NCR Atleos Corp (NATL) 2024 Q2 法說會逐字稿

Good day and welcome to the NCR Atlio's second quarter earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Brendan Metrano. Please go ahead.

美好的一天，歡迎參加 NCR Atlio 第二季財報電話會議。今天的會議正在錄製中。現在，我想把會議交給Brendan Metrano先生。請繼續。

Good morning and thank you for joining the NCR Atleo's second-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 second-quarter performance and update on 2024 objectives. Next, Paul will review our financial results and the outlook, then we'll move to Q&A.

早安，感謝您參加 NCR Atleo 第二季財報電話會議。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；和首席營運長 Stuart Mackinnon。 Tim 今天早上將概述第二季業績並更新 2024 年目標。接下來，保羅將回顧我們的財務表現和前景，然後我們將進入問答環節。

Before we get started, let me remind you that our presentation and discussions will include forward-looking statements, which are often expressed by words such as may, will, include, expect, and words of similar meaning. 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括前瞻性陳述，這些陳述通常用“可能”、“將”、“包括”、“期望”和類似含義的詞語來表達。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 our 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，在我們今天對績效的審查中，我們將參考某些非公認會計準則財務指標，該公司用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。

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.

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 the call today. For those following along in the presentation from the Investor Relations website, we will start today on slide 5.

謝謝布倫丹，也謝謝大家今天加入我們的電話會議。對於那些關注投資者關係網站演示的人，我們今天將從幻燈片 5 開始。

Before I launch into a discussion of a very successful second quarter, and because I'm hopeful many of you are newer to the Atleos' story, I think it makes sense to reiterate the significant opportunity and accompanying strategy of Atleos, now as an independent pure-play ATM company.

在我開始討論非常成功的第二季度之前，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 的重大機會和伴隨戰略是有意義的，現在作為一個獨立的公司純粹的ATM 公司。

Atleos has an installed and serviced fleet of approximately 600,000 ATMs, including over 80,000 that we own and operate in our own network.

Atleos 已安裝並維護約 60 萬台 ATM 機，其中超過 80,000 台是我們在自己的網路中擁有和運營的。

In a global environment that continues to demonstrate steady cash-based consumer transactions and a stable installed base of ATM hardware, our growth will come from generating more revenue for every Atleos 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.

在持續展現穩定的現金消費者交易和穩定的ATM 硬體安裝基礎的全球環境中，我們的成長將來自於為我們支持的每台Atleos 機器創造更多收入，無論是透過提供更高品質、更有效率和更可靠的服務。

Both of these strategies are fueled by our customers' desire to improve financial access for their customers while outsourcing more of their cash ecosystem, and as we service both growth vectors from a common infrastructure that has unmatched scale, is leverageable, and is world class.

這兩種策略都是由我們的客戶希望改善其客戶的財務准入，同時外包更多現金生態系統的願望所推動的，並且我們透過具有無與倫比的規模、可利用性和世界一流的通用基礎設施為這兩個成長向量提供服務。

As global banks seek to improve their customers' experience in the most cost-effective way, the importance of self-service devices is increasing. As a result, our customers are reinvesting back into their retail banking footprint and embracing shared financial utilities. For them, this strategy will result in lower costs, higher quality, better consumer experience, broader reach, and higher foot traffic.

隨著全球銀行尋求以最具成本效益的方式改善客戶體驗，自助服務設備的重要性日益增加。因此，我們的客戶正在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、更廣泛的覆蓋範圍和更高的人流。

For NCR Atleos, it will drive higher revenue growth, higher profitability, growth from scale and a richer revenue mix, and predictable free cash flow.

對於 NCR Atleos 來說，它將推動更高的收入成長、更高的獲利能力、規模成長、更豐富的收入組合以及可預測的自由現金流。

In this vein, in the second quarter, we grew services revenue by 6% and grew ATM service revenue by more than 30%. We added key new clients to our networks, added new network geographies, and rolled out new transaction types.

就這樣，第二季度，我們的服務收入成長了 6%，ATM 服務收入成長了 30% 以上。我們在網路中新增了重要的新客戶，新增了新的網路地理區域，並推出了新的交易類型。

Overall financial results were strong again in the second quarter, with revenue toward the upper end of our expectations and profit above those expectations, led by strong growth in both our transaction-based and service businesses.

第二季的整體財務表現再次強勁，在我們基於交易的業務和服務業務的強勁增長的帶動下，收入接近我們預期的上限，利潤也高於預期。

And profit margins are climbing as anticipated as we eliminate the incremental costs that resulted from our spin transaction. We drove solid sequential margin expansion with beneficial revenue mix coupled with cost productivity from both direct and indirect costs.

隨著我們消除旋轉交易帶來的增量成本，利潤率正如預期攀升。我們透過有利的收入組合以及直接和間接成本的成本生產力推動了利潤率的連續穩定成長。

The strong first half financial results combined with robust sales pipelines, key renewals, and improved performance metrics allow us to reaffirm our full-year guidance for 2024. Paul will provide more detailed discussion on guidance in a few minutes.

強勁的上半年財務業績加上強勁的銷售管道、關鍵更新和改進的績效指標，使我們能夠重申 2024 年全年指導。

Let's move to slide 6, operating highlights for two key segments. On the left, self-service banking top-line performance was solid for the second quarter, with services and software revenue growing 8%. Our renewed emphasis on product and service quality this year has been recognized by our customers and has resulted in strong order volume in the second quarter, which bodes well for hardware revenue in the second half.

讓我們轉到投影片 6，重點介紹兩個關鍵部分。在左邊，自助銀行第二季的營收表現穩健，服務和軟體收入成長了 8%。今年我們重新強調產品和服務質量，並得到了客戶的認可，第二季的訂單量強勁，這對下半年的硬體收入來說是個好兆頭。

We've had several key wins and renewals for our traditional go-to-market model for services, software, and hardware across geographies, including with PNC in North America, with [TechBond] in Latin America, with Bank of Abyssinia in EMEA, and with SBI in Asia Pacific. ATM as a service revenue grew 31% and active units increased modestly. The opportunity for ATM as a service remains very large, and our customers' desire to outsource their ATM efforts is accelerating.

我們在跨地區的服務、軟體和硬體的傳統上市模式方面取得了許多重大勝利和更新，包括北美的 PNC、拉丁美洲的 [TechBond]、歐洲、中東和非洲的阿比西尼亞銀行、以及亞太地區的SBI。 ATM 服務收入增加了 31%，活躍數量略有增加。 ATM 作為一項服務的機會仍然非常大，而且我們的客戶將其 ATM 工作外包的願望正在加速。

As this strategy has begun to play out, two things have become clear. First, our definition of ATM as a service, as a singular product, represents the full opportunity of wallet share increase for Atleos, but many of our customers see the opportunity as a continuum of services that they can migrate over time.

隨著這項策略開始發揮作用，有兩件事已經變得清晰起來。首先，我們將 ATM 定義為一種服務，一種單一產品，代表了 Atleos 錢包份額增加的全部機會，但我們的許多客戶將這種機會視為他們可以隨著時間的推移而遷移的連續服務。

In EMEA, we've seen greater preference for a la carte solutions rather than full outsourcing. North America's smaller institutions generally prefer a fully outsourced model that incorporates new hardware, whereas larger institutions more often take a tactical approach, outsourcing off-premise fleets, adding select services, purchasing hardware up front, and even adding network access.

在歐洲、中東和非洲地區，我們發現人們更喜歡點菜解決方案，而不是完全外包。北美的小型機構通常更喜歡包含新硬體的完全外包模式，而大型機構則更經常採取戰術方法，外包場外機隊、添加精選服務、預先購買硬件，甚至添加網絡訪問。

Second, the strategy does not need to be capital-intensive. Increasingly we are seeing asset light winds where ATMs are either already in place or are outright purchased by the customer, allowing us to significantly improve our returns.

其次，該策略不需要資本密集型。我們越來越多地看到資產輕量風，自動櫃員機要么已經到位，要么由客戶直接購買，這使我們能夠顯著提高回報。

Some large unit opportunities in lower-cost countries, like India, that require the bidder to own the assets are not demonstrating the returns consistent with our as-a-service strategy. As such, we have chosen not to provide an as-a-service offering on several thousand units that didn't meet this threshold.

印度等低成本國家的一些大型單位機會要求投標者擁有資產，但其回報並不符合我們的即服務策略。因此，我們選擇不對數千個未達到此閾值的設備提供即服務產品。

On the right-hand side, the network segment experienced another robust quarter. The effective execution of our utility banking strategy drove higher ARPU and higher profitability from our fleet of ATMs. Transaction volumes were strong, with cash withdrawals growing double-digits year-over-year. And the UK was our largest contributor to international growth, benefiting from the addition of the grocer ASDA in late 2023.

在右側，網路細分市場又經歷了一個強勁的季度。我們的公用事業銀行策略的有效執行推動了我們 ATM 機群的 ARPU 和獲利能力的提高。交易量強勁，現金提取量較去年同期成長兩位數。英國是我們國際成長的最大貢獻者，受益於 2023 年底雜貨商 ASDA 的加入。

In North America, all-point hit on all cylinders and generated another all-time high for transactions. Continued enhancements of our network, coupled with higher consumer usage, contributed 15% growth in surcharge-free withdrawals. We also made good progress on transaction expansion initiatives, adding deposit acceptance for Capital One and expanding with Navy Federal.

在北美，所有的點都齊頭並進，交易額再創歷史新高。我們網路的持續增強，加上消費者使用率的提高，使免附加費提款增加了 15%。我們在交易擴張計劃方面也取得了良好進展，增加了第一資本的存款接受度並與海軍聯邦擴張。

Deposit transactions grew 170% year over year, and our partnership with Payfair on cardless cash payout for DoorDash drivers ramped across the quarter. We expect to add Lyft in the second half of the year, providing more gig workers with quick and easy access to their daily pay. And finally, our investment in [Quip Money] enabled us to efficiently add business deposit solutions to our network.

存款交易量年增 170%，我們與 Payfair 為 DoorDash 司機提供無卡現金支付的合作關係在本季度不斷發展。我們預計在下半年加入 Lyft，讓更多零工工人能夠快速、輕鬆地獲得日常工資。最後，我們對 [Quip Money] 的投資使我們能夠有效地將商業存款解決方案添加到我們的網路中。

I do want to call out the expansion of our relationship with Chime that we announced last week. Chime has been an all-point customer since 2021, and today they are one of NCR Atleo's key commercial strategic partners. Under the newly extended partnership, we will host Chime brand on all-point ATMs in more than 4,000 Walgreens stores across the country, in addition to the 2,000 currently branded with Chime today.

我確實想強調我們上週宣布的擴大與 Chime 的關係。 Chime 自 2021 年以來一直是全點客戶，如今他們是 NCR Atleo 的主要商業策略合作夥伴之一。根據新擴展的合作夥伴關係，除了目前貼有 Chime 品牌的 2,000 家沃爾格林商店外，我們還將在全國 4,000 多家沃爾格林商店的全點 ATM 上打上 Chime 品牌。

Turning to slide 7 that reiterates our 2024 key objectives. These objectives describe a path to both operational and strategic success in 2024. While I've already described our first-half successes, I want to provide some insight into our second-half focus areas, starting with differentiating growth. The strategies of our two reported segments are converging as our customers reconsider the entirety of their self-service banking effort and their consumer banking footprint.

轉向幻燈片 7，其中重申了我們 2024 年的主要目標。這些目標描述了 2024 年營運和策略成功的道路。隨著我們的客戶重新考慮他們的整個自助銀行業務及其消費者銀行業務足跡，我們報告的兩個部門的策略正在趨同。

Our selling effort needs to be more malleable and leverage our fully integrated solution. While full outsourcing to Atleos of all things ATM is the eventual goal, we can generate more revenue per device by either capturing more transaction volume or by taking on more services that our bank customers are currently doing themselves. We are driving exciting new product offerings that add new functionality to the ATM by changing the end-user experience and modernizing the hardware.

我們的銷售工作需要更具可塑性，並利用我們完全整合的解決方案。雖然 ATM 的所有事務完全外包給 Atleos 是最終目標，但我們可以透過獲取更多交易量或接受銀行客戶目前自己提供的更多服務來為每台設備創造更多收入。我們正在推動令人興奮的新產品供應，透過改變最終用戶體驗和現代化硬件，為 ATM 增加新功能。

Diligent prioritization and application of resources, including people, expense, capital, time, and in some instances, components, optimizes returns and catalyzes future period growth. In the second half, our services organization will increase the tempo of productivity initiatives and extend our successful AI pilot, having addressed in the first half certain lingering product and service issues related to our separation.

勤奮地確定資源的優先順序和應用，包括人員、費用、資本、時間，在某些情況下還包括組件，可以優化回報並促進未來的成長。在下半年，我們的服務組織將加快生產力計畫的節奏，並擴大我們成功的人工智慧試點，並在上半年解決了與我們分離相關的某些揮之不去的產品和服務問題。

Our organizational redesign efforts will drive efficiencies, as will the modification of our manufacturing processes. Before moving on to the discussion of the separation, when Atleos launched as a separate company, I suggested that Atleos would generate predictable free cash flows and should be able to regularly deliver a proportion of that cash back to shareholders in the form of a dividend.

我們的組織重新設計工作將提高效率，我們的製造流程的修改也將提高效率。在繼續討論分拆之前，當 Atleos 作為獨立公司成立時，我建議 Atleos 將產生可預測的自由現金流，並且應該能夠定期以股息的形式將部分現金回饋給股東。

Last quarter, when asked about a dividend, I said that the Board would consider returning cash to shareholders once we had a better line of sight to full-year cash generation, and at that time, I would have preferred a share repurchase over a dividend payment. As is evident from our free cash flow guidance, we now have a better line of sight.

上個季度，當被問及股息時，我表示，一旦我們對全年現金產生有更好的了解，董事會將考慮向股東返還現金，當時，我更願意回購股票而不是股息支付。從我們的自由現金流指引中可以明顯看出，我們現在有了更好的視野。

After careful consideration and feedback from several constituencies, we've determined that continuing to reduce our debt is currently in the best interest of both our equity and debt holders. But we still believe that at some point, Atleos will be able to return meaningful cash to shareholders on a regular basis, and we feel good about our ability to generate free cash flow consistent with our guidance. For now, we will continue to deploy all excess cash to reduce debt, and we expect to have the opportunity this fall to refinance some of that debt.

經過仔細考慮和來自多個選區的回饋後，我們確定繼續減少債務目前符合我們的股權和債務持有人的最佳利益。但我們仍然相信，在某個時候，Atleos 將能夠定期向股東返還有意義的現金，並且我們對我們產生符合我們指導的自由現金流的能力感到滿意。目前，我們將繼續動用所有多餘現金來減少債務，我們預計今年秋天有機會為部分債務進行再融資。

Lastly, the process to complete the separation from NCR-Voix is on or ahead of schedule and on budget. During the second quarter, we transferred two more countries to Atleos that had been stranded with Voyix post-split due to legal entity status.

最後，完成從 NCR-Voix 的分離的過程正在按計劃或提前完成，並且符合預算。在第二季度，我們將另外兩個國家轉移到了 Atleos，這兩個國家在分裂後因法人實體地位而被 Voyix 擱淺。

Only two with de minimis revenue remain, and those should transfer to us in the third quarter. We completed the early closure of several key transition service agreements, or TSAs, between the two companies, and have only a few critical TSAs remaining. This has allowed us to already begin evaluating productivity opportunities for functions previously covered by the TSA and sized for a larger company.

只剩下兩家的收入微乎其微，這些應該會在第三季轉移給我們。我們提前完成了兩家公司之間的幾項關鍵過渡服務協議 (TSA)，現在只剩下一些關鍵的 TSA。這使我們能夠開始評估 TSA 之前涵蓋的功能以及針對較大公司的規模的生產力機會。

As is always the case, I want to express my gratitude to the whole NCR Atleos team for achieving another impressive quarter, fueled by enthusiastic commitment to our new company's mission and values, diligent effort, and consistently positive disposition. I'm extremely proud of what the global NCR Atleos team has accomplished in nine short months and more opportunity awaits.

一如既往，我要對整個 NCR Atleos 團隊表示感謝，他們在對新公司使命和價值觀的熱情承諾、勤奮努力以及一貫的積極態度的推動下，又取得了令人印象深刻的季度業績。我對 NCR Atleos 全球團隊在短短九個月內所取得的成就感到非常自豪，還有更多機會等著我們。

With that, over to you, Paul.

那麼，就交給你了，保羅。

Thank you, Tim, and thank you all for joining us today. We closed out the first half of the year with a strong second quarter that was on the higher end of our expectations. We were particularly pleased with the financial results, momentum of our business, and accelerated progress of our key objectives.

謝謝提姆，也謝謝大家今天加入我們。我們以強勁的第二季結束了上半年，這超出了我們的預期。我們對財務表現、業務動能以及關鍵目標的加速進展感到特別滿意。

Importantly, the results further validated the earnings power of our strategy to generate higher revenue and profit per unit across our global installed base of 600,000 ATMs by adding incremental transaction and service revenue streams.

重要的是，結果進一步驗證了我們策略的獲利能力，即透過增加增量交易和服務收入流，在全球安裝的 60 萬台 ATM 機上創造更高的單位收入和利潤。

We will start on slide 9 for a review of the consolidated second-quarter results. Total company revenue was $1.08 billion, led by 7% growth in software revenue and 6% growth in services revenue that demonstrated continued success in generating consistent and higher margin sources of revenue from stable installed base of ATMs. The strong software and service revenues contributed to 9% growth in recurring revenue to $793 million, which comprised 73% of total revenues, up from 70% in the prior year.

我們將從幻燈片 9 開始回顧第二季度的綜合業績。公司總收入為 10.8 億美元，其中軟體收入成長了 7%，服務收入成長了 6%，這表明在從穩定的 ATM 安裝基礎上創造持續且利潤率更高的收入來源方面取得了持續成功。強勁的軟體和服務收入推動經常性收入成長 9%，達到 7.93 億美元，佔總營收的 73%，高於前一年的 70%。

We delivered second-quarter adjusted EBITDA of $193 million and a margin of 17.9%, benefiting from upside in revenue growth for self-service banking and upside in margins for the network business. EBITDA margin rate expanded 250 basis points sequentially. The year-over-year decrease in EBITDA and margin was consistent with our projections that incorporated known [dyssynergies] and higher labor cost. Macro headwinds remained consistent with last quarter, partially offsetting the productivity savings we have accomplished.

我們第二季調整後 EBITDA 為 1.93 億美元，利潤率為 17.9%，受惠於自助銀行業務收入成長和網路業務利潤率上升。 EBITDA 利潤率較上季擴大 250 個基點。 EBITDA 和利潤率的年減與我們的預測一致，其中考慮了已知的[協同失調]和較高的勞動成本。宏觀不利因素與上季保持一致，部分抵銷了我們所實現的生產力節省。

Moving down to P&L, interest expense was $79 million on an average total debt balance of $3.2 billion that includes approximately $1.8 billion of variable rate debt. The weighted average interest rate on the debt was approximately 9.4%. The second-quarter effective tax rate of approximately 18% was 200 basis points lower than we projected due to known discrete tax benefits accelerated from the third quarter. Fully diluted average share count was 73.7 million shares.

轉到損益表，利息支出為 7,900 萬美元，平均總債務餘額為 32 億美元，其中包括約 18 億美元的浮動利率債務。債務加權平均利率約為9.4%。由於已知的離散稅收優惠從第三季開始加速，第二季的有效稅率約為 18%，比我們的預期低 200 個基點。完全稀釋平均股數為 7,370 萬股。

Putting it together, we drove second-quarter diluted adjusted earnings per share of $0.81 and generated approximately $16 million of adjusted free cash flow in the quarter.

總而言之，我們第二季的稀釋調整後每股收益為 0.81 美元，並在該季度產生了約 1,600 萬美元的調整後自由現金流。

Moving to slide 10, self-service banking is our largest business and is comprised of a stable global install base of approximately 520,000 of our 600,000 ATM units. These 520,000 units primarily generate recurring revenue from soft -- services and software. We are transforming the business by leveraging our network infrastructure capabilities to deliver a broader range of services to our customer and a more comprehensive outsourced services model.

轉到投影片 10，自助銀行業務是我們最大的業務，由我們 60 萬台 ATM 機中約 52 萬台穩定的全球安裝基礎組成。這 52 萬單位主要透過軟體服務和軟體產生經常性收入。我們正在利用我們的網路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。

Self-service banking had a solid second quarter with financial results above our guided range. Starting in the upper left, revenue grew 3% year over year to $673 million including 12% growth in recurring revenue to a new high of 63% of segment revenues. The recurring revenue growth reflects the continued success of our strategy to drive more revenue from a global install base of ATMs led by 18% growth in software and 5% growth in services.

自助銀行業務第二季表現強勁，財務表現高於我們的指導範圍。從左上角開始，營收年增 3%，達到 6.73 億美元，其中經常性收入成長 12%，達到分部營收 63% 的新高。經常性收入成長反映了我們的策略持續取得成功，即透過全球 ATM 安裝基礎增加收入，其中軟體成長 18%，服務成長 5%。

The continued growth of our ATM as a service solution resulted in a decrease in upfront revenue hardware line due to revenue shifting to ATM as a service bucket being recognized relatively over the contract period. That said, we had a higher-than-expected hardware orders in the quarter, particularly for a recycling product, giving us a robust backlog that increased our segment revenue expectations for the second half.

我們的 ATM 即服務解決方案的持續成長導致前期收入硬體線減少，因為收入轉移到 ATM 作為服務類別，並在合約期間內相對確認。也就是說，我們本季的硬體訂單高於預期，特別是回收產品，這給我們帶來了強勁的積壓，提高了我們下半年的部門收入預期。

Second-quarter adjusted EBITDA of $158 million benefited from the strong growth in high margin software revenue and productivity initiatives which offset the previous mentioned macro cost headwinds. On a year-over-year basis, EBITDA was down approximately $15 million primarily due to anticipated dyssynergies, higher labor costs, and the impact of one-time hardware sales shifting to ATMs as a service being amortized over future years. Adjusted EBITDA margin was 24% compared to 27% in the prior year.

第二季調整後 EBITDA 為 1.58 億美元，受益於高利潤軟體收入和生產力計劃的強勁增長，抵消了先前提到的宏觀成本不利因素。與去年同期相比，EBITDA 下降了約 1500 萬美元，主要是由於預期的協同失調、勞動力成本上升以及一次性硬體銷售轉向 ATM 作為一項服務在未來幾年攤銷的影響。調整後 EBITDA 利潤率為 24%，上一年為 27%。

Moving to the bottom of the slide, KPIs continued a positive trajectory in the second quarter. The mix of recurring revenue climbed to 63% for the second quarter, up approximately 500 basis points year over year and 100 basis points sequentially on growth in recurring software and services revenue in addition to the incremental impact of ATM as a service revenue.

進入下滑的底部，第二季關鍵績效指標繼續保持積極的軌跡。第二季經常性收入組合攀升至 63%，較去年同期成長約 500 個基點，較上季成長約 100 個基點，原因是經常性軟體和服務收入的成長，以及 ATM 作為服務收入的增量影響。

Annual recurring revenue or ARR is up 11% year over year and up 6% sequentially. Another proof point that our strategy of driving more recurring revenue from our existing installed base is progressing.

年度經常性收入 (ARR) 年成長 11%，季增 6%。另一個證據表明，我們從現有安裝基礎中推動更多經常性收入的策略正在取得進展。

On slide 11, we have introduced new information disclosures for the ATM as a service business to help assess and model this important growth opportunity and the broader self-service banking segment. On the top left of the slide, ATM as a service grew 31% year over year to $47 million for the second quarter on addition of approximately 4,100 incremental active units.

在投影片 11 中，我們引入了 ATM 即服務業務的新資訊揭露，以幫助評估和建模這一重要的成長機會和更廣泛的自助銀行業務領域。在投影片的左上方，第二季 ATM 服務年增 31%，達到 4,700 萬美元，增加了約 4,100 個活躍單位。

On the right, gross profit increased 37% year over year to $14.4 million, consistent with the ramp in the ATM as a service revenues.

右側的毛利年增 37%，達到 1,440 萬美元，與 ATM 服務收入的成長一致。

Moving to the bottom of the slide, ATM as a service KPIs also continued a positive trajectory in the second quarter. ATM as a service active units increased year over year and sequentially to over 22,000 units. Customer interest remains strong and the backlog also increased for the second quarter to over 4,000 units.

到了投影片的底部，ATM 即服務 KPI 在第二季也繼續保持積極的軌跡。 ATM 服務活躍台數逐年增加，季增至超過 22,000 台。顧客興趣依然強勁，第二季的積壓訂單也增加至 4,000 多台。

Adding to Tim's earlier comments, we acknowledge that the pace of ATM as a service activations has been slower this year than we originally projected. That is primarily because we maintained ROI discipline on some large deals expected to close earlier this year that did not meet our return on investment hurdle rate. With that said, we still have line of sight to finishing the year with our targeted 30,000 active units.

除了蒂姆之前的評論之外，我們承認今年 ATM 即服務啟動的步伐比我們最初預計的要慢。這主要是因為我們對今年稍早完成的一些大型交易保持了投資回報率紀律，但這些交易未達到我們的投資回報率門檻。話雖如此，我們仍有望在今年底實現 30,000 個活躍單元的目標。

On top of the 4,000 unit backlog, there are a few large service-orientated deals with existing customers that we have high degree of confidence will close and activate this year.

除了 4,000 台積壓訂單之外，我們非常有信心與現有客戶達成一些大型服務導向交易，這些交易將在今年完成並啟動。

The last 12 months average revenue per unit, ARPU, continued to build during the second quarter, reaching $8,600 per unit, up from $8,000 in the prior year. The increase in the ARPU is largely a result of adding customers in higher yield regions to a base of units with a large mix of cash dispensers in India, where the yield is lower.

過去 12 個月的每單位平均收入 (ARPU) 在第二季度持續成長，達到每單位 8,600 美元，高於去年的 8,000 美元。 ARPU 的成長主要是由於收益較低的印度擁有大量自動提款機的單位基礎上增加了收益較高地區的客戶。

It is important to keep in mind that there is a lot of variability in ARPU between geography, the product type, the set of services included, and the institution size. For example, India favors less advanced units generating much lower revenue and profit than North America, where institutions generally prefer a higher specification of ARPUs and higher specification multi-function unit with a fully outsourced model that has a stronger yield.

重要的是要記住，ARPU 在地理位置、產品類型、所包含的服務集和機構規模之間存在很大差異。例如，印度青睞較不先進的設備，其收入和利潤遠低於北美，而北美的機構通常更喜歡更高規格的 ARPU 和更高規格的多功能設備，以及具有更高收益的完全外包模式。

The previously mentioned backlog of 4,000 units are more heavily weighted to North America and Europe, with backlog ARPU above $14,000 and a higher margin profile. Demand for ATMs as a service is broad-based across all regions and particularly healthy in North America, which we expect to become an increasing mix of our ATMs as a service unit installed base. ARR continued a consistent upward trend in the second quarter, growing 30% year over year to almost $200 million.

前面提到的 4,000 台積壓訂單更集中在北美和歐洲，積壓的 ARPU 超過 14,000 美元，利潤率也較高。對 ATM 服務的需求在所有地區都有廣泛的基礎，尤其是在北美，我們預計，我們的 ATM 作為服務單位的安裝基礎將持續增加。第二季 ARR 持續維持持續上升趨勢，年增 30%，達到近 2 億美元。

Moving to the network segment on page 12, our network utility banking strategy is focused on offering financial institutions and retail partners access to industry-leading scale of our owned and operated ATM network, which enables increased utilization of network driving higher ARPU across approximately 80,000 units base of ATMs.

轉到第12 頁的網路部分，我們的網路公用事業銀行策略專注於為金融機構和零售合作夥伴提供我們擁有和營運的行業領先規模的ATM 網絡，從而提高網路利用率，推動約80,000 個單位的ARPU 更高ATM 機基地。

The network segment had another strong quarter, starting on the top left, revenue increased 6% year over year to $326 million, with 10% growth in withdrawal volumes, partially offset by lower volumes for LibertyX transactions, which are lower margin. Withdrawal volumes increased 8% for North America and 11% for international transactions.

網路部門迎來了一個強勁的季度，從左上角開始，營收年增 6%，達到 3.26 億美元，提款量成長 10%，部分被 LibertyX 交易量下降（利潤率較低）所抵銷。北美的提款量增加了 8%，國際交易的提款量增加了 11%。

Also of note, we continue to execute our nationwide deposit strategy by adding a second top-tier US bank to our deposit network. Deposit transactions continue to accelerate, growing approximately 170% year-over-year and 50% over Q1, but from a small base.

另外值得注意的是，我們透過在我們的存款網路中增加第二家頂級美國銀行來繼續執行我們的全國性存款策略。存款交易持續加速，年增約 170%，較第一季成長 50%，但基數較小。

On the right, adjusted EBITDA of $101 million was also above the high end of our guidance range and increased 11% year over year on revenue growth and margin expansion. Adjusted EBITDA margin expanded 160 basis points year over year, which is a significant increase of 31%, primarily due to a lower mix of LibertyX revenue that ties a lower margin offset by growth in higher margin all-point transactions.

右側，調整後 EBITDA 為 1.01 億美元，也高於我們指導範圍的上限，並且由於收入增長和利潤率擴張，同比增長 11%。調整後的EBITDA 利潤率同比擴大了160 個基點，大幅增長了31%，這主要是由於LibertyX 收入組合的減少，導致利潤率較低，但利潤率較高的全點交易的增長抵消了這一影響。

The key metrics at the bottom of this slide highlight the validity and execution of our strategy. On the left, you can see our ATM portfolio has been stable over the past year, finishing the quarter at approximately 81,000 units. The small reduction in unit count is the result of planned retail footprint optimization to remove units with lower profitability.

本投影片底部的關鍵指標強調了我們策略的有效性和執行力。在左側，您可以看到我們的 ATM 產品組合在過去一年中保持穩定，本季結束時數量約為 81,000 台。單位數量的小幅減少是計劃零售足跡優化的結果，以消除盈利能力較低的單位。

The chart on the right shows the last 12 months average revenue per unit, ARPU, was up 10% year over year in the second quarter. As Tim noted, we made significant progress on multiple strategic initiatives in the second quarter that laid the foundation for future growth.

右圖顯示，過去 12 個月第二季每單位平均收入 (ARPU) 年比成長 10%。正如蒂姆所指出的那樣，我們在第二季度的多項策略舉措上取得了重大進展，為未來的成長奠定了基礎。

Moving to slide 13, starting on the left with a summary of our segment revenue and EBITDA results for the total company. Technology and telecom segment revenue and adjusted EBITDA were slightly up year-over-year due to new customers and expanding services.

轉到投影片 13，從左側開始，我們總結了整個公司的部門收入和 EBITDA 結果。由於新客戶和服務擴展，技術和電信部門收入和調整後 EBITDA 年比小幅增長。

As a reminder, the other segment represents legacy NCR Voyix exited geographies and commercial agreements between NCR Atleos and NCR Voyix. The other segment results were below our expectations due to accelerated exits from TSA and lower manufacturing demand from NCR Voyix. We expect this weakness to continue.

提醒一下，另一個部分代表 NCR Voyix 退出的地區以及 NCR Atleos 和 NCR Voyix 之間的商業協議。由於 TSA 加速退出以及 NCR Voyix 製造需求下降，其他部門的表現低於我們的預期。我們預計這種疲軟趨勢將持續下去。

Unallocated corporate cost decreased 5% to $77 million with the primary contributors being the movement of some cost departments into self-service banking business segment, expense optimization, and a difference between historical cost allocation methodologies under [accounting].

未分配的企業成本下降了 5%，達到 7,700 萬美元，主要原因是一些成本部門轉移到自助銀行業務部門、費用優化以及[會計]下歷史成本分配方法之間的差異。

On slide 14 is another view of new information that we're providing to help investors assess and model the company. These are not KPIs that we currently use internally, but I've been asked for this information by a number of investors and will build this up to a rolling five-quarter view over time. The key takeaway from this slide is to show the progress of maximizing the monetization of each unit of our 600,000 unit fleet by attaching more transactions, services, and software, regardless of which segment drives the additional revenue.

第 14 張投影片是我們提供的新資訊的另一個視圖，旨在幫助投資者評估公司並為其建模。這些不是我們目前內部使用的關鍵績效指標，但許多投資者要求我提供這些信息，並將隨著時間的推移將其構建為滾動的五個季度視圖。這張投影片的主要內容是展示透過附加更多交易、服務和軟體來最大限度地提高我們 600,000 輛車隊中每輛車隊的貨幣化的進展，無論哪個部分驅動了額外收入。

On slide 15, we present a breakdown of free cash flow for the quarter and a snapshot of our financial position at the end of the second quarter. The key takeaway in this slide for the second quarter is that we generated $16 million of free cash flow and leverage was essentially unchanged at 3.5 times. Year to date, we generated approximately $85 million of free cash flow, putting us on pace to meet our full-year net leverage target of 3.2 times.

在投影片 15 中，我們展示了本季自由現金流的細目以及第二季末我們的財務狀況的快照。第二季這張投影片的關鍵要點是，我們產生了 1,600 萬美元的自由現金流，而槓桿率基本上保持在 3.5 倍不變。今年迄今為止，我們產生了約 8,500 萬美元的自由現金流，使我們有望實現 3.2 倍的全年淨槓桿目標。

On the bottom of this slide, year-to-date, our net debt is down by $45 million and net leverage ratio dropped from approximately 3.7 times to 3.5 times. We have ample liquidity of $672 million at the end of the second quarter.

在這張投影片的底部，今年迄今為止，我們的淨債務減少了 4,500 萬美元，淨槓桿率從約 3.7 倍下降到 3.5 倍。截至第二季末，我們擁有 6.72 億美元的充裕流動性。

Expanding on Tim's comments for capital allocation, the company's strong fundamentals and cash flow generation can comfortably support more than our current debt, which the market has clearly shown with our 2029 notes trading at almost 110% of par value.

擴展蒂姆對資本配置的評論，該公司強勁的基本面和現金流生成可以輕鬆地支持我們當前的債務，市場清楚地表明了這一點，我們的 2029 年票據交易價格接近票面價值的 110%。

That said, our internal analysis and feedback from investors and the board confirmed that a more optimal leverage level is our priority. Therefore, we have decided that debt reduction is the best use of free cash flow to increase shareholder value. We will continue to evaluate this position and adjust for developments appropriately.

也就是說，我們的內部分析以及投資人和董事會的回饋證實，更優化的槓桿水平是我們的首要任務。因此，我們認為減少債務是利用自由現金流增加股東價值的最佳方式。我們將繼續評估這一立場並根據事態發展進行適當調整。

Coming to slide 16 and our total company financial outlook for Q3 and full year 2024. Starting with the full year, for revenues, the midpoint of the range is unchanged at $4.3 billion. We tightened the range to $4.26 billion to $4.34 billion based on solid first half revenues plus a robust order backlog and sales pipeline for the second half.

來看第 16 張投影片以及我們對 2024 年第三季和全年的公司整體財務展望。基於上半年穩健的收入以及下半年強勁的訂單積壓和銷售管道，我們將範圍收窄至 42.6 億美元至 43.4 億美元。

We reaffirmed the outlook for the adjusted EBITDA of $770 million to $800 million. This reflects the first half adjusted EBITDA that was above midpoint for the quarterly guidance ranges, offset by uncertainty with macroeconomic risk due to softening economic trends globally and geopolitical risk.

我們重申調整後 EBITDA 的前景為 7.7 億至 8 億美元。這反映出上半年調整後的 EBITDA 高於季度指導範圍的中點，但被全球經濟趨勢疲軟和地緣政治風險導致的宏觀經濟風險的不確定性所抵消。

Moving down to P&L, there are no material changes to the outlook below the line, which leaves diluted adjusted EPS unchanged at $2.90 to $3.20. Based on the strong first half free cash flow, second half EBITDA outlook and effective CapEx and working capital management, we narrowed the free cash flow outlook to $190 million to $220 million, raising the midpoint by $5 million.

向下看損益表，線以下的前景沒有重大變化，這使得稀釋調整後每股收益保持在 2.90 美元至 3.20 美元不變。基於上半年強勁的自由現金流、下半年 EBITDA 前景以及有效的資本支出和營運資金管理，我們將自由現金流前景縮小至 1.9 億美元至 2.2 億美元，將中點上調了 500 萬美元。

For the third quarter, we expect total company revenue in the range of $1.045 billion to $1.075 billion. Adjusted EBITDA of $195 million to $205 million and adjusted EPS of $0.71 to $0.81. We expect free cash flow will be between $40 million and $60 million. Note that free cash flow conversion should improve sequentially on higher EBITDA and having no semi-annual cash interest expense payment. We highlighted other relevant assumptions for the consolidated Q3 and full-year outlook in the earnings presentation, including interest expense, effective tax rate, and share count.

我們預計第三季公司總營收在 10.45 億美元至 10.75 億美元之間。調整後的 EBITDA 為 1.95 億美元至 2.05 億美元，調整後的每股收益為 0.71 美元至 0.81 美元。我們預計自由現金流將在 4,000 萬至 6,000 萬美元之間。請注意，自由現金流轉換應在 EBITDA 較高且沒有半年度現金利息費用支付的情況下連續改善。我們在收益報告中強調了第三季合併和全年展望的其他相關假設，包括利息支出、有效稅率和股票數量。

Moving to slide 17 and the segment level outlook, there are movements between the segments as we recalibrate based on learnings from the first half and current backlog and cost profiles. Starting with the full-year outlook, we modestly increased and narrowed the self-service banking revenue outlook range to $2.655 billion to $2.690 billion, reflecting better growth across product lines, including strong hardware revenue for improved backlog exiting Q2.

轉向幻燈片 17 和細分市場層面的展望，當我們根據上半年的經驗教訓以及當前的積壓和成本概況進行重新校準時，各個細分市場之間存在變化。從全年展望開始，我們小幅上調並縮小了自助銀行收入預期範圍至26.55 億美元至26.90 億美元，反映出各產品線的更好增長，包括因第二季度積壓情況改善而帶來的強勁硬件收入。

We lowered the outlook range for adjusted EBITDA margin to 23% to 24% due to higher than previously expected service costs and shipping costs that will dampen the impact of our continuous improvement initiatives.

我們將調整後 EBITDA 利潤率的展望範圍下調至 23% 至 24%，因為服務成本和運輸成本高於先前的預期，這將削弱我們持續改善計畫的影響。

We modestly decreased and narrowed the network revenue outlook range to $1.28 billion to $1.31 billion, primarily due to continuous softness in the Liberty business. We increased the outlook range for adjusted EBITDA margin to 30% to 31%, reflecting the lower mix of Liberty revenue that carries a lower margin than the overall segment.

我們小幅下調網路收入前景範圍至 12.8 億美元至 13.1 億美元，主要是因為 Liberty 業務持續疲軟。我們將調整後 EBITDA 利潤率的展望範圍上調至 30% 至 31%，反映出 Liberty 營收組合較低，利潤率低於整個細分市場。

We're in the process of implementing plans to remedy the Liberty challenges. P&T revenue is now expected to be $188 million to $197 million, with adjusted EBITDA margin of approximately 20%.

我們正在實施解決自由挑戰的計劃。目前，P&T 營收預計為 1.88 億至 1.97 億美元，調整後 EBITDA 利潤率約為 20%。

Moving to the other segment. Last week, Voyix announced an asset divestiture and corporate reorganization. We expect to retain most of the projected second half EBITDA relating to Voyix, but the financial implications are not yet clear. Based on volume interlocks with Voyix, we've reduced revenue expectations from this segment by $43 million at the midpoint.

移動到另一個部分。上週，Voyix 宣布進行資產剝離和公司重組。我們預計將保留與 Voyix 相關的大部分預計下半年 EBITDA，但財務影響尚不清楚。根據與 Voyix 的銷售互鎖，我們將該細分市場的營收預期中位數降低了 4,300 萬美元。

Other revenue for the year is now expected to be $137 million to $143 million, with an adjusted EBITDA margin of approximately 10%. Unallocated corporate costs should be approximately 7% of total company revenues.

目前預計今年的其他收入為 1.37 億美元至 1.43 億美元，調整後的 EBITDA 利潤率約為 10%。未分配的公司成本應占公司總收入的約7%。

For the third quarter, we expect self-service banking revenue to be $655 million to $670 million, with adjusted EBITDA margin rate of 24% to 25%. We expect network revenue to be $325 million to $335 million, with an adjusted EBITDA margin of 30% to 31%. P&T revenue is expected to be $43 million to $45 million, with an adjusted EBITDA margin rate of approximately 20%. We expect other revenue of $22 million to $25 million, with an adjusted EBITDA margin of high single digits.

第三季度，我們預期自助銀行營收為6.55億美元至6.7億美元，調整後的EBITDA利潤率為24%至25%。我們預期網路營收為 3.25 億至 3.35 億美元，調整後 EBITDA 利潤率為 30% 至 31%。 P&T 營收預計為 4,300 萬至 4,500 萬美元，調整後 EBITDA 利潤率約為 20%。我們預計其他收入為 2,200 萬至 2,500 萬美元，調整後 EBITDA 利潤率為高個位數。

Concluding my comments on slide 18, we delivered a strong second quarter and first half result at or above guidance across the board. We grew revenue in all Atleos' core businesses with a focus on increasing transactional, software, and services revenue. We sequentially expanded margins and generated positive free cash flow. We issued Q3 guidance, improving sequentially and reiterating our full-year guidance midpoints with tightened ranges.

總結我對投影片 18 的評論，我們交付了強勁的第二季和上半年業績，達到或高於全面指引。我們增加了 Atleos 所有核心業務的收入，重點是增加交易、軟體和服務收入。我們相繼擴大了利潤率並產生了正的自由現金流。我們發布了第三季指引，環比改善，並重申全年指引中點並收緊範圍。

With that, operator, please open up the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Matt Somerville, DA Davidson.

（操作員說明）Matt Somerville，DA Davidson。

Thanks. Couple questions. First, just with respect to the balance sheet, you mentioned you may embark upon some sort of debt refinancing this fall. Can you remind us what your cash interest expense is on an annual basis and where you think ultimately your new weighted average cost of debt, what that could look like relative to the [94]? And then similarly, I think with respect to your comments on buyback in dividends, what leverage level would you need to see to start entertaining those ideas again? And then I have a follow-up.

謝謝。幾個問題。首先，就資產負債表而言，您提到您可能會在今年秋天開始某種債務再融資。您能否提醒我們您每年的現金利息支出是多少，以及您最終認為新的加權平均債務成本是多少，相對於[94]可能是什麼樣子？同樣，我認為關於您對股息回購的評論，您需要看到什麼槓桿水平才能再次開始考慮這些想法？然後我有一個後續行動。

Paul, I'll take the first one, and I'll let you take the second one. I'll take the second one. You can take the first one on the debt cost and the potential relief from refinancing. I think on the second half of that question, 3 times leverage is probably where we want to get to. We've talked about getting to 3 times in the midpoint of next year. We think we can get there more quickly if we don't pay a dividend or we don't return cash to shareholders, either as a dividend or a share of purchase.

保羅，我拿第一個，我叫你拿第二個。我要拿第二個。您可以選擇第一個關於債務成本和再融資的潛在減免的問題。我認為在這個問題的後半部分，3 倍槓桿可能是我們想要達到的目標。我們已經討論過在明年中期達到 3 次。我們認為，如果我們不支付股息或不向股東返還現金（無論是作為股息還是購買股份），我們就能更快實現這一目標。

A share of purchase authorization would take action by our Board. We've had one in the past. I think it was a very compelling choice last quarter when our stock was in the $22 range. I still believe we're undervalued, but not as undervalued. I think once we get down to 3 times, which should be sometime in the first half of 2025, that we'd reinitiate this discussion.

部分購買授權將由我們的董事會採取行動。我們過去曾經有過一次。我認為上個季度我們的股票價格在 22 美元範圍內時，這是一個非常引人注目的選擇。我仍然相信我們被低估了，但沒有被低估得那麼嚴重。我認為一旦我們減少到 3 次（應該是 2025 年上半年的某個時間），我們就會重新啟動這一討論。

Paul, would you take the first one?

保羅，你願意選擇第一個嗎？

Yeah, thank you, Tim, and thank you, Matt. The annual interest cost, Matt, is between $295 million and $305 million in 2024. We have roughly $3 billion of debt. Around $750 million of that is a term loan B, which is no call through the end of Q3, and then it's callable at the end of Q3, so that's our highest cost debt so far, plus [$485 million].

是的，謝謝你，提姆，謝謝你，馬特。馬特，到 2024 年，每年的利息成本將在 2.95 億美元到 3.05 億美元之間。其中約7.5 億美元是定期貸款B，在第三季末之前都不會贖回，然後在第三季末可以贖回，所以這是我們迄今為止最高的成本債務，加上[4.85 億美元] 。

That's the debt we're probably looking to refinance, Matt, just the $750 million of the $3 billion. We don't know yet what the interest would be. There's a number of different options we can take when we're refinancing that, be it replacing with more term loan A, there's options around converts, and there's just repricing the debt. We're working with our bank partners to come up with the best optionality for us for interest rates that are available at a time we can refinance.

馬特，這就是我們可能尋求再融資的債務，只是 30 億美元中的 7.5 億美元。我們還不知道興趣是什麼。當我們進行再融資時，我們可以採取多種不同的選擇，無論是用更多的定期貸款 A 代替，還是圍繞轉換者有多種選擇，而且只是重新定價債務。我們正在與銀行合作夥伴合作，為我們提供再融資時可用的最佳利率選擇。

Got it. With respect to the hardware side of self-service banking, it sounds like there's a pretty good chance you actually see some unit growth in 2024 over 2023 based on some of the order comments you had. Does this give you an early read on how you're thinking about 2025 big picture for that portion of the business, and what inning would you say we're in with respect to this recycling proliferation in the western part of the world, particularly in North America?

知道了。關於自助銀行的硬體方面，根據您收到的一些訂單評論，您實際上很有可能在 2024 年比 2023 年看到一些單位增長。這是否能讓您儘早了解您如何看待這部分業務的 2025 年大局，以及您認為我們在世界西部地區（特別是在北美？

Yeah, I'll take this one. I feel good about demand for hardware this year. Our demand is going to be better than we anticipated at the beginning of the year. The order book is very strong, particularly in the second half of the year. Our recycler product will compete exceptionally well going into next year, and I think that from a hardware perspective, both because demand feels pretty good, it feels good not just for recycling, but for all things ATM, I think we're at somewhat of a sweet spot in the refresh cycle at this point.

是的，我就拿這個。我對今年硬體的需求感到滿意。我們的需求將好於我們年初的預期。訂單量非常強勁，尤其是在今年下半年。我們的回收產品在明年將具有非常好的競爭力，我認為從硬體的角度來看，不僅是因為需求感覺很好，而且不僅對於回收，而且對於ATM 的所有東西都感覺良好，我認為我們在某種程度上處於此時刷新周期中的最佳點。

I think we're in the third inning, the fourth inning. I think it's going to play out more slowly than the 2019 bubble, but I think 2025 for us should be a very, very good hardware year.

我想我們現在處於第三局、第四局。我認為它的發展速度會比 2019 年的泡沫慢，但我認為 2025 年對我們來說應該是非常非常好的硬體一年。

I'll sneak in one more. If you think about the network side of the business and kind of the growth algorithm there, if LibertyX is sort of lower for longer, and back of the envelope, that to me looks like a 2, maybe 3 percentage point drag on network organic growth this year, so first one, if you could confirm that.

我再偷偷溜進去一張如果你考慮一下業務的網絡方面以及那裡的增長演算法，如果LibertyX 的價格在較長時間內處於較低水平，並且在信封後面，對我來說，這看起來會拖累網絡有機增長2、也許3個百分點今年是第一個，如果你能證實這一點的話。

But I want to think about the long-term growth algorithm outside of Liberty. How much growth can you get from incremental withdrawal transaction volume gains versus continuing to add to the transactional set? I guess I'm trying to make sure I understand which is the bigger underlying driver of incremental growth from here in network.

但我想考慮 Liberty 以外的長期成長演算法。與繼續添加到交易集中相比，您可以從增量提款交易量增長中獲得多少增長？我想我正在努力確保我了解網路增​​量成長的更大潛在驅動力。

It's going to be the withdrawal transactions in the shorter run. The new transaction types we're describing are relatively small compared to the whole, and so despite the fact they're growing very rapidly, they're not moving the whole business that much.

從短期來看，這將是提款交易。與整體相比，我們描述的新交易類型相對較小，因此儘管它們成長非常迅速，但它們並沒有對整個業務產生太大影響。

Fast forward a couple of years, and I think deposit transactions and some of our cardless, pinless transactions might be still growing very rapidly and be contributing significantly to the overall growth rate of the business. But I think for the next several quarters, it's going to continue to be really robust growth in our withdrawal transactions.

快進幾年，我認為存款交易和我們的一些無卡、無密碼交易可能仍在快速成長，並對業務的整體成長率做出重大貢獻。但我認為在接下來的幾個季度，我們的提款交易將繼續保持強勁成長。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指令）George Tong，高盛。

Hi, thanks. Good morning. You're continuing to target 30,000 ATM as a service units by 4Q of this year compared to about 22,000 in the second quarter and cited strong visibility into large contracts that will likely close in the second half. Can you describe where these large contracts are coming from and your confidence around the timing of implementation?

你好，謝謝。早安.您繼續將目標定為到今年第四季將 ATM 作為服務單位達到 30,000 台，而第二季度約為 22,000 台，並指出對可能在下半年完成的大型合約的可見性很強。您能否描述一下這些大型合約的來源以及您對實施時間的信心？

Paul, why don't you take that?

保羅，你為什麼不接受這個呢？

Yeah, certainly. Thank you for the question, George. Yeah, we have a line of sight. These are customers we have today, George, that have moved somewhat along the continuum. They've outsourced some services to us today. And we're looking to convert them to an ATM as a service structure either late third quarter or early fourth quarter. So we have good line of sight. Specific customers, it's negotiations that are deep into the closing cycle.

是的，當然。謝謝你的提問，喬治。是的，我們有視線。喬治，這些就是我們今天的客戶，他們已經沿著連續統一體發生了一些變化。他們今天將一些服務外包給我們。我們希望在第三季末或第四季初將它們轉換為 ATM 作為服務結構。所以我們有良好的視線。對於特定客戶，談判已深入到結束週期。

I want to add there. I'd love to add there that we're not going to chase units. We could chase units and be less profitable and have returns that are not what we've been targeting. We're going to continue to participate in transactions in lower cost markets. But it's unlikely the trend we're seeing right now will allow us to be as competitive there.

我想在那裡補充一下。我想補充一點，我們不會追逐單位。我們可能會追逐單位，但利潤會降低，回報不會達到我們的目標。我們將繼續參與低成本市場的交易。但我們現在看到的趨勢不太可能讓我們在那裡保持競爭力。

So you're going to see more smaller deals in the US and Western Europe. It takes a little longer for those to accumulate. But we're not going to chase that metric of 30,000 simply because we want to hit that metric. We'll do it profitably or we won't do it. As Paul said, we've got line of sight to get to 30,000 units. There's, I guess there's two relatively large transactions in there that we think will get closed. Other customers we've spoken about before, you'd know them. But we're not on a mad tear trying to get that unit number up.

因此，您將在美國和西歐看到更多規模較小的交易。這些需要更長的時間才能累積。但我們不會因為想要達到 30,000 的指標而追逐該指標。我們會這樣做並從中獲利，否則我們不會這樣做。正如保羅所說，我們的目標是達到 30,000 台。我猜那裡有兩筆相對較大的交易，我們認為將會結束。我們之前談過的其他客戶，您應該認識他們。但我們並沒有瘋狂地試圖提高單位數量。

Got it. That's helpful context. Related to that, you're leaning more and more into your ATM as a service light strategy. Can you talk more about that strategy? How many ATM as a service light implementations there were in the quarter? And if this strategy alters your medium-term target, assuming you continue down this path of preferring light implementations?

知道了。這是有用的背景。與此相關的是，您越來越傾向於將 ATM 作為輕服務策略。能詳細談談該策略嗎？本季有多少個 ATM 即服務實施？如果這個策略改變了你的中期目標，假設你繼續沿著這條偏好輕型實施的道路走下去呢？

That is certainly one of the reasons why we have reined in our units expectation is because we're not inclined to want to own the device unless the return is significant. And in some deals, particularly in India, they are not significant enough. The returns are disappointing. And so we'd rather not own the device.

這當然是我們控制單位預期的原因之一，因為除非回報可觀，否則我們不願意擁有該設備。在某些交易中，尤其是在印度，它們的意義還不夠大。回報令人失望。所以我們寧願不擁有該設備。

It's really been our customers preference thus far that has caused the strategy to be less capital intensive. We are admittedly prioritizing transactions that are asset light. And we've been able to take our free cash flow number for the guidance for the year up a bit, as Paul described, because we're not spending nearly as much as we thought we would to drive these strategies.

到目前為止，確實是我們的客戶偏好導致該策略資本密集度較低。誠然，我們優先考慮輕資產交易。正如保羅所描述的那樣，我們已經能夠將今年的自由現金流數字作為指導，因為我們在推動這些策略方面的支出遠不如我們想像的那麼多。

So I think part of it is a choice that we're making. And part of it is our customers understand that their cost of capital is significantly lower than ours. And they just assume own the devices themselves and let us do what we do well, which is serve those machines.

所以我認為部分原因是我們正在做出的選擇。部分原因是我們的客戶了解他們的資本成本明顯低於我們。他們只是假設自己擁有設備，並讓我們做我們擅長的事情，即為這些機器提供服務。

And at this time, there are no further questions.

而此時，已經沒有其他問題了。

Operator, thank you. I think that concludes our call. I appreciate everyone joining tonight. And I know that Paul and his team will be standing by to take any questions that you have today or tomorrow. Hope all's well. Bye.

接線員，謝謝。我想我們的通話到此結束。我感謝今晚大家的加入。我知道保羅和他的團隊將隨時準備好回答您今天或明天提出的任何問題。希望一切都好。再見。

Thanks, everyone.

謝謝大家。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。