NCR Atleos Corp (NATL) 2024 Q1 法說會逐字稿

Good day, and welcome to the NCR Atleos Q1 FY '24 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brendan Metrano. Please go ahead.

美好的一天，歡迎參加 NCR Atleos '24 財年第一季財報電話會議。今天的會議正在錄製中。這次，我想把會議交給布倫丹·梅特拉諾（Brendan Metrano）。請繼續。

Good morning, and thank you for joining the NCR Atleos' first quarter earnings call. Joining me on the call today are Tim Oliver, CEO; Paul Campbell, CFO; and Stuart MacKinnon, Chief Operating Officer. Tim will start this morning with an overview of first quarter performance and an update on our objectives for 2024. Next, Paul will review our financial results and outlook, and then we will move to Q&A.

早安，感謝您參加 NCR Atleos 第一季財報電話會議。今天和我一起參加電話會議的是執行長 Tim Oliver；保羅‧坎貝爾，財務長；和營運長 Stuart MacKinnon。 Tim 今天早上將概述第一季業績並更新我們 2024 年的目標。

Before we get started, let me remind you that our presentation and discussions will include forward-looking statements. These statements reflect our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those expectations. These risks and uncertainties are described in today's materials and our periodic filings with the SEC, including our annual report.

在我們開始之前，請允許我提醒您，我們的演示和討論將包含前瞻性陳述。這些陳述反映了我們目前的預期和信念，並受到風險和不確定性的影響，可能導致實際結果與這些預期有重大差異。這些風險和不確定性在今天的材料和我們向 SEC 定期提交的文件（包括我們的年度報告）中進行了描述。

Also, in a review of results today, we will refer to certain non-GAAP financial measures, which the company uses to measure its performance. These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials and on the Investor Relations website.

此外，在今天的績效審查中，我們將參考某些非公認會計準則財務指標，該公司以這些指標來衡量其績效。這些非 GAAP 衡量標準在簡報資料和投資者關係網站上進行了描述，並與 GAAP 對應衡量標準進行了協調。

Note that on the website, we have also provided historical financial results on a carve-out accounting basis for 2022 and 2023 to aid in analysis and modeling. A replay of this call will be available later today on our website, investor.ncratleos.com. With that, I will turn the call over to Tim.

請注意，在網站上，我們還提供了 2022 年和 2023 年剝離會計基礎上的歷史財務結果，以幫助分析和建模。今天晚些時候，我們將在我們的網站 Investor.ncratleos.com 上提供本次電話會議的重播。這樣，我會將電話轉給提姆。

Thank you, Brendan, and thank you to everyone for joining us on this call this morning. Before I launch into discussion of a very successful quarter and because I'm hopeful that many of you are newer to the Atleos story, I think it makes sense to reiterate the significant opportunity and focused strategy of Atleos now as an independent pure-play ATM company. Atleos has a service fleet of approximately 600,000 ATMs, 15% of which we own and operate for our own Network business.

謝謝布倫丹，也謝謝大家今天早上參加我們的電話會議。在我開始討論一個非常成功的季度之前，並且因為我希望你們中的許多人對Atleos 的故事比較陌生，所以我認為重申Atleos 現在作為一家獨立的純ATM 所面臨的重大機遇和重點戰略是有意義的公司。 Atleos 擁有約 60 萬台 ATM 的服務機群，其中 15% 是我們擁有並經營的網路業務。

In the current global environment of steady cash-based consumer transactions and a stable installed base of ATM hardware, our growth will come from generating more revenue for every machine that we support. Whether that's from providing higher quality, more efficient, and more comprehensive services to our financial institution clients or by driving more transaction volume across our Network machines located in blue-chip retail locations, both are fueled by our customers' desire to improve financial access for their customers while outsourcing more of their cash ecosystem.

在目前以現金為基礎的消費者交易穩定和 ATM 硬體安裝基礎穩定的全球環境中，我們的成長將來自於為我們支援的每台機器創造更多收入。無論是為我們的金融機構客戶提供更高品質、更有效率、更全面的服務，或是透過位於藍籌零售地點的網路機器推動更多交易量，這一切都是由我們的客戶改善金融服務的願望所推動的。

And as we service both from a common infrastructure that is unmatched scale, is leverageable, and is world-class, our customers are increasingly reinvesting back into their retail banking footprint and embracing shared financial utilities. For them, this strategy will result in lower cost, higher quality, better consumer experience, broader reach, and in some instances, higher foot traffic. For NCR Atleos, it will drive higher revenue growth, higher profitability from a scale and richer revenue mix, and a predictable free cash flow.

由於我們透過規模無與倫比、具有槓桿作用且世界一流的通用基礎設施提供服務，我們的客戶越來越多地重新投資於他們的零售銀行業務並接受共享的金融公用事業。對他們來說，這項策略將帶來更低的成本、更高的品質、更好的消費者體驗、更廣泛的覆蓋範圍，在某些情況下還會帶來更高的人流。對於 NCR Atleos 而言，它將推動更高的收入成長、規模化和更豐富的收入組合帶來的更高盈利能力以及可預測的自由現金流。

Turning to Slide 5. I'm pleased to report that we are off to a very good start for the year. First quarter financial results were at or above the high end of expectations, led by strong growth in both our transaction base and our services businesses. And profit margins are beginning to climb as we overcome the incremental costs resulting from our spin transaction through cost productivity and interest rates stopping increasing.

轉向幻燈片 5。在我們的交易基礎和服務業務的強勁成長的帶動下，第一季的財務表現達到或高於預期的上限。隨著我們透過成本生產力和利率停止成長來克服旋轉交易帶來的增量成本，利潤率開始攀升。

The operational and tactical progress of our first quarter allows us to be increasingly confident about our full year 2024. Improving service quality levels, cost productivity traction, key contractual renewals, and sufficient selling pipelines all support our full year guidance. Paul will provide a much more granular view of our performance and our outlook in a few minutes.

第一季的營運和戰術進展使我們對 2024 年全年充滿信心。幾分鐘後，保羅將更詳細地介紹我們的表現和前景。

Moving to Slide 6 that has operating results for our 2 key segments. In our Self-Service Banking segment, we grew our software and services revenue by 7% versus the prior year, catalyzed by our ATM-as-a-Service initiative, which posted almost 40% year-over-year revenue growth and exit this quarter at a run rate of nearly $200 million in annual revenue. Our ATM-as-a-Service active unit count grew modestly in the quarter to approximately 21,000 with increases across geographies. We closed 12 new ATM-as-a-Service deals in Q1, including our first 1 in Hong Kong to finish with backlog up from year-end to over 4,000 units. We now support ATM-as-a-Service customers in 12 countries, illustrating the broad appeal of our offering and the significant opportunity for global expansion.

前往投影片 6，其中包含我們 2 個關鍵細分市場的營運結果。在我們的自助銀行業務部門，在我們的ATM 即服務計劃的推動下，我們的軟體和服務收入比上年增長了7%，該計劃的收入同比增長了近40%，並退出了這一計劃。我們的 ATM 即服務活躍單位數量在本季度小幅增長至約 21,000 個，並且各個地區都有所增加。我們在第一季完成了 12 筆新的 ATM 即服務交易，其中包括我們在香港完成的首筆交易，截至年底，積壓訂單數量已超過 4,000 台。我們現在為 12 個國家的 ATM 即服務客戶提供支持，這表明我們的產品具有廣泛的吸引力以及全球擴張的重大機會。

More generally, strong ATM orders globally strengthened our backlog and included key competitive wins in cash-intensive growth markets like Mexico, Egypt and Turkey for the deployment of our new recycling technology and the accompanying services. We will deploy our recycling technology for Egypt National Post. And with agreements with Yapi Kredi Bank and Garanti Bank, we will now implement over 5,000 recyclers in Turkey.

更廣泛地說，全球範圍內強勁的ATM 訂單增加了我們的積壓訂單，並包括在墨西哥、埃及和土耳其等現金密集型增長市場中因部署我們的新回收技術和配套服務而取得的關鍵競爭勝利。我們將為埃及國家郵政部署我們的回收技術。透過與 Yapi Kredi 銀行和 Garanti 銀行達成協議，我們現在將在土耳其建立 5,000 多家回收商。

Our Network segment performed well in the first quarter with robust transaction growth, including record high transaction volumes in the month of March. Top line trends were positive in most markets, led by Allpoint surcharge-free withdrawals in the U.S. and the addition of ASDA, a premier grocery chain in the U.K. Overall, cash withdrawals grew 11% year-over-year, including 14% growth in surcharge-free withdrawals. Scalable transaction growth against our fixed cost infrastructure and a more profitable transaction mix allowed double-digit profit growth in the Network business. Execution of our transaction expansion strategy continues with deposit transactions at retail locations becoming our fastest-growing transaction type.

我們的網路部門在第一季表現良好，交易量強勁成長，其中三月的交易量創下歷史新高。大多數市場的收入趨勢呈正面趨勢，其中美國的 Allpoint 免附加費提款以及英國頂級雜貨連鎖店 ASDA 的加入為引領。附加費。我們的固定成本基礎設施的可擴展交易成長和利潤更高的交易組合使網路業務實現了兩位數的利潤成長。我們的交易擴張策略持續執行，零售地點的存款交易成為我們成長最快的交易類型。

The first quarter saw the addition of a second large U.S. bank to the deposit network, evidencing the value that all banks can realize from our utility banking network. As part of our strategy to export the success of the Allpoint utility to other regions, we launched the first U.K.-based deposit-accepting locations in partnership with Cash Access UK. Our retail footprint in the U.K. provides ideal locations for banks to send their customers for everyday banking, where branch access may not be as convenient. We continue to strengthen our retail footprint with the extension of our relationships with CVS and 7-Eleven Canada, ensuring safe, convenient access to cash, while also driving foot traffic for the retailers. FinTech transaction volumes accelerated to new highs as neobanks, who don't have traditional bank infrastructure, provide convenient cash access to their growing customer base.

第一季度，美國第二家大型銀行加入存款網絡，證明了所有銀行都可以從我們的公用事業銀行網絡中實現價值。作為我們將 Allpoint 實用程式的成功推廣到其他地區的策略的一部分，我們與 Cash Access UK 合作推出了第一家位於英國的存款接受網點。我們在英國的零售業務為銀行提供了理想的地點，讓客戶可以進行日常銀行業務，而這些地方的分行訪問可能不那麼方便。透過擴展與 CVS 和加拿大 7-11 的關係，我們持續加強我們的零售業務，確保安全、方便地獲取現金，同時也增加零售商的客流量。由於沒有傳統銀行基礎設施的新型銀行為其不斷增長的客戶群提供了便捷的現金獲取方式，金融科技交易量加速升至新高。

Turning to Slide 7 for an update on our strategic objectives. Last quarter, we outlined our objectives for 2024 and described them in 3 buckets: one, differentiate and grow; two, optimize resource allocation; and three, complete the separation from Voyix. I'll highlight a few accomplishments in each of these 3 for this quarter, starting with differentiate and grow. While I've already described the success of our growth strategies in Q1, we also ceded future period growth. We continue to drive innovation in the ATM market.

請參閱投影片 7，以了解我們策略目標的最新情況。上個季度，我們概述了 2024 年的目標，並將其分為三個部分：一是差異化和成長；二、優化資源配置；第三，完成與 Voyix 的分離。我將重點介紹本季這三個方面的一些成就，首先是差異化和成長。雖然我已經描述了我們在第一季的成長策略的成功，但我們也放棄了未來的成長。我們持續推動 ATM 市場的創新。

We built out our tap transactions in multi-issuer environment across the U.S. network, enabling faster, more secure transactions, aligning with the fast-growing neobank segment. Our partnership with a leading gig economy payment solution launched across our retail network, providing drivers direct access to their daily pay, further expanding our transaction set. And we activated the first retail deposit locations in the U.K. in a partnership with Cash Access UK and a major U.K. bank, which expanded additional transaction sets internationally.

我們在美國網路的多發行人環境中建立了 Tap 交易，從而實現更快、更安全的交易，與快速成長的新銀行領域保持一致。我們與在整個零售網絡中推出的領先零工經濟支付解決方案建立了合作夥伴關係，為司機提供直接獲取日常工資的途徑，進一步擴大了我們的交易範圍。我們與 Cash Access UK 和英國一家主要銀行合作，在英國開設了第一個零售存款點，從而在國際上擴大了額外的交易範圍。

Both our engineering and our selling teams are energized by a renewed commitment to deliver innovative solutions and capabilities. Optimizing resource allocation means maximizing output for every unit of input of a scarce resource, whether that be people, cost, or capital. In Q1, we reorganized the customer service and business operations functions. We introduced an AI-driven tool to our Service teams that has already improved both quality and speed. We kicked off multiple productivity initiatives targeting both direct and indirect costs that will help offset separation dis-synergies by the time we exit this year. And we redefined a vendor agreement to allow joint engineering and production efforts will reduce our costs and importantly alleviate supply constraints.

我們的工程和銷售團隊都因重新致力於提供創新解決方案和功能而充滿活力。優化資源配置意味著使稀缺資源的每單位投入（無論是人力、成本或資本）的產出最大化。第一季度，我們重組了客戶服務和業務營運職能。我們向我們的服務團隊引入了人工智慧驅動的工具，該工具已經提高了品質和速度。我們啟動了多項針對直接和間接成本的生產力計劃，這些計劃將有助於在我們今年退出時抵消分離的不協同效應。我們重新定義了供應商協議，允許聯合工程和生產工作，這將降低我們的成本，並重要地緩解供應限制。

And finally, the separation from our former sibling company, NCR Voyix, is on track. During the quarter, we transferred 4 countries back to Atleos that have been stranded with Voyix post split. Only 3 relatively immaterial countries remain with Voyix and they're expected to transfer by the third quarter.

最後，與我們以前的兄弟公司 NCR Voyix 的分離已步入正軌。在本季度，我們將 4 個在分裂後滯留在 Voyix 的國家轉移回 Atleos。只有 3 個相對無關緊要的國家仍保留在 Voyix 中，預計它們將在第三季之前轉移。

We also accelerated our efforts to close transition service agreements or TSAs between the 2 companies. Full separation will enable further cost savings for both sides and provide more strategic flexibility. I want to extend my appreciation to the entire NCR Atleos team for delivering a strong quarter through their dedication, hard work and positive disposition. These (inaudible) and pride of place emanating from our new company is energizing and contagious. We have a lot to do, but the opportunity is compelling and the future is bright.

我們也加快了兩家公司達成過渡服務協議或 TSA 的步伐。完全分離將為雙方進一步節省成本並提供更大的戰略靈活性。我要向整個 NCR Atleos 團隊表示感謝，感謝他們透過奉獻、辛勤工作和積極的態度實現了強勁的季度業績。我們新公司所散發出的這些（聽不清楚）和自豪感是充滿活力和感染力的。我們還有很多事情要做，但機會是誘人的，未來是光明的。

With that, over to you, Paul.

那麼，就交給你了，保羅。

Thanks, Tim, and thanks to all for joining us today. I echo Tim's comments that we had an excellent start to the year in our first full quarter as an independent company. We were particularly pleased with the financial results, momentum of our businesses, and the progress on our objectives. Importantly, it further validated the power of our strategy to generate higher revenue and profit per unit across our global installed base of around 600,000 ATMs through adding incremental transaction and service revenue streams.

謝謝提姆，也謝謝大家今天加入我們。我同意蒂姆的評論，即我們作為一家獨立公司在第一個完整季度取得了良好的開局。我們對財務表現、業務動能以及目標進展感到特別滿意。重要的是，它進一步驗證了我們的策略的力量，即透過增加增量交易和服務收入流，在全球約 60 萬台 ATM 的安裝基礎上創造更高的單位收入和利潤。

In the discussion of non-GAAP financial results, there are certain instances where year-over-year comparisons are inconsistent. Normalizing these factors would have provided a more favorable comparison, but I prefer not to complicate a good set of results. Where meaningful, I will variably reference those to provide a clearer view on how the business has performed.

在討論非公認會計準則財務表現時，在某些情況下，與去年同期相比是不一致的。將這些因素標準化可以提供更有利的比較，但我不希望使一組好的結果變得複雜。在有意義的情況下，我會不時地引用這些內容，以更清晰地了解業務的表現。

With that, I'll turn to Slide 9 for a review of the consolidated first quarter results. Total company revenue of $1.05 billion was at the high end of expectations, led by 8% growth in service revenue that reflected our continued success in generating more revenue per unit. Strong services revenue contributed 7% growth in recurring revenue to $763 million, which comprised 73% of total revenue, a new high for the company. First quarter adjusted EBITDA increased 11% year-over-year to $162 million on strong top line growth and 60 basis points of margin expansion to 15.4%.

接下來，我將轉向投影片 9 回顧第一季的綜合業績。公司總收入達到 10.5 億美元，處於預期的最高水平，服務收入成長了 8%，這反映出我們在每單位收入方面持續取得成功。強勁的服務收入推動經常性收入成長 7%，達到 7.63 億美元，佔總營收的 73%，創公司新高。第一季調整後 EBITDA 年成長 11% 至 1.62 億美元，得益於強勁的營收成長和利潤率擴張 60 個基點至 15.4%。

Moving down the P&L, we had interest expense of $79 million or an average total debt balance of $3.1 billion, including approximately $1.7 billion variable rate debt. The weighted average interest rate on debt was approximately 9.4%. First quarter effective tax rate was approximately 27% and the fully diluted average share count was 73.1 million. Putting it together, first quarter diluted adjusted earnings per share was $0.41, just above the high end of the first quarter guidance. We generated approximately $69 million of adjusted free cash flow in the quarter, putting us comfortably on track for our 2024 target of $170 million to $230 million.

從損益表來看，我們的利息支出為 7,900 萬美元，平均債務餘額為 31 億美元，其中包括約 17 億美元的浮動利率債務。債務加權平均利率約為9.4%。第一季有效稅率約為 27%，完全稀釋後平均股數為 7,310 萬股。總而言之，第一季攤薄調整後每股收益為 0.41 美元，略高於第一季指引的上限。本季我們產生了約 6,900 萬美元的調整後自由現金流，這使我們輕鬆實現 2024 年 1.7 億至 2.3 億美元的目標。

Moving to Slide 10. Self-Service Banking is our largest business and is comprised of a stable global installed base of approximately 520,000 of our 600,000 ATM units. These 520,000 units primarily generate recurring revenue from software and services attached to hardware units. We are transforming the business by leveraging our network segment infrastructure capabilities to deliver a broader range of services to our customer and a more comprehensive outsourced service model, ATM-as-a-Service.

轉向幻燈片 10。這 52 萬台設備主要透過硬體設備附帶的軟體和服務產生經常性收入。我們正在利用我們的網段基礎設施能力來轉變業務，為客戶提供更廣泛的服務和更全面的外包服務模式，即ATM即服務。

Self-Service Banking had a very solid first quarter with respect to financial results and progress with our strategy. Starting in the upper left, revenue grew 4% year-over-year to $628 million, with recurring revenue up 7% to a new high of 62% of the segment revenues. The recurring revenue growth reflects the success of our strategy to drive more revenue per unit with service revenue up 5% and software revenue up 9% year-over-year. Top line strength was geographically broad-based with growth in all regions other than Asia Pacific, which was slightly down due to timing of onetime hardware revenue.

自助銀行業務第一季的財務表現和策略進展非常穩健。從左上角開始，營收年增 4%，達到 6.28 億美元，經常性收入成長 7%，達到該部門營收的 62%，創下新高。經常性收入成長反映了我們推動單位收入增加的策略的成功，其中服務收入同比增長 5%，軟體收入同比增長 9%。營收實力在地理上具有廣泛的基礎，除了亞太地區以外的所有地區都有成長，由於一次性硬體收入的時間安排，亞太地區略有下降。

Adjusted EBITDA was $134 million compared to $139 million in the prior year. Adjusted EBITDA margin of 21% was down 160 basis points year-over-year, primarily due to dis-synergies from the separation, different cost allocation methodology in the prior year and the shift of certain business functions from corporate to be managed in this segment.

調整後 EBITDA 為 1.34 億美元，上一年為 1.39 億美元。調整後 EBITDA 利潤率為 21%，年減 160 個基點，主要是由於分離帶來的協同效應缺失、上一年不同的成本分配方法以及某些業務職能從公司轉移到該部門管理。

Moving to KPIs at the bottom of this slide. For the first quarter, all of our key metrics are heading in the right direction year-over-year and sequentially, indicating our strategy and execution is achieving the desired result of increasing monetization of our installed base. Starting in the bottom left, recurring revenue was up to 62% on the combination of growth in legacy software and services revenue plus incremental ATM-as-a-Service revenue.

前往本投影片底部的 KPI。在第一季度，我們的所有關鍵指標都逐年朝著正確的方向發展，這表明我們的策略和執行正在實現增加客戶群貨幣化的預期結果。從左下角開始，由於傳統軟體和服務收入的成長加上 ATM 即服務收入的增量，經常性收入高達 62%。

As Tim noted earlier, we finished the first quarter with almost 21,000 active ATM-as-a-Service units, adding approximately 400 units, which is consistent with the assumption behind our 2024 financial targets. ATM-as-a-Service revenue for the quarter was approximately $46 million, up 37% year-on-year, and our current ATM-as-a-Service unit backlog increased to more than 4,000 units. The backlog and sales funnel mix has a higher mix of deals that would be asset light, which would not require CapEx funding. Annual recurring revenue in the bottom left increased 8% year-over-year and illustrates the compounding revenue benefit of our strategy to drive more recurring services to our customer base.

正如蒂姆早些時候指出的，我們在第一季結束時擁有近 21,000 個活躍的 ATM 即服務單位，增加了約 400 個單位，這與我們 2024 年財務目標背後的假設一致。本季 ATM 即服務收入約 4,600 萬美元，年增 37%，我們目前的 ATM 即服務單位積壓數量增加至 4,000 多台。積壓訂單和銷售漏斗組合具有較高的輕資產交易組合，不需要資本支出資金。左下角的年度經常性收入年增 8%，說明了我們為客戶群提供更多經常性服務的策略所帶來的複合收入效益。

Moving to Slide 11. The Network segment performed well in the first quarter. Starting at the top left, revenue increased 3% year-over-year, led by 11% growth in withdrawal volumes, more than offsetting the lower-than-expected volumes in our low-margin LibertyX transactions. Withdrawal transactions growth was broad-based with North America up 7% and international up 14%, benefiting from the agreement with ASDA signed in the fourth quarter, which had a full quarter impact on Q1.

轉到投影片 11。從左上角開始，營收年增 3%，提款量成長 11%，遠抵銷了低利潤 LibertyX 交易量低於預期的影響。提款交易成長廣泛，北美成長 7%，國際成長 14%，這得益於第四季度與 ASDA 簽署的協議，該協議對第一季產生了整個季度的影響。

Moving to the chart on the right. Adjusted EBITDA increased 15% year-over-year to $86 million on top line growth and margin expansion. Adjusted EBITDA margin expanded 270 basis points year-over-year to 28% from a combination of higher growth and more profitable transactions and difference in cost allocation under carve-out accounting in the prior year. Our Network strategy focuses on growing transaction volume on a relatively fixed base of approximately 80,000 of 600,000 ATM units. The key metrics at the bottom of the slide highlights how well this business has been doing that. On the left, you can see that we have continued to optimize the ATM portfolio by reducing low-performing locations, finishing the quarter with 81,000 units. The chart on the right shows the last 12 months average revenue per unit, or ARPU, up 8% year-over-year, another proof point in the execution of our strategy to increasingly monetize existing network of ATMs.

轉到右側的圖表。由於營收成長和利潤率擴張，調整後 EBITDA 年成長 15% 至 8,600 萬美元。調整後的 EBITDA 利潤率同比增長 270 個基點，達到 28%，這得益於上一年更高的增長和更有利可圖的交易以及剝離會計下的成本分配差異。我們的網路策略著重於在 60 萬台 ATM 機中約 8 萬台相對固定的基礎上不斷增長交易量。幻燈片底部的關鍵指標突顯了該企業在這方面的表現。在左側，您可以看到我們透過減少表現不佳的網點來繼續優化 ATM 產品組合，本季末的 ATM 數量達到 81,000 台。右圖顯示了過去 12 個月的平均每單位收入 (ARPU) 比去年同期成長 8%，這是我們執行日益利用現有 ATM 網路貨幣化策略的另一個證據。

Slide 12 presents a summary of our segment revenue and adjusted EBITDA results for the total company. Technology and Telecom segment revenue and adjusted EBITDA margin were slightly up year-over-year due to new customers expanding services in the first quarter. As a reminder, we created another segment and put all of the activity with NCR Voyix into this segment. This segment is largely uncontrollable by us, and as activities between the companies reduce all of the impact will flow here and will not impact the core business segments.

投影片 12 總結了我們的部門收入和整個公司調整後的 EBITDA 結果。由於第一季新客戶擴大服務，技術和電信部門收入和調整後 EBITDA 利潤率較去年同期小幅成長。提醒一下，我們創建了另一個細分，並將 NCR Voyix 的所有活動放入此細分中。該部門在很大程度上是我們無法控制的，隨著公司之間的活動減少，所有影響都將流向此處，而不會影響核心業務部門。

Unallocated corporate costs decreased 18% to $72 million with primary contributors being the movement of some departments into the business segments and difference between historical cost allocation methodology under carve-out accounting.

未分配的企業成本下降了 18%，達到 7,200 萬美元，主要原因是一些部門轉移到業務部門，以及剝離會計下的歷史成本分配方法之間的差異。

On Slide 13, we present a walk of adjusted EBITDA to free cash flow for the quarter and a snapshot of our financial position at the end of the first quarter. Starting at the top of the slide, we generated significant free cash flow of $69 million from adjusted EBITDA of $162 million. You can see at the bottom of the slide, the company's financial position strengthened further in the quarter, finishing with a little less than $2.6 billion of net debt and available liquidity of over $700 million. Consistent with our stated capital allocation priorities, more than all of the generated free cash flow was used to pay an approximately $88 million of debt, including $18 million of term loan principal and $62 million of revolving credit facility. We were delighted to reduce our net leverage ratio to below 3.5x, putting us well on our way to our goal of being below 3.2x by the end of 2024 and below 3x during the first half of 2021.

在投影片 13 中，我們展示了本季調整後的 EBITDA 到自由現金流的情況，以及第一季末我們的財務狀況的快照。從幻燈片頂部開始，我們從 1.62 億美元的調整後 EBITDA 中產生了 6900 萬美元的大量自由現金流。您可以在幻燈片底部看到，該公司的財務狀況在本季進一步增強，淨債務略低於 26 億美元，可用流動資金超過 7 億美元。根據我們規定的資本配置優先順序，產生的自由現金流超過全部用於支付約 8,800 萬美元的債務，其中包括 1,800 萬美元的定期貸款本金和 6,200 萬美元的循環信貸額度。我們很高興將淨槓桿率降至 3.5 倍以下，這使我們有望實現到 2024 年底低於 3.2 倍、2021 年上半年低於 3 倍的目標。

Turning to Slide 14, our total company financial outlook for Q2 and full year. I'll start with full year targets, which we have reaffirmed. We continue to expect total company revenues to be in the range of $4.2 billion to $4.4 billion, adjusted EBITDA of $770 million to $800 million, diluted adjusted EPS of $2.90 to $3.20, and free cash flow of $170 million to $230 million. We expect our EBITDA results will sequentially improve throughout the year in line with our normal historical performance. In 2023, conversation was inconsistent with this, influenced by deceleration.

轉向幻燈片 14，我們對第二季度和全年的公司整體財務前景進行了展望。我將從我們已經重申的全年目標開始。我們仍預期公司總營收將在42 億美元至44 億美元之間，調整後EBITDA 為7.7 億美元至8 億美元，稀釋調整後每股收益為2.90 美元至3.20 美元，自由現金流為1.7 億美元至2.3 億美元。我們預計我們的 EBITDA 業績將在全年持續改善，與我們正常的歷史表現保持一致。 2023年，受減速影響，對話與此不一致。

For the second quarter, we expect total company revenues to be in the range of $1.06 billion to $1.09 billion, adjusted EBITDA of $180 million to $190 million, and diluted adjusted EPS of $0.63 to $0.73. We expect free cash flow will be $0 to $25 million, down from Q1 due to an increase in expected cash interest payments of $110 million in the second quarter compared to $19 million in the first quarter. Note that free cash flow will not be linear by quarter due to the timing of interest payments. For Q2 2024, interest expense will be $75 million to $80 million, effective tax rate is expected to be approximately 20%, and fully diluted average share count is expected to be approximately 73.5 million.

我們預計第二季公司總營收將在 10.6 億美元至 10.9 億美元之間，調整後 EBITDA 為 1.8 億美元至 1.9 億美元，攤薄調整後每股收益為 0.63 美元至 0.73 美元。我們預計自由現金流將為 000 至 2500 萬美元，低於第一季度，因為第二季度預期現金利息支付將增加 1.1 億美元，而第一季為 1900 萬美元。請注意，由於利息支付的時間，自由現金流不會按季度呈線性變化。 2024 年第二季度，利息支出將為 7,500 萬至 8,000 萬美元，有效稅率預計約為 20%，完全稀釋後的平均股數預計約為 7,350 萬股。

Moving to Slide 15. At the segment level, we expect second quarter Self-Service Banking revenue to be $645 million to $660 million, with adjusted EBITDA margin of 20.5% to 23.5%, Network revenue of $325 million to $335 million, with adjusted EBITDA margin of 28% to 29%. T&T revenue of $47 million to $50 million with adjusted EBITDA margin of approximately 20%. Other revenue of $43 million to $45 million with adjusted EBITDA margin in the high single digits. Unallocated corporate costs should be 6.5% to 7% of total company revenue. There's no change in the segment level full year guidance that we shared in our March 26 update.

轉投投影片15。 ，調整後EBITDA利潤率28%至29%。 T&T 營收為 4,700 萬至 5,000 萬美元，調整後 EBITDA 利潤率約為 20%。其他收入為 4,300 萬至 4,500 萬美元，調整後 EBITDA 利潤率為高個位數。未分配的公司成本應占公司總收入的6.5%至7%。我們在 3 月 26 日更新中分享的細分市場全年指導沒有變化。

Including my comments on Slide 16, we delivered strong first quarter results across the board, grew revenue, expanded margins and generated significant free cash flow, which we used to reduce leverage to below 3.5x. We issued Q2 guidance improving sequentially, and we reiterated our full year guidance.

包括我對幻燈片16 的評論，我們在第一季全面實現了強勁的業績，增加了收入，擴大了利潤，並產生了大量的自由現金流，我們利用這些現金流將槓桿率降低到3.5 倍以下。我們發布了第二季指引，環比改善，並重申了全年指引。

With that, we'll turn it back to the operator for Q&A.

這樣，我們會將其交還給操作員進行問答。

(Operator Instructions) We'll go first to Matt Summerville with D.A. Davidson.

（操作員指示）我們將首先與 D.A. 一起前往馬特·薩默維爾 (Matt Summerville)。戴維森。

You have Canyon Hayes on for Matt Summerville this morning. Maybe we could just talk about the ATM-as-a-Service deployment cadence to hit your annual targets. It looks like it was flattish sequentially. And I was just curious about the cadence through the rest of the year? And I know we talked about backlog a little bit, but I'd be curious about the funnel unit metrics therein?

今天早上，坎寧·海斯 (Canyon Hayes) 將替補馬特·薩默維爾 (Matt Summerville)。也許我們可以只討論 ATM 即服務部署節奏，以實現您的年度目標。看起來順序是平的。我只是好奇今年剩餘時間的節奏？我知道我們討論了一點積壓，但我對其中的漏斗單位指標感到好奇？

Yes, Canyon, this is Paul here. Thanks for the question. That's a business that's not -- it doesn't flow on a linear basis. As we noted, we've got over 4,000 in backlog. This is similar to what we experienced last year. We did over 1,500 in a month last year and some months were less. So we're still seeing very robust funnel activity, the backlog is strong, and just some quarters there will be less volume than other quarters. So we're still aligned to our expectations originally, and just Q1 was a bit lighter than the future quarters will be. As we look through the year, we do see that there's going to be more in the back half than the first half. So I think it is kind of like 30%, 35% of our target in the first half and then 65% to 70% in the second half.

是的，Canyon，這是保羅。謝謝你的提問。這是一項不是線性流動的業務。正如我們所指出的，我們的積壓訂單已超過 4,000。這與我們去年的經歷相似。去年我們一個月內完成了 1,500 多個任務，有些月份甚至更少。因此，我們仍然看到非常強勁的通路活動，積壓情況很嚴重，只是某些季度的交易量會比其他季度少。因此，我們仍然符合我們最初的預期，只是第一季的情況比未來幾季的情況要輕一些。當我們回顧這一年時，我們確實看到下半年的情況會比上半年更多。所以我認為上半年我們的目標是 30%、35%，下半年是 65% 到 70%。

Great. Switching over to Voyix. Could we talk about the sustainability of transaction trends. I mean, being in the low double digits to mid-teens. Similarly, I'd be curious to see where ARPU trends from here, and where ongoing net footprint rationalization is going to end up throughout the year?

偉大的。切換到 Voyix。我們可以談談交易趨勢的可持續性嗎？我的意思是，處於低兩位數到十幾歲之間。同樣，我很想知道 ARPU 趨勢如何，以及全年持續的淨足跡合理化將如何結束？

Yes, I think we are confident in the continued transactions, just that is not more people doing cash transactions. Cash transactions remain stable and active in all of our markets, but our strategy of migrating transactions out of the branch into our retail utility network is resonating both with standard brick-and-mortar financial institutions and particularly neobanks, who don't have any infrastructure and rely on us to support their growing customer base. So we're very comfortable with the transaction growth. We think that can continue along to the plan that we've outlined in our Investor Day. And those expanded transaction sets that we talked about -- Tim talked about, deposit transactions being our highest-growing transaction. Those are significantly higher-margin transactions for us. So that's what drives our ARPU growth.

是的，我認為我們對持續交易充滿信心，只是沒有更多的人進行現金交易。現金交易在我們所有的市場中保持穩定和活躍，但我們將交易從分行遷移到零售公用事業網絡的策略與標準實體金融機構，特別是沒有任何基礎設施的新銀行產生了共鳴並依靠我們來支持他們不斷成長的客戶群。因此，我們對交易成長感到非常滿意。我們認為這可以繼續按照我們在投資者日概述的計劃進行。我們談到的那些擴展的交易集合——蒂姆談到，存款交易是我們成長最快的交易。這些交易對我們來說利潤率明顯更高。這就是推動我們 ARPU 成長的動力。

And then Stuart, the installed base -- there's a question on the installed base. We think the installed base in the Network segment will be largely flat to where it is today. It's still around 80,000, 81,000 units.

然後斯圖爾特，安裝基礎 - 有一個關於安裝基礎的問題。我們認為網路部分的安裝基礎將基本上與目前持平。仍在80,000、81,000 台左右。

We'll go next to George Tong with Goldman Sachs.

接下來我們將討論高盛的喬治唐。

You mentioned with your ATM-as-a-Service unit, you expect most of the growth to happen in the second half of this year and that some quarters could be lumpy in terms of growth in units. Can you elaborate on the amount of visibility you have in terms of the number of units in any given quarter? And how much you expect the pipeline to ultimately convert to backlog and revenue?

您提到，對於 ATM 即服務部門，您預計大部分成長將發生在今年下半年，某些季度的單位成長可能會出現波動。您能否詳細說明您在任何特定季度的單位數量方面的可見度？您預計管道最終轉化為積壓訂單和收入的程度是多少？

Yes, George. So we talked about we've got 4,000 in the backlog today. We're working through scaling those rollouts. So they have built rollout at different times based upon the different aspects of those where the ATM to be replaced or where the software stack is. So there's different complexities there. So yes, they'll roll out. And we're expecting the funnel to come in on a more linear basis, and it's down to the timing of the scheduling of the rollout from our side.

是的，喬治。所以我們談到今天我們有 4,000 個積壓訂單。我們正在努力擴大這些部署的規模。因此，他們根據要更換的 ATM 或軟體堆疊的不同方面，在不同的時間進行了部署。所以那裡有不同的複雜性。所以是的，他們會推出。我們預計漏斗會以更線性的方式進入，這取決於我們這邊安排推出的時間。

George, this is Tim. This is somewhat of a bifurcated market. We win either very large deals or deals that are relatively small. And so the typical win for us right now is 250 to 300 machines. There are transactions out there, deals that we bid on that are 3,000 or 4,000 machines. Those move the needle very rapidly and cause in a singular quarter to that number to go up. We will be very careful on those larger transactions that often occur in places where it's more difficult to make, let's call it, a fair return, a good ROI.

喬治，這是提姆。這在某種程度上是一個分裂的市場。我們要么贏得非常大的交易，要么贏得相對較小的交易。因此，我們現在通常能贏得 250 到 300 台機器。我們競標的交易有 3,000 或 4,000 台機器。這些變化非常迅速，並導致該數字在一個季度內上升。我們將非常小心那些經常發生在更難以獲得公平回報、良好投資回報率的地方的較大交易。

We may pass on some of those at some times in India and other places and favor the deals that are less capital intensive and have a much better ROI in parts of the world like North America and the Crown countries. So those deals are a little bit smaller, they accumulate a little bit slower, but I like the choices that we're making.

有時，我們可能會在印度和其他地方放棄其中的一些交易，並傾向於資本密集度較低且在北美和皇冠國家等世界部分地區具有更好投資回報率的交易。因此，這些交易規模較小，累積速度也較慢，但我喜歡我們所做的選擇。

That's helpful. And sticking with ATM-as-a-Service, is it normal seasonality for the number of ATM-as-a-Service units to increase faster in the second half of the year? Or can it vary in any given year in terms of the number of units you see in any given quarter?

這很有幫助。堅持ATM即服務，下半年ATM即服務單位數量成長更快是否屬於正常季節性？或者，在任何特定年份中，您在任何特定季度看到的單位數量是否會有所不同？

In all the 2 years we've been asked this, we haven't seen much of a trend. So I would say this had a lot more to do with the timing of singular transactions and not much to do with seasonality.

在我們被問到這個問題的兩年裡，我們並沒有看到太多的趨勢。所以我想說，這與單一交易的時間安排有很大關係，而與季節性關係不大。

We go next to Michael O'Brien with Wolfe Research.

我們接下來是沃爾夫研究中心的麥可‧奧布萊恩。

Congrats on a great quarter. Two quick ones here. One, I just want to quickly confirm that you're still targeting 30,000 ATM-as-a-Service units by the end of the fiscal year? And then my second question is regarding the margin expansion. If you could provide a little bit more color regarding what's driving that? Obviously, transformation costs are coming down. You're targeting reducing stranded costs as well. But then on the flip side, we have some of these ATM-as-a-Service units getting online, which are higher margin as well. So if you can provide a little breakdown of what exactly is driving the margin expansion for the quarter. That would be extremely helpful.

恭喜您度過了一個出色的季度。這裡有兩個快速的。第一，我只想快速確認一下，您的目標仍然是到本財政年度結束時擁有 30,000 個 ATM 即服務單位？我的第二個問題是關於利潤率擴張。您能否提供更多有關驅動因素的資訊？顯然，轉型成本正在下降。您的目標還包括減少擱淺成本。但另一方面，我們有一些 ATM 即服務單位上線，這些單位的利潤率也較高。因此，您是否可以提供一些具體推動本季利潤率擴張的因素。這將非常有幫助。

Yes, Michael, firstly, yes, we're still on target -- we're still targeting 30,000 units. As you asked that question, everyone in the room was nodding with you. So we're still on that path. For the margin expansion, was your question from Q1 to Q2?

是的，邁克爾，首先，是的，我們仍然在目標上——我們的目標仍然是 30,000 台。當你問這個問題時，房間裡的每個人都和你一起點頭。所以我們仍然走在這條路上。對於利潤率擴張，您的問題是從第一季到第二季嗎？

Yes.

是的。

Yes. Okay. Sorry. Yes. So for Q1, Q2, part of it is in the Network space. The transaction volumes, it's a very seasonal business. We do more transactions in Q3 than Q2 and Q2 than Q1. Incremental transactions through the network come through very high margin accretive, because effectively the fixed cost is still there. We also have the cost out initiatives that we kicked off as we separated. They compound as you go through the year. So there'll be a good flow-through from them in Q2, and it'll again increase into Q3 and into Q4. So they're the 2 largest buckets that we have, Michael.

是的。好的。對不起。是的。所以對於Q1、Q2來說，有一部分是在網路空間。從交易量來看，這是一個季節性很強的業務。我們在第三季的交易量比第二季多，第二季的交易量比第一季多。透過網路進行的增量交易會帶來非常高的利潤增值，因為實際上固定成本仍然存在。我們還制定了我們在分手時啟動的成本削減計劃。隨著你度過這一年，它們會復合。因此，第二季將有良好的流量，並將再次增加到第三季和第四季。所以它們是我們擁有的兩個最大的桶，邁克爾。

Got you. And 1 follow-up on that. Regarding stranded costs, obviously, you're a new public company. Have you guys done a deep dive on stranded cost analysis, and what can be removed to increase margins going forward?

明白你了。以及 1 個後續行動。關於擱淺成本，顯然，您是一家新上市公司。你們是否深入研究了擱淺成本分析，以及可以刪除哪些內容來增加未來的利潤？

Yes. We're working our way through the TSAs currently. And when you go through that process, you find that each organization ends up with cost structures that are somewhat larger than you otherwise might have. We've hired some outside help, some folks who do this for living, who can help us think about what our cost structure should look like once we're finally separate from Voyix. It will be different than it is today.

是的。目前我們正在努力通過 TSA。當您經歷這個過程時，您會發現每個組織最終的成本結構都比您原本可能擁有的成本結構更大。我們聘請了一些外部幫助，有些人是為了謀生而這樣做的，他們可以幫助我們思考一旦我們最終與 Voyix 分離後我們的成本結構應該是什麼樣子。它將與今天有所不同。

Some areas have to be a little bit more expensive. We need 2 audit firms. So we need 2 legal departments. We need 2 internal audit organizations. But there's a lot of things that can be less expensive. And so we'll work with that outside firm. I don't know that you'll see much return in indirect cost this year, and then we're working really hard at the rent cost productivity currently through the Service organization. But you'll start to see in the third and fourth quarter some reduction in what I'll call overhead costs.

有些地區的價格一定要貴一些。我們需要兩家審計公司。所以我們需要兩個法律部門。我們需要兩個內部稽核組織。但有很多東西可以更便宜。因此，我們將與該外部公司合作。我不知道今年您會看到間接成本的多少回報，然後我們正在透過服務組織當前的租金成本生產力方面非常努力。但你會在第三季和第四季開始看到我所謂的管理費用減少。

(Operator Instructions) We'll go next to Arun Seshadri with BNP Paribas.

（操作員指示）我們將前往法國巴黎銀行 (BNP Paribas) 的 Arun Seshadri。

Just wanted to understand, I mean, I can see the numbers are really nice and seeing that there's EBITDA growth here. Just wanted to understand, within the segment EBITDA, what type of, I guess, when you grow revenue in Self-Service, what sort of EBITDA growth would you expect? What kind of operating leverage would you expect? And I just wanted to understand also as your ATM-as-a-Service units come more online, do you expect to turn adjusted free cash flow to growth kind of in the back half of the year as well?

我只是想了解一下，我的意思是，我可以看到這些數字非常好，而且 EBITDA 也在成長。只是想了解，在 EBITDA 細分市場中，我想，當您在自助服務中增加收入時，您期望獲得什麼樣的 EBITDA 成長？您期望什麼樣的營運槓桿？我只是想了解，隨著您的 ATM 即服務部門變得更加在線，您是否預計在今年下半年將調整後的自由現金流轉變為成長？

Yes. Thanks, Arun. Good question. So in Self-Service Banking, the margin flow-through really depends on the revenue type. So if it was incremental upfront hardware sales, you would see somewhere around the 20% margin rate come through. If we're talking about ATM-as-a-Service, the more strategic revenue streams, that generally flows through an incremental around 40 points of margin, because we're leveraging existing infrastructure. So it's incremental flowing through an existing (inaudible) that we have. So really depends on the revenue streams.

是的。謝謝，阿倫。好問題。因此，在自助銀行業務中，保證金流入實際上取決於收入類型。因此，如果是增量的前期硬體銷售，您會看到大約 20% 的利潤率。如果我們談論 ATM 即服務，則更具戰略意義的收入流通常會增加 40 個點左右的利潤，因為我們正在利用現有基礎設施。所以它是透過我們現有的（聽不清楚）的增量流動。所以實際上取決於收入來源。

Got it. Understood. So as you expect the units to grow, you should return that segment EBITDA to growth as well, as you enter the back half of the year, it sounds like?

知道了。明白了。因此，當您預計這些單位會成長時，您應該讓該部門的 EBITDA 也恢復成長，當您進入今年下半年時，聽起來是這樣嗎？

We will, Arun, but just to give context, that segment was $46 million in the quarter. So it's still 5% to company, 10% to the segment. So it will need to get at more scalable for it to make a meaningful difference to the total segment margins.

我們會的，Arun，但只是為了提供背景信息，該部分在本季度的銷售額為 4600 萬美元。因此，公司仍佔 5%，部門佔 10%。因此，它需要提高可擴展性，才能對整個細分市場利潤產生有意義的影響。

Got it. Understood. And then the network revenue, as you said, flows through at a very high margin. That looks like it's 100% margin. Was there anything onetime in Q1 that made it look like the margin growth was actually larger than the revenue growth? Or we should just assume like a very high margin and maybe there was like $1 million or $2 million one-timers?

知道了。明白了。然後，正如你所說，網路收入以非常高的利潤流動。看起來利潤率是 100%。第一季是否有什麼事情讓利潤成長看起來實際上大於收入成長？或者我們應該假設利潤率非常高，也許有 100 萬或 200 萬美元的一次性產品？

Yes. There's no one-timers as such. There's a little bit of noise in our prior year accounting with it being on a carve-out basis. Some of the allocation methodologies were slightly different. So it was a very strong quarter for the Network segment. We're really pleased with the margins. But we wouldn't expect to flow through 100% margins. So a little bit of funniness in the compare, but a really good quarter performance for the Network segment margins.

是的。不存在這樣的一次性者。我們上一年的會計中存在一些噪音，因為它是在剝離的基礎上進行的。一些分配方法略有不同。因此，對於網路部門來說，這是一個非常強勁的季度。我們對利潤非常滿意。但我們並不期望利潤率達到 100%。因此，比較起來有點有趣，但網路部門利潤率的季度表現確實不錯。

Got it. Great. And then finally, I just wanted to follow up on the adjusted free cash flow. You saw very nice EBITDA growth, but adjusted free cash flow was about flat for the quarter. Is there anything onetime there? And I guess, do you expect to return to -- or do you expect to sort of grow adjusted free cash flow in the back half of the year?

知道了。偉大的。最後，我只想跟進調整後的自由現金流。您看到了非常好的 EBITDA 成長，但調整後的自由現金流在本季基本持平。那裡有什麼一次性的嗎？我想，您是否預計會在今年下半年恢復調整後的自由現金流？

Yes. We find it hard to compare the adjusted free cash flow to the prior year, because we didn't have any debt. The debt was all assigned to the mother company. So you think of the debt we paid, the cash payment for debt Q1 was $19 million. That was probably literally nothing in the prior year. So for the full year, we have $290 million effectively incremental cost of interest on the debt. So the cash flow compared to prior year is not a useful measure. When we announced -- in our guidance, we've got a cash flow conversion of 25%. So at the first half, we'll be kind of well on track to that conversion rate.

是的。我們發現很難將調整後的自由現金流與前一年進行比較，因為我們沒有任何債務。債務全部歸屬於母公司。所以你想想我們支付的債務，第一季債務的現金支付是 1900 萬美元。這在前一年可能根本不算什麼。因此，全年我們的債務利息成本實際上增加了 2.9 億美元。因此，與前一年相比的現金流並不是一個有用的衡量標準。當我們宣布——在我們的指導中，我們的現金流轉換率為 25%。因此，在上半年，我們將順利實現該轉換率。

(Operator Instructions) We will take a follow-up from Matt Summerville with D.A. Davidson.

（操作員指示）我們將與 D.A. 一起接受馬特·薩默維爾 (Matt Summerville) 的跟進。戴維森。

Just wanted to check in on your thoughts on the dividend in the near term versus deleveraging. Any sort of commentary around there?

只是想了解您對近期股息與去槓桿化的看法。周圍有什麼評論嗎？

Yes, that's a fair question. We went out on the road and talked about this company ultimately paying a dividend that we thought that, that might be in the latter half of the year. We're on the road back introducing people to NCR Atleos. And at the time we said we wanted to make sure we had a couple of quarters under our belt to see if we actually were generating sufficient free cash flow in order to allow us to return some capital back to shareholders. We are intent on reducing our indebtedness quickly. As Paul said, we're on path for our free cash flow generation. And I suspect, in the second quarter, we'll have something more to say about this. I'm not certain that where our valuation is currently, that the dividend is the right way to return cash to shareholders. And I think the stock repurchase program might make more sense with the valuation where it is today. But we'll address that.

是的，這是一個公平的問題。我們在路上談論了這家公司最終支付的股息，我們認為，可能會在下半年。我們正在向人們介紹 NCR Atleos 的回歸路上。當時我們說，我們希望確保有幾個季度的時間來看看我們是否真的產生了足夠的自由現金流，以便我們可以向股東返還一些資本。我們致力於迅速減少債務。正如保羅所說，我們正在創造自由現金流。我懷疑，在第二季度，我們將會對此有更多的說法。我不確定我們目前的估值是多少，股息是否是向股東返還現金的正確方式。我認為，以目前的估值來看，股票回購計畫可能更有意義。但我們會解決這個問題。

We did make a commitment to return some cash to shareholders once we were able to confirm we could generate the kind of cash we think that we can. And I think in the second -- this call 90 days from now, we'll have more to say about that.

我們確實承諾，一旦我們能夠確認我們能夠產生我們認為能夠產生的現金，我們就會向股東返還一些現金。我認為在 90 天後的第二次電話會議中，我們將對此有更多話要說。

There are no other questions at this time.

目前沒有其他問題。

Great. I'll wrap up quickly. First, thanks, everyone, for joining today, and thanks to our employee base who really had a terrific quarter. As much as we try to make this look not too terribly complicated, and we talk to you all, I assure you that underneath the covers, this is a very busy place with a lot going on, and we feel very good about the first quarter.

偉大的。我會很快結束。首先，感謝大家今天加入，也感謝我們的員工群體，他們度過了一個非常棒的季度。儘管我們盡力讓這看起來不太複雜，並且我們與大家交談，但我向你們保證，在幕後，這是一個非常繁忙的地方，發生了很多事情，我們對第一季感覺非常好。

I think what you heard today is cash is healthy, ATMs are relevant, and cash-intensive demographics and regions are still cash intensive. I think you heard we have the most comprehensive, the most capable offerings for banks and retailers who want to outsource their cash ecosystem. You heard we're innovating, our machines are more capable and they're transacting more often. You heard we are generating more revenue per ATM through transaction volumes and importantly picking up more service revenue from our bank customers. And lastly, I'd say we're still undervalued, and we're going to do everything we can to fix that. We're going to reduce our leverage, we're going to perform predictably, and hopefully, we're going to attract some new investors.

我想你今天聽到的是現金是健康的，自動櫃員機是相關的，現金密集型人口和地區仍然是現金密集型。我想您聽說過我們為想要外包現金生態系統的銀行和零售商提供最全面、最有能力的產品。您聽說我們正在創新，我們的機器功能更強大且交易更頻繁。您聽說過，我們透過交易量為每台 ATM 帶來了更多收入，重要的是，我們從銀行客戶那裡獲得了更多服務收入。最後，我想說我們仍然被低估，我們將盡一切努力解決這個問題。我們將降低槓桿率，我們將實現可預測的業績，並希望我們能吸引一些新的投資者。

So thank you very much for your time, and we'll talk again in 90 days.

非常感謝您抽出寶貴的時間，我們將在 90 天後再次交談。

This does conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。