growing hardware market and more -- and one where we weren't particularly strong since we had exited manufacturing there a couple of years ago. By reentering, this allows us to once again start growing our installed base there.

請記住，這個市場的重要性在於它是一個成長非常快速的硬體市場，而且自從幾年前我們退出該市場的製造業以來，我們在該市場的表現並不是特別強勁。透過重新進入，我們可以再次開始擴大那裡的安裝基礎。

And the important part is as we grow this installed base, we have a very strong service annuity for the future. And I would say that the service annuity in the APAC market is probably one of the strongest margin profiles that we have, as many as these customers like to give the service of their ATMs to their OEM providers.

重要的是，隨著我們安裝基礎的成長，我們將擁有非常強大的未來服務年金。我想說的是，亞太市場的服務年金可能是我們擁有的最強大的利潤率組合之一，因為許多客戶都願意將他們的 ATM 服務交給他們的 OEM 供應商。

Understood. That's helpful. And just one more follow-up. I just want to confirm, you're looking for retail and product gross margin to lift in the second half as the scope picks up. And to expand a bit on that, I'd assume growth efforts in Retail, either Smart Vision or the incremental software features or the push into North America, should be margin accretive for your retail business. Is this the right way to think about things?

明白了。這很有幫助。還有一個後續問題。我只是想確認一下，隨著範圍的擴大，您預計下半年零售和產品毛利率將會上升。進一步說，我認為零售業的成長努力，無論是智慧視覺還是增量軟體功能或進軍北美市場，都應該能為您的零售業務增加利潤。這是思考問題的正確方式嗎？

Yeah. What I would encourage you to think, Antoine, is we will get better in margins in Q3 in Retail. We will get better in margins in Q3 in Q4 in Retail, and we will also see revenue growth in Q3 and Q4.

是的。安托萬，我想鼓勵您認為，我們在第三季的零售利潤率將會更高。我們在零售業務第三季和第四季的利潤率將會提高，同時我們的營收也將在第三季和第四季實現成長。

So as Tom said, we're very optimistic about the growth in Retail, and this is driven by what we're seeing, a steady European market with slight recovery and some large projects that we need to deliver there and our continuous efforts into growing in North America.

正如湯姆所說，我們對零售業的成長非常樂觀，這是由我們所看到的穩定的歐洲市場略有復甦以及我們需要在那裡交付的一些大型項目以及我們在北美不斷增長的努力所推動的。

Understood. And maybe last quick one on the tariffs. I know you mentioned $5 million to $10 million or $7.5 million at the midpoint, which is down significantly from your initial assessment, which I think calls for about $20 million of annualized costs related to tariffs.

明白了。最後再簡單談談關稅問題。我知道您提到了 500 萬美元到 1000 萬美元或中間值 750 萬美元，這比您最初的評估大幅下降，我認為您的初步評估需要大約 2000 萬美元的年度關稅相關成本。

Is this mostly a result of the now lower tariffs on those jurisdictions? Or is it also the impact of your mitigating initiatives taking hold now that we're about four months into this?

這是否主要是因為這些司法管轄區的關稅現在降低了？或者這也是你們採取的緩解措施在四個月後開始產生的影響？

Yeah. So I'll let Tom talk about a little bit kind of the tariff rates and all those calculations because, to be honest, as they change every day, I have a hard time figuring them out.

是的。因此，我會讓湯姆稍微談論一下關稅稅率和所有那些計算，因為說實話，由於它們每天都在變化，我很難弄清楚它們。

But let me tell you what the part that I'm very focused on. One of the things that we said is that we would mitigate some of those impacts with our own operational efficiency. One of the impacts that we had or that we were forecasting last quarter was importing the engine of our recyclers, the RM4 modules from Germany. We would manufacture them in Germany and then distribute them to our multiple manufacturing facilities, whether it was Ohio, Manaus, Brazil or India.

但讓我告訴你我非常關注的部分。我們說過的一件事是，我們會透過提高自身的營運效率來減輕其中的一些影響。我們在上個季度遇到的或預測到的影響之一是從德國進口回收機的引擎 RM4 模組。我們在德國生產它們，然後將它們分銷到我們的多個製造工廠，無論是俄亥俄州、馬瑙斯、巴西還是印度。

Since then, we've localized manufacturing of the RM4 engine to Northeast Ohio, thus avoiding the impact of the tariffs that were imposed in the EU. So again, we are continuing to look at all these different alternatives, the idea of expanding our manufacturing footprint here in Northeast Ohio for retail products. We started with the self-ordering kiosks for quick-serve restaurants, expanding to self-checkout. All these things help us really mitigate the impact of tariffs.

從那時起，我們將 RM4 引擎的製造本地化到俄亥俄州東北部，從而避免了歐盟徵收的關稅的影響。因此，我們將繼續研究所有這些不同的替代方案，並考慮擴大我們在俄亥俄州東北部的零售產品製造足跡。我們從速食店的自助點餐亭開始，逐漸擴展到自助結帳。所有這些都有助於我們真正減輕關稅的影響。

So Tom, do you want to talk a little bit about the rates?

那麼湯姆，你想談談利率嗎？

Yeah. Look, you know what our assumptions are China, 55%, everyone else at or around 15% for the remainder of the year. We were very transparent in the first quarter, came out and said our gross impact could be up to 20%, but we have line of sight to mitigate 10%.

是的。你知道我們的假設是什麼嗎？中國將佔 55%，其他國家在今年剩餘時間內將佔 15% 左右。我們在第一季非常透明，並表示我們的總影響可能高達 20%，但我們的目標是減輕 10%。

So think about that 10% in the first quarter now going down to a range of 5% to 10%. And we think that we have multiple ways to win here and continue to mitigate that even further, which is why we're confident despite tariffs, we're still going to be able to execute towards the high end of our range.

因此，想想第一季的 10% 現在下降到 5% 到 10% 的範圍。我們認為，我們有多種方法可以在這裡取勝，並繼續進一步緩解這種局面，這就是為什麼我們有信心，儘管有關稅，我們仍然能夠實現我們產品範圍的高端。

Thank you. I'll pass on.

謝謝。我會傳承下去。

Justin Agius with CJAS Securities.

CJAS Securities 的 Justin Agius。

Morning, all. Positive to see the pilot program and the one customer on the uptake in Retail for the Vynamic software. Can you just give us a sense of the conversion of pilot programs or the lead time that, that takes?

大家早安。很高興看到試點計畫和零售業客戶對 Vynamic 軟體的接受。您能否向我們介紹一下試點計畫的轉換情況以及所需的準備時間？

Yeah, Justin. And again, it varies, to be honest, depending on the size of retail, the complexity of what they're trying to deploy. We're encouraged that this is a midsized grocer that had a couple of hundred stores, but they've started with the first 18 that are now live. So we're happy to see that.

是的，賈斯汀。老實說，這取決於零售的規模以及他們試圖部署的複雜性。我們很高興看到，這是一家擁有數百家門市的中型雜貨店，但他們從目前經營的 18 家門市開始營業。所以我們很高興看到這一點。

That was a process that roughly took us six months from the inception of the first proof of concept to piloting in one of the stores to now starting to roll out in the first 18 stores.

從第一個概念驗證開始，到在一家商店試行，再到現在開始在前 18 家商店推廣，這個過程大約花了六個月的時間。

So I would say that for midsized companies, we're anywhere from six months should be a good time frame. We see that in some of the larger grocers, some of the larger retailers, that process is a little bit more extensive, particularly as retailers with multiple with hundreds or thousands of stores really create a more comprehensive testing process and evaluation process.

所以我想說，對於中型公司來說，六個月左右應該是一個不錯的時間範圍。我們發現，在一些較大的雜貨店和一些較大的零售商中，這個過程更加廣泛一些，特別是擁有數百或數千家商店的零售商確實創建了更全面的測試流程和評估流程。

So I would say that, that probably takes 6 to 9 months. But I think that, that is the average time frame, anywhere from low end six months to high end nine months. And remember, we started some of these proof of concepts and pilots early Q1, so we're starting to see the early green shoots of those efforts.

所以我想說，這可能需要 6 到 9 個月。但我認為，這是平均時間範圍，從最短六個月到最長九個月。請記住，我們在第一季初就開始了一些概念驗證和試點，因此我們開始看到這些努力的早期進展。

That's helpful. And then one more. I appreciated the color around guidance on the tax rate. Can you give us an update on where you are in getting to a more rational tax rate? I know that was a bit longer-term focus. Just wanted to get a sense of the progress being made there.

這很有幫助。然後再來一個。我很欣賞有關稅率指導的顏色。您能否向我們介紹貴國在實現更合理稅率方面所取得的進展？我知道這是一個比較長期的關注點。只是想了解那裡的進展。

Yeah. Thank you, Justin. It's a great question. This quarter, we were able to capitalize on some discrete onetime items in the quarter that dropped the rate to 33%, right? So we were able to adjust our range, lowered it a little bit from 45% to 40% to 45%.

是的。謝謝你，賈斯汀。這是一個很好的問題。本季度，我們能夠利用本季的一些一次性項目將比率降至 33%，對嗎？因此，我們可以調整範圍，將其從 45% 稍微降低到 40% 到 45%。

Again, we some of the tax planning initiatives and strategies are going to take some time to not only implement, but then also manifest themselves on our results. So we are still committed to doing what we said at IR Day. And by 2027, we believe that we can drive the rate down to the low to mid-30s. And we think that, that at that point would be a sustainable type of range for us, right?

再次強調，我們的一些稅務規劃措施和策略不僅需要一些時間來實施，而且還會在我們的結果中反映出來。因此，我們仍然致力於履行我們在 IR Day 上所說過的承諾。到 2027 年，我們相信我們可以將這一比率降至 35% 左右。我們認為，那對我們來說將是一個可持續的範圍，對嗎？

We do have good I guess, it's a good problem, maybe a bad problem of making a lot of our money in high tax jurisdictions like Brazil and Germany and the US. So it's a little bit more of a headwind for us, but we're confident in our ability to lower that rate over time and not only rate, but some of the cash tax payments as well.

我想我們確實有好問題，這是一個好問題，但也可能是個壞問題，那就是我們在巴西、德國和美國等高稅收管轄區賺取大量利潤。所以這對我們來說是一個小小的阻力，但我們有信心隨著時間的推移降低稅率，不僅是稅率，還有部分現金稅支付。

I appreciate the color there. Thanks for the taking the questions.

我很欣賞那裡的色彩。感謝您回答這些問題。

Matt Somerville, DA Davidson.

馬特·薩默維爾、DA 戴維森。

A couple of follow-ups. I want to make sure I understand kind of the go-forward cadence in service's gross margins. And I want to understand, you talked about a lot of different investments you're making on that side of the business, which will obviously bear long-term fruit.

一些後續行動。我想確保我了解服務毛利率的前進節奏。我想了解的是，您談到了在該業務方面進行的許多不同投資，這些投資顯然會帶來長期成果。

But I'm curious, are those investments actually weighing on margins at present? And again, if you can remind us how we should think about Q3 and Q4, the margin evolution. And then I have a follow-up.

但我很好奇，這些投資實際上是否對目前的利潤率造成壓力？再說一次，如果您能提醒我們應該如何看待第三季和第四季的利潤率演變。然後我有一個後續問題。

Yeah. So look, our view is the 100 basis points of service gross margin continues to be our North Star, right? And remember, it's not just this quarter, it's not just this year, it's that whole three-year journey, right? So we have increased margins Q1 and Q2. And as Octavio and I both pointed out, continue to expect that sequential improvement throughout the year.

是的。所以，我們的觀點是，100 個基點的服務毛利率還是我們的北極星，對嗎？請記住，這不僅僅是這個季度，不僅僅是今年，而是整個三年的歷程，對嗎？因此我們提高了第一季和第二季的利潤率。正如 Octavio 和我所指出的，我們預計全年業績將繼續持續改善。

But let me give you a road map for the remainder of 2025. So look, first half service margin came in at about 25.3%. We're projecting full year service margins of at least 26.5%, and we're targeting multiple opportunities to incrementally improve that through the remainder of the year.

但讓我給你一份 2025 年剩餘時間的路線圖。因此，上半年服務利潤率約為 25.3%。我們預計全年服務利潤率至少為 26.5%，我們正在利用多種機會在今年剩餘時間內逐步提高這一水平。

I think what's important to keep in the back of the mind here is as we exit the year, we do expect our Q4 service margin run rate. So as we exit the fourth quarter to show at least 100 basis points of growth over the Q4 2024 exit rate of '26.

我認為，需要牢記的是，隨著今年的結束，我們確實預計第四季度的服務利潤率運行率。因此，當我們退出第四季時，我們將看到比 2024 年第四季 26 年的退出率增加至少 100 個基點。

So you are correct that there is an elevated cost associated to the repair of those the consolidation of the repair centers, the field software for our technician, the software rollout and then also adding field technicians to support our service portfolio as well. But again, we remain confident on the ability to achieve what we've said and overall maintain the higher end of our guidance.

所以您說得對，修復這些維修中心的合併、技術人員的現場軟體、軟體推出以及增加現場技術人員來支援我們的服務組合都會增加成本。但我們仍然有信心能夠實現我們所說的目標，並總體上保持我們指導的較高水平。

Yeah. Matt, and just to add to Tom's point because this is one of the things that I've committed to all our customers. We will be the best service organization. We will continue improving using technology, incorporating AI into the way we serve our customers. So we're very focused on that, and that is something that -- that's what I think of our 3-year journey are the investments that will clearly elevate our capabilities around service and really distinguish Diebold Nixdorf in the market.

是的。馬特，我只是想補充湯姆的觀點，因為這是我對所有客戶的承諾之一。我們將成為最好的服務機構。我們將繼續改進技術，將人工智慧融入我們為客戶提供服務的方式中。因此，我們非常關注這一點，我認為，我們三年的歷程中的投資將明顯提升我們服務方面的能力，並真正使 Diebold Nixdorf 在市場上脫穎而出。

As a follow-up, can you maybe expand a little bit on that $50 million sort of OpEx target you're looking at in terms of annual savings? Tom, maybe where you and Octavio are seeing the greatest sort of magnitude of kind of opportunity going forward? And are you executing towards that type of number for 2025 as well? I want to be clear on that.

作為後續問題，您能否稍微詳細地介紹一下您所考慮的每年節省 5000 萬美元的營運支出目標？湯姆，也許你和奧克塔維奧都看到了未來最大的機會？您是否也朝著 2025 年這樣的目標努力？我想明確這一點。

Yeah. We'll have more to share with you. We're working towards those plans and developing those plans. We think we've got opportunities in shared services. We think we've got opportunities in our manufacturing and operations kind of across the board. As we continue to roll out lean, it's been it's really been embraced by the company, and we expect, given the number of kaizens that you saw on the slide, we continue to roll that and see it as well.

是的。我們將有更多內容與大家分享。我們正在努力實現這些計劃並製定這些計劃。我們認為我們在共享服務方面有機會。我們認為我們在製造和營運方面都擁有全面的機會。隨著我們繼續推行精益生產，它確實受到了公司的歡迎，我們預計，鑑於您在幻燈片上看到的改善數量，我們會繼續推行精益生產並看到效果。

And then in the functions, whether it's our back office and shared services and whatnot, we think that we have opportunities to begin executing to that. So I would ask for a little bit more time to more fully develop those plans and give you an idea, but we would expect a favorable impact to the current year

然後在功能方面，無論是我們的後台辦公室和共享服務等等，我們認為我們都有機會開始執行。因此，我希望你們能多花點時間，以便更全面地制定這些計劃，並向你們提供一個想法，但我們預計這會對今年產生積極的影響。

And it seems that we have no further questions. I will now turn the call back over to Maynard Um for closing remarks.

看來我們沒有其他問題了。現在我將把電話轉回給 Maynard Um 做結束語。

Okay. Thanks, everyone, for participating in today's call and your interest in Diebold Nixdorf. If you have any follow-up questions, please feel free to reach out to the Investor Relations team. Thanks again, and have a great day.

好的。感謝大家參加今天的電話會議以及對 Diebold Nixdorf 的關注。如果您有任何後續問題，請隨時聯絡投資者關係團隊。再次感謝，祝您有愉快的一天。

This concludes the meeting. You may now disconnect your lines.

會議到此結束。現在您可以斷開線路了。