NCR Atleos Corp (NATL) 2024 Q4 法說會逐字稿

Good day and welcome to the NCR Atleos fourth quarter and full year earnings call. Today's conference is being recorded at this time.

大家好，歡迎參加 NCR Atleos 第四季和全年財報電話會議。今天的會議正在錄製中。

I would like to turn the conference over to Brendan Metrano, Vice President of Investor relations.

我想將會議交給投資者關係副總裁 Brendan Metrano。

Good morning, and thank you for joining the Atleos 2024 Full Year and Fourth Quarter Earnings Call. Joining me on the call today are Tim Oliver, CEO; Andy Wamser, CFO; Stuart MacKinnon, COO; and Paul Campbell. Tim will start this morning with an overview of the company's performance this year and an update on strategic progress and priorities for 2025. Andy will follow with a review of financial results and our 2025 financial outlook. Then we'll move to Q&A.

早安，感謝您參加 Atleos 2024 年全年和第四季財報電話會議。今天與我一起參加電話會議的還有執行長 Tim Oliver；安迪‧瓦姆瑟 (Andy Wamser)，財務長； Stuart MacKinnon，營運長；與保羅‧坎貝爾。今天上午，提姆將首先概述公司今年的業績，並介紹 2025 年的策略進展和優先事項。安迪將隨後回顧財務表現和我們的 2025 年財務展望。然後我們進入問答環節。

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，讓我提醒您，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”、“預期”等詞語和類似含義的詞語來表達。這些聲明反映了我們當前的預期和信念，並受到可能導致實際結果與預期存在重大差異的風險和不確定性的影響。這些風險和不確定性在今天的資料和我們向美國證券交易委員會提交的定期文件（包括我們的年度報告）中有描述。

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 our presentation materials and on the Investor Relations website. A replay of this call will be available later today on our website, investor.ncratleos.com.

此外，在我們今天的績效回顧中，我們將參考公司用來衡量績效的某些非公認會計準則財務指標。我們的簡報資料和投資者關係網站上對這些非 GAAP 指標進行了描述，並將它們與 GAAP 指標進行了協調。本次電話會議的重播將於今天稍晚在我們的網站 investor.ncratleos.com 上提供。

With that, I will turn the call over to Tim.

說完這些，我會把電話轉給提姆。

Thank you, Brendan, and thank you to everyone for joining us on this call this morning. For those following along in the presentation from the Investor Relations website, we'll start today on slide 5. I will start this morning by reminding you of the compelling Atleos story, reviewing our operational performance and strategic progress in 2024 and then previewing our 2025 outlook. I'll then hand it off to Andy Wamser to review the financial results and the 2025 financial outlook.

謝謝你，布倫丹，也謝謝大家今天早上參加我們的電話會議。對於那些關注投資者關係網站簡報的人來說，我們今天將從第 5 張投影片開始。今天上午，我將首先回顧 Atleos 引人入勝的故事，回顧我們 2024 年的營運表現和策略進展，然後展望我們 2025 年的展望。然後我會將其交給 Andy Wamser 來審查財務結果和 2025 年財務展望。

Andy joined Atleos as CFO in late January and brings the experience to include CFO roles at public companies and investment banking. I'm very pleased to have Andy on the team. I'd also like to thank Paul Campbell, who recently stepped down from the CFO role for his 37 years with NCR and Atleos. He has continued to work with the company to facilitate the closing of the Sarbanes-Oxley process for 2024 and importantly, to ensure a smooth transition for the finance organization. I am grateful to Paul for both his significant contributions to our company over almost four decades and more personally, for his support of me, both in my old role and in my new role as Atleos CEO.

安迪於一月底加入 Atleos 擔任財務官，並帶來了在上市公司和投資銀行擔任財務長的經驗。我很高興安迪加入團隊。我還要感謝保羅坎貝爾 (Paul Campbell)，他最近辭去了在 NCR 和 Atleos 工作了 37 年的財務長一職。他繼續與公司合作，推動 2024 年薩班斯-奧克斯利法案流程的結束，更重要的是，確保財務部門的平穩過渡。我非常感謝保羅，感謝他近四十年來對我們公司的重大貢獻，更重要的是，感謝他對我的支持，無論是在我原來的職位上，還是在我擔任 Atleos 執行長的新職位上。

Reflecting on our first full year as an independent company and our best quarter yet, it is impossible to overstate what Atleos team has accomplished. One year in, our employees are engaged and energized. Our customers recognize the return to best-in-class service levels, and appreciate our reinvigorated innovation efforts. Our strategic progress is pushing our revenue per ATM higher, and our financial performance has been solid and steady. In nearly every regard, 2024 was an outstanding year for Atleos, and I am proud to report the company's impressive fourth quarter and full year results today.

回顧我們作為獨立公司的第一個完整年度以及迄今為止最好的一個季度，Atleos 團隊所取得的成就怎麼說都不為過。一年來，我們的員工積極參與，充滿活力。我們的客戶認可我們恢復了一流的服務水平，並讚賞我們重新振興的創新努力。我們的策略進步正在推動每台 ATM 的收入不斷增加，我們的財務表現也一直穩健。從幾乎所有方面來看，2024 年對 Atleos 來說都是傑出的一年，今天我很自豪地報告公司令人印象深刻的第四季和全年業績。

Despite being a stand-alone publicly traded ATM-centric company for about five quarters, Equity investor share of mind and daily trading volumes in Atleos are still too low. Presuming that many investors are new to this story, I think it is valuable on these calls to provide a quick description of the company and the compelling opportunity we see for all of our constituencies, but with particular focus on investors.

儘管作為一家獨立的、以 ATM 為中心的上市公司已有大約五個季度的歷史，但 Atleos 在股權投資者心目中的份額和每日交易量仍然太低。假設許多投資者對這個故事還不熟悉，我認為在這些電話會議上簡要介紹一下公司以及我們為所有選民（但特別關注投資者）看到的引人注目的機會是很有價值的。

While our employees, customers, partners and communities have all recognized the compelling outlook for Atleos, the company remains significantly undervalued relative to our peer companies, and our strong performance has not translated into commensurate gains in enterprise value. Since separating from legacy NCR through a spin transaction, Atleos is now a pure-play independent company, with a leadership position in self-service banking, a clear strategy, and we've begun building a track record of strong financial performance and predictable free cash flow generation.

儘管我們的員工、客戶、合作夥伴和社群都認識到 Atleos 的良好前景，但與同行公司相比，該公司的價值仍然被嚴重低估，而且我們強勁的業績尚未轉化為企業價值的相應成長。自從透過分拆交易從傳統 NCR 分離以來，Atleos 現已成為一家純粹的獨立公司，在自助銀行領域佔據領導地位，擁有明確的戰略，並且我們已經開始建立強勁的財務業績和可預測的自由現金流生成的記錄。

Atleos has an installed and service fleet of approximately 600,000 ATMs around the world, including approximately 80,000 that we own and operate in our own networks. 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 Atleos for every machine that we service and 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 own network machines located in blue-chip retail locations.

Atleos 在全球安裝和服務了約 60 萬台 ATM，其中包括我們在自己的網路中擁有和營運的約 8 萬台。在現金消費交易持續穩定、ATM 硬體安裝基礎穩定的全球環境下，我們的成長將來自於為 Atleos 所服務和支援的每台機器創造更多的收入，無論是透過為金融機構客戶提供更高品質、更有效率、更全面的服務，還是透過位於藍籌零售地點的自有網路機器增加交易量。

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

這兩種策略都是由我們的客戶希望改善其客戶的金融服務，同時將更多的現金生態系統外包所推動的。我們透過規模無與倫比、可利用且世界一流的共同基礎設施為這兩個成長載體提供服務。隨著全球銀行不斷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，我們的客戶將重新投資於他們的零售銀行業務並接受共享金融設施。

For them, this strategy will result in lower costs, higher quality, better consumer experience, broader reach and higher foot traffic. For Atleos, it will drive higher revenue growth, increase profitability from both scale and a richer revenue mix, and predictable and growing free cash flow.

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客流量。對於 Atleos 而言，它將推動更高的收入成長，透過規模和更豐富的收入組合提高盈利能力，以及可預測且不斷增長的自由現金流。

Turning to slide 6 for a review of 2024. 2024 was a year of unmitigated success for Atleos. After completing a complex corporate separation in October of 2023 that required us to be myopically focused on the completion of that transaction, we quickly redirected our focus to establishing a new independent company with a clear growth strategy and engage global employee base of nearly 20,000 people and satisfied customers that allow us to be trusted strategic partners.

翻到投影片 6 回顧 2024 年。 2024 年對 Atleos 來說是取得巨大成功的一年。在 2023 年 10 月完成複雜的公司分離後，我們不得不專注於完成該交易，之後我們迅速將重點轉向建立一家具有明確增長戰略的新獨立公司，並吸引近 20,000 名全球員工和滿意的客戶，使我們成為值得信賴的戰略合作夥伴。

For the full year 2024, we generated over $4.3 billion in revenue, $3.22 of adjusted EPS and over $242 million of adjusted free cash flow, all in line or above the financial targets we set out for the year. Margin expanded year-over-year and increased sequentially in each quarter, benefiting from an accretive revenue shift mix towards services, coupled with cost productivity initiatives that accelerated across the year.

2024 年全年，我們的收入超過 43 億美元，調整後每股收益 3.22 美元，調整後自由現金流超過 2.42 億美元，均達到或超過了我們為今年設定的財務目標。利潤率較去年同期擴大，且每季均較上季成長，這得益於營收結構向服務方向的不斷成長，以及全年加速的成本生產力提升措施。

As we begin 2025, our strategy is being validated. Demand for more capable ATMs with enhancements like cash recycling or tap capability or biometric authentication is accelerating. Banks and retailer are increasingly acknowledging the commercial logic of outsourcing noncore ATM services to capable operators like Atleos. And the demand for shared financial utilities that provide immediate and low-cost coverage away from traditional bank branches is growing globally.

隨著2025年的到來，我們的策略正在得到驗證。市場對更強大的 ATM 的需求正在加速成長，這些 ATM 具有現金循環、輕觸功能或生物辨識認證等增強功能。銀行和零售商越來越認識到將非核心 ATM 服務外包給 Atleos 等有能力的營運商的商業邏輯。全球範圍內對於能夠在傳統銀行分行之外提供即時且低成本服務的共享金融服務的需求正在不斷增長。

Moving to slide 7 in the self-service banking business. This is primarily a service business comprised of globally installed base of over 500,000 ATMs that we sell through our financial institutions with a software subscription and then service and support over time. Traditionally, those services were centered on repairs and light maintenance, but increasingly, banks are opting to outsource all of the other service necessary to run the ATM to others.

前往自助銀行業務的第 7 張投影片。這主要是一項服務業務，包括全球安裝的超過 50 萬台 ATM，我們透過金融機構以軟體訂閱的方式銷售這些 ATM，然後隨著時間的推移提供服務和支援。傳統上，這些服務以維修和輕度維護為中心，但越來越多的銀行選擇將運行 ATM 所需的所有其他服務外包給其他公司。

Full year 2024 financial results were in line or slightly above expectations. Revenue grew at a healthy mid-single-digit pace. Service and then software were the primary growth drivers and resulted in 9% growth in recurring revenue. ATM-as-a-service contributed one full point of top line growth for the year. From a profitability perspective, direct and indirect cost savings initiatives generate over $100 million in gross savings, which eliminated split-related dissynergies and more than offset inflation and unanticipated expenses like the Red Sea shipping disruption.

2024 年全年財務表現符合或略高於預期。收入以健康的中等個位數速度成長。服務和軟體是主要的成長動力，帶來經常性收入 9% 的成長。ATM 即服務為全年營收成長貢獻了整整一個點。從獲利能力角度來看，直接和間接成本節約措施產生了超過 1 億美元的總節約，消除了與拆分相關的不協同效應，並足以抵消通貨膨脹和紅海航運中斷等意外開支。

This productivity, coupled with a more advantageous revenue mix, resulted in approximately 400 basis points of margin expansion from the first quarter through to the fourth. Over the past year, we committed considerable resources to product and service quality and go-to-market execution to support our strategy. Service levels began to improve quickly and by the end of 2024, we're at multiyear highs. We were pleased to see our commitment to service acknowledged externally. In February 2025, Atleos was awarded the ATMIA Outstanding Service Award, recognizing our company for excellence in technology, service, and leadership in best practices.

這項生產力加上更有利的收入組合，導致第一季至第四季的利潤率擴大了約 400 個基點。在過去的一年裡，我們投入了大量資源來提高產品和服務品質以及實施市場策略。服務水準開始快速提高，到 2024 年底，我們將達到多年來最高的水準。我們很高興看到我們對服務的承諾得到了外界的認可。2025 年 2 月，Atleos 榮獲 ATMIA 傑出服務獎，以表彰我們公司在技術、服務和最佳實踐領導方面的卓越表現。

We also relaunched a product innovation effort and previewed concept machines that we modify to reflect our customers' reactions to them and then ultimately commercialize. The top strategic priority for this business remains capturing more comprehensive service revenue for every machine that we service and support around the world. In 2024, we generated 27% revenue growth in the ATM-as-a-service full outsourcing product and grew software and services overall at 8%.

我們還重新啟動了產品創新工作，並預覽了概念機器，我們根據客戶的反應對其進行了修改，然後最終將其商業化。該業務的首要策略重點仍然是為我們在全球範圍內服務和支援的每台機器獲取更全面的服務收入。2024 年，我們的 ATM 即服務全外包產品收入成長 27%，軟體和服務整體收入成長 8%。

ATM-as-a-service exited the year with an ARR of more than $20 million. We grew the number of unique customers by 50% in 2024 and finished the year with over 28,000 active devices. We have a robust backlog and a sales pipeline that position us well for 2025. We continue to see appetite across the broad range of financial institutions to outsource all or a portion of their ATM-centric services to a singular provider. As discussed on last quarter's call, customers see the ATM-as-a-service opportunity as a continuum of outsourced services that can migrate piecemeal and over time.

ATM 即服務的 ARR 在年底已超過 2000 萬美元。2024 年，我們的獨立客戶數量增加了 50%，年底活躍設備數量超過 28,000 台。我們擁有大量積壓訂單和銷售管道，這為我們 2025 年的發展奠定了良好的基礎。我們持續看到，眾多金融機構都渴望將其全部或部分 ATM 中心服務外包給單一供應商。正如上個季度的電話會議所討論的那樣，客戶將 ATM 即服務機會視為一系列外包服務，這些服務可以隨著時間的推移逐漸遷移。

And while we have passed on some large unit count ATM full outsourcing deals in lower-cost regions, our backlog continues to grow. The quality of that backlog is very high and the significant streamlining of our onboarding organization has sped up implementation. For 2025, we expect the ATM-as-a-service business revenue will grow over 40%, and that we will exit 2025 with an ARR of over $300 million.

儘管我們已經在低成本地區完成了一些大型 ATM 機的全面外包交易，但我們的積壓訂單仍在不斷增加。這項積壓工作的品質非常高，而且我們入職組織的顯著精簡加快了實施速度。到 2025 年，我們預計 ATM 即服務業務收入將成長 40% 以上，到 2025 年，我們的 ARR 將超過 3 億美元。

Moving to the network segment on slide 8. The network segment is our utility banking business that consist of approximately 80,000 owned and operated ATMs located in blue-chip retail locations. This business performed well in the fourth quarter and for the full year with financial results generally above our expectations. The traditional ATM network revenues were up in the mid-single digits for the full year, excluding the decline in our crypto transaction unit, LibertyX.

移至投影片 8 上的網路區段。網路部分是我們的公用事業銀行業務，包括位於藍籌零售地點的約 80,000 台自有和營運的 ATM。該業務在第四季度和全年表現良好，財務業績普遍超出我們的預期。不包括加密交易部門 LibertyX 的下滑，傳統 ATM 網路收入全年增長了中等個位數。

Adjusted EBITDA margin expanded by more than 150 basis points and ARPU grew in each quarter with fourth quarter setting another new high. We generated strong top line performance with high single-digit transaction growth in both the US and in international markets, fueled by the addition of new high-quality banking and retail partnerships, new transaction types, and new geographies. Our Allpoint branded network grew transactions double digits for both the fourth quarter and the full year as the value proposition continued to resonate with retail banking customers looking for convenient, safe, and low-fee channels to conduct their regular banking activities.

調整後的 EBITDA 利潤率擴大了 150 個基點以上，ARPU 每季都在成長，第四季再創歷史新高。由於新的高品質銀行和零售合作夥伴關係、新的交易類型和新的地區，我們在美國和國際市場均實現了高個位數交易量成長，創造了強勁的營收業績。我們的 Allpoint 品牌網路在第四季度和全年的交易量均實現了兩位數增長，因為其價值主張繼續受到尋求便捷、安全和低費用管道來開展常規銀行業務的零售銀行客戶的青睞。

Recently, a top 20 retail bank headquartered in the Midwest executed a new surcharge-free partnership agreement that will see them direct their customers to our retail locations. We expanded key commercial relationships and invested in technologies that enable us to conduct a broadest possible range of transactions at our machines. We expanded our partnership with Chime during the fourth quarter, and we completed the branding of more than 4,000 Allpoint ATMs in our pharmacy locations now that display the brand of Chime.

最近，總部位於中西部的一家前 20 名的零售銀行簽署了一項新的免附加費合作協議，該協議將把他們的客戶引導到我們的零售店。我們擴大了關鍵的商業關係，並投資了使我們能夠在機器上進行最廣泛的交易的技術。我們在第四季度擴大了與 Chime 的合作夥伴關係，並完成了藥局內 4,000 多台 Allpoint ATM 的品牌推廣，目前這些 ATM 都展示了 Chime 的品牌。

Many issuers and program managers, including key partners such as Capital One, PNC, and Navy Federal Credit Union have upgraded to our more comprehensive Allpoint+ offering that enables their customers to make cash deposits at our locations. This resulted in almost 200% growth in deposit transactions in 2024. Deposit transactions are profitable for us and typically generate follow-on transactions by the consumer.

許多發行商和專案經理，包括 Capital One、PNC 和 Navy Federal Credit Union 等主要合作夥伴，都已升級到我們更全面的 Allpoint+ 產品，使他們的客戶能夠在我們的網點存入現金。這導致 2024 年存款交易量增加近 200%。存款交易對我們來說是有利可圖的，並且通常會產生消費者的後續交易。

We finished the year with an annualized run rate of nearly $1 billion in deposits. And we continue to see growth in our ReadyCode product with transaction-driving programs at additional partners such as Lyft. ReadyCode is appropriate to many accountless, cardless, cash distribution needs, and we're in discussion with several other significant partners.

我們以年化存款運作率近 10 億美元結束了這項財年。並且，隨著 Lyft 等其他合作夥伴的交易驅動程式的推出，我們的 ReadyCode 產品持續成長。ReadyCode 適用於許多無帳戶、無卡片、現金分配需求，我們正在與其他幾個重要的合作夥伴進行討論。

Turning to slide 9 to discuss our plans for 2025. A year ago, we laid out three primary goals that were appropriately brought to allow every employee in our company to align their objectives with our company's success. Part of our success in 2024 is attributable to that continuity of thought and alignment. In 2025, we have again communicated new top-level objectives that should allow similar alignment and similar success. The first is to grow efficiently. Accelerating growth while we're still somewhat constrained by our balance sheet will require judicious allocation of growth capital and operating expense.

翻到第 9 張投影片討論我們 2025 年的計畫。一年前，我們設定了三個主要目標，讓公司的每一位員工都能將自己的目標與公司的成功結合在一起。我們在 2024 年取得的成功部分歸功於思想的連續性和一致性。2025年，我們再次傳達了新的頂層目標，以實現類似的協調和類似的成功。一是高效成長。在我們仍然受到資產負債表一定限制的情況下加速成長將需要明智地分配成長資本和營運費用。

We will emphasize those growth vectors that drive more immediate returns and are accretive to margin rate and the cash generation. We will also deemphasize some products or regions or even customer sets that are less profitable to allow us to reemphasize others.

我們將強調那些能夠帶來更直接回報、增加利潤率和現金產生的成長動力。我們也將淡化一些利潤較低的產品、地區甚至客戶群，以便重新強調其他產品、地區甚至客戶群。

The second is to develop a service-first culture. We believe service, not product, is a key to differentiating factor in the ATM industry and in the cash ecosystem. Service already makes up about half of our revenue base and carries higher margins. As our strategic plan plays out, service revenue opportunities will outpace the overall market growth dynamic.

二是培育服務至上的文化。我們相信，服務，而不是產品，是 ATM 產業和現金生態系統中差異化因素的關鍵。服務已經占到我們收入的一半左右，並且利潤率更高。隨著我們的策略計劃的實施，服務收入機會將超過整體市場的成長動力。

Gaining share of wallet through outsourced services requires a deep customer trust that can only be achieved through sustained customer excellence and leading service performance. A 24/7 always-on customer of service mindset is essential to our long-term success.

透過外包服務贏得市場份額需要贏得客戶的深厚信任，而這只有透過持續的客戶卓越服務和領先的服務績效才能實現。全天候為客戶提供服務的理念對於我們的長期成功至關重要。

And finally, we will embrace simplicity. The complexity that we inherited from our former life as part of the legacy NCR is unnecessary and inefficient. Investment in our people, our systems, and our processes will make us more nimble, make our employees' jobs more rewarding, and make us much easier to do business with. Our strategy is simple and our operations need to be as well.

最後，我們將擁抱簡單。作為遺留 NCR 的一部分，我們從以前的生活中繼承了複雜性，這是不必要且低效的。對我們的員工、我們的系統和我們的流程的投資將使我們更加靈活，使我們的員工的工作更有價值，並使我們更容易開展業務。我們的策略很簡單，我們的營運也需要簡單。

Before I hand over to Andy, I want to thank the 20,000 Atleos team members for delivering a great first full year through their diligent work, their dedication to continuous improvement, focus on customer success, and a positive collaborative disposition. Thank you for all you did in 2024, and thank you for accepting the challenge of an even better 2025. The bar does get higher, but the future is bright.

在將工作交給安迪之前，我想感謝 20,000 名 Atleos 團隊成員，他們透過勤奮工作、致力於持續改進、關注客戶成功以及積極的協作精神，創造了出色的第一年。感謝你們在2024年所做的一切，也感謝你們接受更美好的2025年的挑戰。門檻確實越來越高，但未來是光明的。

With that, Andy, over to you.

好了，安迪，交給你了。

Thank you, Tim. Reinforcing some of Tim's comments, 2024 was an outstanding year for Atleos as we are well positioned for another strong year in 2025. We are pleased to have delivered four consecutive quarters of solid operational and financial results in our first year as a public company. We set ambitious goals as we started the year and delivered results that either met or exceeded expectations each quarter.

謝謝你，提姆。這也印證了蒂姆的一些評論，2024 年對 Atleos 來說是傑出的一年，因為我們已為 2025 年的另一個強勁增長做好了準備。我們很高興在上市公司的第一年就連續四個季度取得了穩健的營運和財務表現。我們在年初設定了雄心勃勃的目標，並且每個季度都取得了達到或超越預期的成果。

Moreover, it's encouraging to see the company's strategy being validated and delivering financial results that sequentially improved as we move throughout the year. For full year 2024, total company revenue was $4.3 billion and grew 3% year to year on a reported basis with comparable underlying growth of around 3%.

此外，令人鼓舞的是，公司的策略得到驗證，隨著全年的發展，財務表現不斷改善。2024 年全年，公司總營收為 43 億美元，較去年同期成長 3%，可比基礎成長率約 3%。

Our services and software businesses grew mid-single digits and led to 5% growth in recurring revenues. The mix of recurring revenue increased to 73% and highlights our ability to drive solid growth in predictable service-oriented revenue streams that generate great returns and free cash flow.

我們的服務和軟體業務實現了中等個位數成長，並帶來 5% 的經常性收入成長。經常性收入佔比上升至 73%，凸顯了我們有能力推動可預測的服務導向收入流的穩健成長，從而產生豐厚的回報和自由現金流。

Overall, the healthy top line trends reflect the effective execution of our strategy, driving incremental revenue from our global installed base. 2024, adjusted EBITDA was $781 million and grew an impressive 7% year-over-year, reflecting strong flow through from the top line growth, favorable business mix, and net productivity savings.

整體而言，健康的營收趨勢反映了我們策略的有效執行，推動了我們全球安裝基地的收入增加。 2024 年，調整後的 EBITDA 為 7.81 億美元，年成長 7%，這反映了營收成長、業務組合良好以及淨生產力節約帶來的強勁成長。

Looking at the reporting segments, self-service banking and lower corporate costs drove most of the EBITDA growth. Adjusted EBITDA margin was 18.1% for 2024 and expanded 60 basis points from the prior year. What is even more impressive is that we increased margin 440 basis points over the course of the year as we overcame dissynergies from the split, higher labor costs, and other external cost headwinds. We were able to deliver the margin improvement with growth in higher margin business lines coupled with productivity initiatives that progressed throughout the year.

從報告分部來看，自助銀行服務和較低的企業成本推動了大部分 EBITDA 成長。2024 年調整後 EBITDA 利潤率為 18.1%，比前一年擴大 60 個基點。更令人印象深刻的是，由於我們克服了分拆帶來的不協同效應、勞動成本上升以及其他外部成本阻力，我們在一年內將利潤率提高了 440 個基點。我們能夠透過高利潤業務線的成長以及全年不斷推進的生產力舉措來實現利潤率的提高。

Moving below the line, interest expense was $309 million and is not comparable to the prior year because our debt was raised in the fourth quarter of 2023 with the legacy NCR split. The full year adjusted effective tax rate was 21%, which was better than expected due to one-time discrete benefits related to the spin. Fully diluted average share count was 74 million. So putting the pieces together, fully diluted, adjusted earnings per share was $3.22, which meaningfully exceeded our guidance of $3.12.

低於該線的利息支出為 3.09 億美元，與上一年不可比，因為我們的債務是在 2023 年第四季隨著遺留 NCR 拆分而增加的。全年調整後有效稅率為21%，由於分拆相關的一次性單獨收益，此稅率優於預期。完全稀釋平均股數為 7,400 萬股。因此，綜合考慮各項數據，完全稀釋後，調整後的每股收益為 3.22 美元，大大超過了我們預期的 3.12 美元。

We generated an impressive $242 million of free cash flow in 2024, which was also well above our guidance of approximately $205 million. Upside of free cash flow was primarily due to the timing of cash taxes, a lower tax rate, and effective working capital management.

我們在 2024 年創造了令人印象深刻的 2.42 億美元自由現金流，也遠高於我們預期的約 2.05 億美元。自由現金流的上升主要歸因於現金稅的時間、較低的稅率以及有效的營運資本管理。

Turning to slide 12. The key message here is to highlight just how well underlying performance has been for the key fundamentals that we are most focused on. Overall results just don't fully represent how effective our strategy and execution was in the year. Across both of our core businesses, we generated solid revenue in the key services business lines. Extrapolating this progress into the future, Atleos should continue to enhance its growth and profit profile. Ultimately this will be a key factor in shareholder value creation.

翻到第 12 張投影片。這裡的關鍵訊息是強調我們最關注的關鍵基本面的基本表現有多好。整體結果並不能完全反映我們今年的策略和執行的有效性。在我們的兩個核心業務中，我們在關鍵服務業務線上創造了可觀的收入。以此進步為基礎，Atleos 未來將繼續增強其成長和利潤狀況。最終，這將成為股東價值創造的關鍵因素。

Moving to slide 13 for a review of our fourth quarter results. Total company revenue was $1.1 billion. Which was up 1% year-over-year or approximately 6% on a core constant currency basis. Our core services and software lines of business grew mid single digits and led to similar growth in recurring revenues.

轉到投影片 13，回顧我們的第四季業績。公司總收入為 11 億美元。年增 1%，以核心固定匯率計算成長約 6%。我們的核心服務和軟體業務線實現了中等個位數成長，並帶來了經常性收入的類似成長。

Adjusted EBITDA was $219 million and grew a notable 23% year to year due to top line growth in core businesses, favorable business line mix, and net productivity savings. From a segment perspective, self-service banking and network accounted for most of the growth. EBITDA margin was 19.8% and expanded 360 basis points year-over-year. This reflects the strong operating leverage of our growing service businesses, combined with our ability to drive productivity savings for direct and indirect costs.

調整後的 EBITDA 為 2.19 億美元，由於核心業務的營收成長、良好的業務線組合以及淨生產力節省，較去年同期成長 23%。從細分市場來看，自助銀行和分行銀行佔據了大部分成長。EBITDA利潤率為19.8%，較去年成長360個基點。這反映了我們不斷成長的服務業務的強大營運槓桿，以及我們推動直接和間接成本生產力節約的能力。

Moving to slide 14, fourth quarter diluted adjusted earnings per share was up 73% year-over-year to $1.11 and exceeded expectations driven by better than expected profits and effective tax rate lower than the prior year. Moving to the chart on the right, during the fourth quarter, we generated an impressive $119 million of free cash flow. The fourth quarter is typically when we generate our highest free cash flow of the year, but this year was even better than we had expected due to the combination of strong profits, working capital management, and the timing of cash taxes.

轉到投影片 14，第四季稀釋調整後每股盈餘年增 73% 至 1.11 美元，超出預期，這得益於好於預期的利潤和低於上年的有效稅率。轉到右側的圖表，在第四季度，我們產生了令人印象深刻的 1.19 億美元自由現金流。第四季通常是我們一年中自由現金流最高的季度，但今年由於強勁的利潤、營運資本管理和現金稅收時機的結合，我們的自由現金流甚至比我們預期的還要好。

Moving to slide 15. Self-service banking had an outstanding fourth quarter, with results exceeding our expectations. Starting the upper left, revenue grew 8% year-over-year to $718 million. The primary growth driver was 10% growth for our services and software business lines partially offset by hardware revenue deferral associated with the shift to bank outsourcing solutions or ATM-as-a-service. The chart on the top right illustrates the progressive increase in adjusted EBITDA over our first four quarters. We reached $181 million in Q4 2024, led by strong growth and high margin software revenue and productivity initiatives.

移至投影片 15。自助銀行業務第四季表現出色，業績超出我們的預期。從左上角開始，營收年增 8%，達到 7.18 億美元。主要成長動力是我們服務和軟體業務線的 10% 成長，但部分被向銀行外包解決方案或 ATM 即服務轉變帶來的硬體收入遞延所抵消。右上角的圖表顯示了我們前四個季度調整後的 EBITDA 的逐步成長。在強勁成長和高利潤的軟體收入和生產力計劃的推動下，我們在 2024 年第四季達到了 1.81 億美元。

Adjusted EBITA margin increased 50 basis points sequentially to over 25% in Q4. This capped off a year in which margins expanded 390 basis points from Q1 to Q4. As we continue to focus on higher margin services and software solutions while driving continuous improvements through cost and expense initiatives, our adjusted EBITDA margin trends continued to grow materially faster than revenue.

調整後的 EBITA 利潤率在第四季環比成長 50 個基點，達到 25% 以上。這一年，利潤率從第一季到第四季擴大了 390 個基點。隨著我們繼續專注於利潤率更高的服務和軟體解決方案，同時透過成本和費用計劃推動持續改進，我們的調整後 EBITDA 利潤率趨勢繼續大幅高於收入成長。

Moving to the bottom of the slide, KPIs remained on a positive trajectory in the fourth quarter. The mix of recurring revenue was 60%, up approximately 200 basis points year-over-year. ARR was up 10% year-over-year, reflecting the continued build in services and software revenue from our existing installed base.

進入下滑通道底部，第四季的 KPI 依然保持著積極的成長軌跡。經常性收入佔比為60%，較去年同期成長約200個基點。ARR 年成長 10%，反映出我們現有安裝基礎的服務和軟體收入持續成長。

Moving to slide 16, as a reminder, our bank outsourcing solution business resides within our self-service banking segment. But it's a strategic priority for the company, we present key operational metrics separately to help investors better understand and track our progress.

前往第 16 張投影片，提醒一下，我們的銀行外包解決方案業務屬於我們的自助銀行部門。但這是公司的策略重點，我們單獨列出關鍵營運指標，以幫助投資者更好地了解和追蹤我們的進展。

Referring to the top left of the slide, revenue grew 24% year-over-year to $52 million in the fourth quarter. We had strong interest and conversion from bank customers in 2024, resulting in a 50% increase in customer count and expansion into 11 new markets. On the right, you can see that in the fourth quarter, we were able to generate strong gross profit, which increased 29% year-over-year to $17.4 million and translated to gross margin of 33%. Importantly, bank outsourcing margins have been accretive to total company margins.

參照投影片的左上角，第四季營收年增 24%，達到 5,200 萬美元。2024 年，我們獲得了銀行客戶的強烈關注和轉化，客戶數量增加了 50%，並擴展到 11 個新市場。在右側，您可以看到，在第四季度，我們實現了強勁的毛利，年增 29% 至 1,740 萬美元，毛利率為 33%。重要的是，銀行外包利潤已經增加了公司的總利潤。

Moving to the bottom of the slide, KPIs also continued to move in the right direction in the fourth quarter. On the left, ARR continued its sequential momentum in the fourth quarter and was up 25% year to year to over $212 million. On the bottom right, you can see that ARRU of $8,600 for the fourth quarter is a new high and was up 5% over fourth quarter of 2023 ARPU of $8,200.

儘管跌至下滑通道底部，但第四季的 KPI 也繼續朝著正確的方向發展。左側，ARR 在第四季度延續了連續成長勢頭，年增 25%，達到 2.12 億美元以上。在右下角，您可以看到第四季度的 ARRU 為 8,600 美元，創下新高，比 2023 年第四季的 ARPU 8,200 美元上漲了 5%。

The takeaway here is that the economics of bank outsourcing services continue to ramp up as expected, driving incremental service revenue. Looking at the backlog at the end of the year, the average ARPU was over $10,000, which should help to support continued ARPU growth in 2025. As Tim noted, as a business model evolves, so will relevant KPIs. Based on the business today, we think revenue growth is the most relevant metric and that is how we will frame our forward-looking view.

這裡的重點是，銀行外包服務的經濟效益持續如預期上升，推動服務收入的成長。從年底的積壓訂單來看，平均 ARPU 超過 10,000 美元，這將有助於支持 2025 年 ARPU 的持續成長。正如提姆所說，隨著商業模式的發展，相關的 KPI 也會隨之發展。根據目前的業務，我們認為收入成長是最相關的指標，這也是我們建構前瞻性觀點的方式。

Moving to the network segment on slide 17, the network business turned in another quarter of solid underlying fundamental performance. Filtering out noise from FX headwinds and our Liberty crypto business, core ATM network revenue grew approximately 4% year-over-year in 2024. Fourth quarter segment revenue was $317 million which was down 2% year-over-year on a reported basis.

轉到第 17 張投影片上的網路部分，網路業務又一個季度表現出穩固的基本面表現。剔除外匯逆風和我們的 Liberty 加密業務的干擾，核心 ATM 網路收入在 2024 年年增約 4%。第四季分部營收為 3.17 億美元，據報告年減 2%。

Revenue growth was led by 6% growth in withdrawal transaction volumes in North America, partially offset by 2% decrease for international. The international decrease is primarily due to cycling against challenging priory comps associated with last year's ASDA UK launch. Deposit transactions continued to accelerate in the fourth quarter and grew around 240% year-over-year and 90% sequentially. Additionally, we are seeing increased use cases for our ReadyCode product with volumes up 50% sequentially, but again from a small base.

收入成長主要得益於北美地區提款交易量 6% 的增長，但國際地區提款交易量 2% 的下降部分抵消了這一增長。國際銷售下降主要是因為與去年 ASDA 英國上市相關的競爭激烈。第四季存款交易持續加速成長，年增約 240%，季增 90%。此外，我們看到 ReadyCode 產品的使用案例不斷增加，其數量環比增長了 50%，但基數仍然較小。

Moving to the upper right, adjusted EBITDA of $114 million was at the high end of our target range and grew 14% year-over-year and 11% sequentially. Adjusted EBITDA margin was exceptionally strong at 36%. Illustrating the significant operating leverage of processing more transactions through our owned and operated fleet of ATMs.

移至右上角，調整後的 EBITDA 為 1.14 億美元，處於我們目標範圍的高端，同比增長 14%，環比增長 11%。調整後的 EBITDA 利潤率非常強勁，達到 36%。說明透過我們擁有和營運的 ATM 機群處理更多交易具有顯著的營運槓桿作用。

In addition, margin benefited from a larger than expected accrual adjustment in the quarter. The metrics at the bottom of the slide highlight key elements of our strategy. The chart on the left our last 12 months average revenue per unit was up 7% year-over-year in the fourth quarter. On the right, you can see our ATM portfolio finished the quarter at approximately 78,000 units. The slight decrease in unit count is due to pharmacy partners closing low performing stores, which is where we also have lower volume transactions.

此外，本季利潤率受益於大於預期的應計調整。幻燈片底部的指標突顯了我們策略的關鍵要素。左側的圖表顯示，我們過去 12 個月第四季的每單位平均收入年增了 7%。在右側，您可以看到本季我們的 ATM 組合數量約為 78,000 台。單位數量略有下降是由於藥局合作夥伴關閉了業績不佳的商店，這些商店的交易量也較低。

This has had a negligible impact on our revenue as customers usually visit nearby locations where we have units. As discussed earlier, transaction volumes continue to hit all-time highs, despite the modest reduction in our unit base. We expect the number of ATM network units to increase in 2025 through the addition of both new retail partners and geographies.

這對我們的收入影響微乎其微，因為客戶通常會造訪我們附近有門市的地點。如前所述，儘管我們的單位基數略有減少，但交易量仍繼續創下歷史新高。我們預計，到 2025 年，隨著新零售合作夥伴和地區的增加，ATM 網路單元的數量將會增加。

Slide 18 provides a trending product centric view of results to help investors assess and model the company. A couple of points to highlight on this slide. First, how Atleos is primarily a services oriented company with a recurring revenue model rather than a hardware company with cyclical sales associated with refresh cycles.

投影片 18 提供了以產品為中心的趨勢結果視圖，以幫助投資者評估和模擬公司。這張投影片上有幾點要強調。首先，Atleos 主要是一家以服務為導向、具有經常性收入模式的公司，而不是以與更新週期相關的周期性銷售為導向的硬體公司。

Second, our strategy is working. Our services, software, and transactional businesses have solid momentum with respect to both revenue and profit. As a reminder, the other Voyix operations represent legacy NCR Voyix exited geographies, and commercial agreements between Atleos and NCR Voyix. We expect business results to continue to decline in these non-core operations.

第二，我們的策略正在發揮作用。我們的服務、軟體和交易業務在收入和利潤方面都保持著強勁的發展勢頭。提醒一下，其他 Voyix 業務代表了 NCR Voyix 退出的舊有地區，以及 Atleos 和 NCR Voyix 之間的商業協議。我們預期這些非核心業務的業績將持續下滑。

On slide 19, we present a reconciliation of 2024 free cash flow and a snapshot of our financial position at year end. There are a couple of items worth calling attention to. First, the impressive 2024 free cash flow of $242 million included a higher burden of cash interest expense. Due to our recent October refinancing, interest expense should be less of a cash flow headwind in 2025.

在第 19 張投影片上，我們展示了 2024 年自由現金流的對帳以及年末財務狀況的快照。有幾件事值得注意。首先，令人印象深刻的 2024 年 2.42 億美元自由現金流包含了更高的現金利息支出負擔。由於我們最近 10 月進行了再融資，到 2025 年，利息支出對現金流的影響應該不會那麼大。

Second, we made significant progress on our net leverage throughout the year. Our net leverage reduced by a half turn and ended the year at 3.2 times from 3.7 times at the end of 2023. Given our financial outlook and capital allocation priorities, we believe we will have a similar reduction in net leverage as we close out 2025.

第二，我們全年的淨槓桿率取得了顯著進步。我們的淨槓桿率降低了半倍，從 2023 年底的 3.7 倍降至年底的 3.2 倍。鑑於我們的財務前景和資本配置重點，我們相信，到 2025 年末，我們的淨槓桿率也將出現類似的下降。

Turning to slide 20 and our 2025 financial outlook. Our businesses began the year with positive momentum, and we expect underlying performance for this year will be strong, just like 2024. Reported results do face some headwinds, notably FX rate pressure on reported results and cycling through the wind down of Voyix related business in the other segment.

翻到第 20 張投影片，看看我們 2025 年的財務展望。我們的業務以積極的勢頭開始了新的一年，我們預計今年的基本業績將像 2024 年一樣強勁。報告結果確實面臨一些阻力，特別是外匯匯率對報告結果的壓力以及其他部門中 Voyix 相關業務的週期性下降。

Our revenue and EBITDA guidance commentary will be on a constant currency basis. Starting with the full year, we expect core revenues which exclude the other Voyix related segment will grow 3% to 6% on a constant currency basis. We currently forecast currency to be a 2% headwind. We expect total company revenue will grow 1% to 3% on a constant currency basis with FX again a 2% headwind.

我們的收入和 EBITDA 指導評論將以固定匯率為基礎。從全年開始，我們預計不包括其他 Voyix 相關部分的核心收入將按固定匯率成長 3% 至 6%。我們目前預測貨幣將面臨 2% 的逆風。我們預計，以固定匯率計算，公司總收入將成長 1% 至 3%，而外匯將再次帶來 2% 的阻力。

Total company adjusted EBITDA is expected to grow 7% to 10% on a constant currency basis, with FX having about a 1% headwind. Note that we've updated our methodology for calculating EBITDA beginning in 2025 to exclude other income and expense. This is consistent with the methodology used by most of our peers and should result in lower non-fundamental volatility in EBITDA.

以固定匯率計算，公司調整後的總 EBITDA 預計將成長 7% 至 10%，而外匯將面臨約 1% 的阻力。請注意，我們已更新了從 2025 年開始計算 EBITDA 的方法，以排除其他收入和支出。這與我們大多數同儕使用的方法一致，應該會降低 EBITDA 的非基本面波動。

As a result, the 2024 adjusted EBITDA base under our new methodology would be $794 million rather than $781 million. We expect fully diluted earnings per share will grow 21% to 27% and be in the range of $3.90 to $4.10. We expect free cash flow to be between $260 million to $300 million.

因此，根據我們的新方法，2024 年調整後的 EBITDA 基數將為 7.94 億美元，而不是 7.81 億美元。我們預計每股完全攤薄收益將成長 21% 至 27%，介於 3.90 美元至 4.10 美元之間。我們預計自由現金流將在 2.6 億美元至 3 億美元之間。

Below the line assumptions incorporated into our full year guidance include approximately $275 million of interest expense, effective tax rate of approximately 24%, and fully diluted share count of approximately 76 million. At the segment level, we expect self-service banking will grow revenue mid single digits on a constant currency basis. Currency is expected to be around a 2% headwind to revenue.

我們全年指引中納入的線下假設包括約 2.75 億美元的利息支出、約 24% 的有效稅率以及約 7,600 萬股完全稀釋股數。在細分市場層面，我們預期自助銀行業務的收入將以固定匯率計算實現中個位數成長。預計貨幣將對收入造成約 2% 的阻力。

We expect adjusted EBITDA will grow at 12% to 13% on a constant currency basis. FX is expected to be a 1% headwind to EBITDA growth. Margins should expand year-over-year and be in the mid-20%s. For the network business, we expect revenue growth to be in the low to mid single digits on a constant currency basis. FX is expected to be a 1% headwind to growth.

我們預計調整後的 EBITDA 將以固定匯率計算成長 12% 至 13%。預計外匯將對 EBITDA 成長造成 1% 的阻力。利潤率應逐年擴大，達到 20% 左右。對於網路業務，我們預計以固定匯率計算的收入成長率將達到低至中個位數。預計外匯將對經濟成長造成 1% 的阻力。

We expect a just an EBITDA margin of approximately 29%. The decrease in EBITDA margin is due to higher [cash] costs resulting from the exploration of hedges that were implemented three to four years ago during a much lower interest rate environment. T&T revenues expected to be down with EBITDA flat to up slightly. Voyix-related revenue is expected to be between $40 million to $45 million with EBITDA of approximately $5 million. Corporate costs should be approximately flat year-over-year.

我們預計 EBITDA 利潤率僅為 29% 左右。EBITDA 利潤率的下降是由於三、四年前在低利率環境下實施的對沖措施導致的現金成本上升。預計 T&T 收入將下降，但 EBITDA 將持平或略有上升。Voyix 相關收入預計在 4,000 萬至 4,500 萬美元之間，EBITDA 約為 500 萬美元。企業成本應與去年同期基本持平。

For the first quarter of 2025, we expect core revenues, which exclude Voyix related to be essentially flat on a constant currency basis. Total company reported revenue is expected to be down mid single digits due to the cycling of the prior year comparison for the other Voyix-related segment. As context, Voyix related revenue in Q1 2024 had approximately $60 million and we would expect it to be around $10 million in Q1 2025.

對於 2025 年第一季度，我們預期核心營收（不包括 Voyix 相關營收）會以固定匯率計算基本持平。由於與去年同期相比，Voyix 其他相關部門的業績出現週期性波動，預計公司報告的總收入將下降中等個位數。作為背景，2024 年第一季 Voyix 相關營收約為 6,000 萬美元，我們預計 2025 年第一季將達到 1,000 萬美元左右。

Adjusted EBITDA is projected to be $165 million to $175 million which would represent approximately 5% growth year-over-year at the midpoint. Adjusted EPS of $0.50 to $0.60 per share, which would also represent 34% year to year growth at the midpoint. We expect free cash flow will be modestly negative in the first quarter due to working capital. For context, we have a robust second quarter order book in hardware and we'll have to invest in inventory during Q1 to fulfill those orders. We expect to generate positive free cash flow in each of the last three quarters of 2025.

調整後的 EBITDA 預計為 1.65 億美元至 1.75 億美元，以中間值計算，年增約 5%。調整後每股收益為 0.50 美元至 0.60 美元，這也代表著中點年增 34%。我們預計，由於營運資金的原因，第一季的自由現金流將略為負值。就背景而言，我們第二季的硬體訂單量很大，我們必須在第一季投資庫存才能完成這些訂單。我們預計 2025 年最後三個季度的每個季度都會產生正的自由現金流。

Below the line assumptions incorporated in our guidance include $65 million of interest expense, effective tax rate in the low 30%s, and fully diluted share count of approximately 75 million. Last week throughout this earnings season, companies with international operations, I have been asked about the potential impact of tariffs. Based on what has been implemented thus far that impacts our business, which is Mexico, we have limited exposure to tariffs.

我們的指導中包含的低於預期的假設包括 6500 萬美元的利息支出、30% 以下的有效稅率以及約 7500 萬股完全稀釋股數。在整個財報季的上週，我一直被問到擁有國際業務的公司關稅的潛在影響。根據迄今為止對我們墨西哥業務影響的措施，我們受到的關稅影響有限。

We have a very small spare parts operation in Mexico, and we are in the process of implementing plans which includes building inventory to reduce that exposure. Beyond that, global geopolitical, and trade relations are very complex, and it's nearly impossible to predict the potential permutations of tariffs at this time. We are continuously monitoring developments and assessing our potential risks and solutions.

我們在墨西哥的備件業務規模很小，我們正在實施包括建立庫存以減少這種風險的計劃。除此之外，全球地緣政治和貿易關係非常複雜，目前幾乎不可能預測關稅的潛在變化。我們正在持續監測事態發展並評估我們的潛在風險和解決方案。

Concluding my comments on slide 21, Atleos had a highly successful first full year in 2024. We delivered impressive financial performance throughout the year, consistently meeting or exceeding financial targets, generating significant free cash flow, and improving our financial profile. We executed well operationally, enhancing our capabilities, competitive position, and relationships with customers, which is setting the stage for another strong year in 2025.

總結我在第 21 張投影片上的評論，Atleos 在 2024 年的第一個完整財年取得了巨大的成功。我們全年取得了令人印象深刻的財務業績，持續達到或超過財務目標，產生了大量自由現金流，並改善了我們的財務狀況。我們的營運表現良好，增強了我們的能力、競爭地位和與客戶的關係，為 2025 年又一個強勁的一年奠定了基礎。

Importantly, we made great progress on our growth strategy, putting us on a path to realize the tremendous opportunity we see in bank outsourcing for the cash ecosystem. Reflecting on these accomplishments, we are very optimistic about our opportunity to create value for our shareholders in 2025 and beyond.

重要的是，我們在成長策略上取得了巨大進展，使我們走上了實現銀行外包為現金生態系統帶來的巨大機會的道路。回顧這些成就，我們對 2025 年及以後為股東創造價值的機會感到非常樂觀。

With that, I'll turn it over to the operator.

說完這些，我就把麥克風交給接線生。

(Operator Instructions)

（操作員指示）

Matt Summervilled, D.A Davidson.

馬特·薩默維爾德、D.A·戴維森。

Thank you and welcome Andy. Two quick questions. First, can you talk about the ARPU in the as a service backlog? I thought last quarter that number was something north of 13,000 on a per unit basis, and now I think you referenced a 10,000 sort of number. So can you talk about maybe the quarter on quarter shift there and then off of a base of of say 10,000 how that trends out looking over the next few quarters and then I have a follow up?

謝謝您，歡迎安迪。兩個簡單的問題。首先，您能談談「即服務」積壓中的 ARPU 嗎？我認為上個季度這個數字是每單位 13,000 以上，現在我認為您提到的數字是 10,000 左右。那麼，您能否談談季度變化情況，然後以 10,000 為基數，看看未來幾個季度的趨勢如何，然後我可以跟進嗎？

Yeah, thanks. So I think we said 120 or 13,000 was the average in the average ARPU in the backlog. We implemented some of those devices and you can see the step up in the in the fourth quarter in ARPU for that and aggregate for that business. So we translated some high ARPU units from backlog into production. It was a big quarter, as getting us from about 6,000 machines in the singular quarter.

是的，謝謝。所以我認為我們說的 120 或 13,000 是積壓訂單中平均 ARPU 的平均值。我們實施了其中一些設備，您可以看到該業務第四季度的 ARPU 和總量有所上升。因此，我們將一些高 ARPU 單位從積壓訂單轉換為生產。這是一個重要的季度，因為我們在一個季度內就獲得了大約 6,000 台機器。

So moved the needle pretty nicely in the quarter. The mix of backlog currently has some of those high margin machines still in it and a little bit of mixed shift toward India and other places where the the both the revenue and the profitability is slightly lower. So it's really geographic distribution within the backlog that caused that change, but in any regard we think across the year that the the average.

因此本季的進展相當順利。目前積壓訂單中仍有一些高利潤機器，還有少量混合機器轉向印度和其他收入和獲利能力略低的地區。因此，實際上是積壓訂單的地理分佈導致了這種變化，但無論如何，我們認為全年的平均值是這樣的。

The average ARPU of the units we inducted into that number across the year will be accretive to the current $8600 a device.

我們全年引入的這些設備的平均 ARPU 將增加到目前的每台 8600 美元。

Perfect. And then as a follow up, you've mentioned in your prepared remarks seeing some pretty nice inbound demand on the hardware side. Can you just maybe do a little bit of a geographic walk around the globe, so to speak, in terms of what you're seeing from a demand trend not only for hardware but just your as a service offering?

完美的。然後作為後續問題，您在準備好的發言中提到，看到硬體方面的一些相當不錯的入站需求。您能否對全球進行一些地理考察，就您所看到的需求趨勢而言，不僅是硬件，還包括您的服務產品？

Yeah, so the average as a service offering, in countries where it's already been adopted is to go to a way that you generate revenue we're we're seeing really nice pickups. India is a great place right now for that business. We're seeing some traction, some more traction in Western Europe around ATM as a service, and the US has been great for us, particularly in those clients that have 300 machines or less. You could see we had a lot of smallish wins. This is a this is a few machines at a time. There aren't a lot of big tickets in the US that are likely to go to ATMs of service, so.

是的，因此，在已經採用該服務的國家，其平均收入是透過一種創造收入的方式實現的，我們看到了非常好的收入成長。目前，印度是開展此類業務的絕佳地點。我們看到西歐在 ATM 即服務方面取得了一些進展，美國對我們來說也是一個很好的例子，特別是對於那些擁有 300 台或更少機器的客戶來說。你可以看到我們取得了很多小勝利。這是一次幾台機器。在美國，沒有太多大額票據可能會透過 ATM 機提取，所以。

As far as service goes, I think it's the same markets we've been participating in before. We've talked a lot about another 36 markets in the world that we think we could be successful with ATM as a service, and you're likely to see us introduce product into at least four or five new countries this year as we start to roll that product out elsewhere. As far as hardware goes, it's everywhere though for us.

就服務而言，我認為它與我們之前參與的市場相同。我們已經多次討論過世界上另外 36 個市場，我們認為這些市場可以透過 ATM 即服務獲得成功，隨著我們開始在其他地方推出產品，您很可能會看到我們今年將產品引入至少四五個新國家。就硬體而言，對我們來說它無所不在。

Western Europe and the US are the biggest markets for us, particularly when it comes to revenue, since those are the more expensive devices. We've got a much improved recycler product that's now ready for market. It's being adopted very quickly by some of our US big US customers. That's incredibly helpful, as you, as you'll know, Matt, we were a little bit late there, but we're back in that game.

西歐和美國是我們最大的市場，尤其是在收入方面，因為這些市場的設備價格更昂貴。我們已擁有一款經過大幅改進的回收產品，並準備進入市場。我們的一些美國大客戶很快就採用了它。這非常有幫助，正如你所知，馬特，我們有點晚了，但我們又回到了比賽中。

I think that's going to be very helpful to hardware revenue. And I think there's just as we've talked about before, the The the the wave associated with the 2019, kind of pull forward of hardware refresh. You've got a modest refresh wave that's taking place currently.

我認為這對硬體收入將非常有幫助。我認為，正如我們之前談到的，2019 年的浪潮將推動硬體更新。目前正在發生一股適度的更新浪潮。

I think that's a global undertaking though for us it's more Europe and North America and it's not as pronounced obviously as 2019 is going to play out over several years, but we're just 2019 machines now aging off and so we'll see some we think that this year, next and maybe even maybe 2027 will be pretty good hardware years where we'll see a little bit of lift the hardware and and of course should give us some opportunity to talk to our customers about switching to ATMs a service as they go.

我認為這是一項全球性的任務，但對我們來說，更多的是歐洲和北美，而且顯然不會像 2019 年那樣在幾年內完成，但 2019 年的機器正在老化，所以我們會看到一些我們認為今年、明年甚至 2027 年將是相當不錯的硬體年，我們會看到硬體提升，當然也應該給我們一些機會來提升客戶。

We'll move to our next question from George Tong, Goldman Sachs.

我們將轉到高盛的 George Tong 提出的下一個問題。

Hi, thanks. Good morning. Can you remind us how many ATM or the service units you had by the end of the quarter and what your latest expectations are for 2025 and beyond?

你好，謝謝。早安.您能否提醒我們本季末您擁有多少台 ATM 或服務單位，以及您對 2025 年及以後的最新預期是什麼？

Yeah, I think we're at 28,000 units at the end of the fourth quarter. That was up from about 22,000 into the third quarter. So a little bit short of the 30,000 we set out to try to get to for the full year, but a really good fourth quarter and then we, of course, we talked about this being a back end loaded year for us in terms of implementation that had a lot to do with our readiness and our customers' readiness from an onboarding perspective.

是的，我認為第四季末我們的銷量將達到 28,000 台。這一數字較第三季的約 22,000 有所上升。因此，雖然距離我們全年計劃達到的 30,000 輛的目標還有一點差距，但第四季度的表現確實很好，當然，我們也說過，從實施角度來看，今年對我們來說是後端負荷很大的一年，這與我們的準備情況以及從入職角度來看客戶的準備情況有很大關係。

As far as guiding going forward on that metric, we're not going to use that as a KPI any longer units because as we just talked about, not all units are created equal, and units in North America, for instance, are far more creative to both revenue and profitability than than our incremental units in India. So we'll talk about revenue growth in this business rather than units. That said, I think it'll be If we've got 6,000 units currently in backlog, I think we'll exit the year 40,000 units at rounding the 40,000 units and importantly, I think the ARR in that business will be north, well north of $300 million from about $210 million today.

至於指導該指標的發展，我們不會再將其用作 KPI，因為正如我們剛才談到的，並非所有單位都是平等的，例如，北美的單位對收入和盈利能力的創造力遠比我們在印度的增量單位強。因此，我們將討論該業務的收入成長而不是單位成長。話雖如此，我認為如果我們目前積壓了 6,000 台，那麼我們今年的訂單量將達到 40,000 台，也就是四捨五入到 40,000 台，而且重要的是，我認為該業務的 ARR 將從現在的 2.1 億美元左右大幅增加到 3 億美元。

Got it. And then in your network business, the number of managed units went down because of the rationalization of low performing stores. Can you talk about how much longer you expect this rationalization process to go on for?

知道了。然後在您的網路業務中，由於業績不佳的商店的合理化，管理單位的數量下降了。您能談談您預計這一合理化進程還會持續多久嗎？

Yeah, I, we don't know. We're watching it very carefully. These, pharmacies are very good customers of ours. They keep in constant contact with us you see there's a transaction announced for Walgreens, I think last or rumors Walgreens transaction last night. We're very tied in with these folks. The good news is when they shut down a store, it's probably a machine that wasn't performing particularly well for us anyways.

是的，我，我們不知道。我們正在非常仔細地觀察它。這些藥局都是我們的非常好的客戶。他們與我們保持著密切的聯繫，您會看到沃爾格林宣布了一項交易，我想最後或傳言是昨晚沃爾格林的交易。我們與這些人關係密切。好消息是，當他們關閉一家商店時，這台機器對我們來說可能性能並不是特別好。

And so if it's underperforming for them, it's probably underperforming for us. We move that machine elsewhere. And we pick up just across the street, the transaction volumes on device that's around the corner. So we don't tend to lose revenue, we just lose a node on the system. I think we'll sign deals in 2025.

因此，如果他們的表現不佳，對我們來說可能也是如此。我們將那台機器移到別處。我們調查了街對面附近設備的交易量。因此我們不會損失收入，只是損失了系統上的一個節點。我認為我們將在 2025 年簽署協議。

That adds three or four 1,000 units to that count, which will, in essence, get us back to where we were. So over time this may perturbate a bit, but fundamentally that 80,000 units, unless we add new geographies and fleets in other parts of the world, it's probably we're going to, get back around that that midpoint over time. But so look for some sizable winds in '25 that allow that number to come back up. I don't know how many more drugstores are going to close but as long as they're underperforming and I have a machine nearby, I, I'm not that concerned about it.

這就使這個數字增加了三到四千個，從本質上講，這將使我們回到原來的狀態。因此，隨著時間的推移，這可能會帶來一些幹擾，但從根本上來說，除非我們在世界其他地區增加新的地區和機隊，否則我們可能會隨著時間的推移回到那個中點。但預計 25 年將出現一些較大的風，使該數字回升。我不知道還會有多少藥局關門，但只要它們的業績不佳，而且我附近有一台機器，我就不那麼擔心。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Dominic Gabriel, Compass Point.

多米尼克·加布里埃爾 (Dominic Gabriel)，Compass Point。

Hey, good morning everybody and welcome Andy. If you just think about the strategy that's focusing that you've discussed focusing on North America and you're up for the higher ARPU machines in general, versus India, some of the comments that you made, just on this call, suggesting the backlog might be for ATM as a service might be mixing towards India a little bit, just because of what you've sold. I guess the question is just, are you still focused on shifting towards these higher profitable revenue generating units in North America and Europe versus India still?

嘿，大家早安，歡迎安迪。如果您只是考慮一下您所討論的重點關注北美的策略，並且您總體上支持更高的 ARPU 機器，而不是印度，那麼您在這次電話會議上所做的一些評論表明，積壓的 ATM 作為一種服務可能會與印度有一點關係，僅僅是因為您銷售的產品。我想問題是，您是否仍將重點轉向北美和歐洲這些利潤更高的創收部門，而不是印度？

No. So I might have said I'm not emphasizing one over the other. They're both good markets for us and scale matters a lot. We have great scale in India, over 120,000 machines in India, so it's a very good market for us. It'll stay a good market, and I want to preserve that installed base and perhaps grow it. There are parts of the world I didn't talk about like Brazil, Argentina, where the move toward ATM as a service is very strong and networks are starting to emerge. That is also a different price point market. We will compete there. It's just when we talk about the incremental gain in revenue or profitability when the mix shift more towards North America or Europe, it will be more beneficial for us in that period.

不。所以我可能會說我並沒有強調其中一個。對我們來說，它們都是很好的市場，而且規模非常重要。我們在印度的規模很大，在印度有超過 12 萬台機器，所以這對我們來說是一個非常好的市場。它將保持一個良好的市場，並且我希望保留這個安裝基礎並可能擴大它。我沒有談到世界上的一些地區，例如巴西、阿根廷，這些地方 ATM 即服務的趨勢非常強勁，網路也開始興起。這也是一個不同的價格點市場。我們將在那裡比賽。當我們談論收入或獲利能力的增量成長時，當業務組合更多地轉向北美或歐洲時，這對我們來說在那段時期會更有利。

But I hope I didn't create the idea that somehow we're going to relegate ourselves only to those those larger, more developed markets. There's a real opportunity in other parts of the world. In fact, we were just in Latin America and there's huge opportunity for us down there. So we're the largest player in Brazil and have installed base that is very leverageable, so we need a strategy there too that device will be somewhat less expensive and the service, costs will be somewhat lower in experience, for instance, in North America. So I, we like them all the same but some move the needle a little bit more for our reported results than others.

但我希望我沒有產生這樣的想法：我們只能侷限於那些更大、更發達的市場。世界其他地區也存在著真正的機會。事實上，我們剛剛進入拉丁美洲，那裡有巨大的機會。因此，我們是巴西最大的參與者，並且擁有非常具有槓桿作用的安裝基礎，因此我們也需要製定一個策略，使設備價格稍微便宜一些，服務成本在體驗上也會稍微低一些，例如在北美。所以，我們同樣喜歡它們，但有些對我們的報告結果的影響比其他的更大。

Right, no, thank you. And then there was a really nice beat versus our expectations on gross profit margins versus, like I said, our expectations in the quarter, you're effectively absorbing 2% FX headwind, on the revenue while still showing pretty good, adjusted EBITDA and so I guess do you expect the variability.

好的，不用了，謝謝。然後，與我們對毛利率的預期相比，正如我所說的，我們對本季度的預期相比，您有效地吸收了 2% 的外匯不利因素，同時仍然顯示出相當不錯的調整後 EBITDA，所以我想您預計會出現波動。

In the gross profit margin quarter to quarter in 2025, to be moving up and down quite significantly from quarter to quarter due to some sort of seasonality, or do you think the fourth quarter's gross profit margin level is the right jumping off point for as we start the year?

2025 年的毛利率會因季節性因素而逐季大幅波動，還是您認為第四季的毛利率水準是我們開始新的一年的正確起點？

Yeah, so we said we were going to exit the year with margin rates in aggregate on the EBITDA level about 20% that translates into the gross profit you're describing. .

是的，所以我們說過，到今年年底，我們的 EBITDA 總利潤率將達到 20% 左右，也就是您所描述的毛利。。

We do have a seasonal business, right? Our last, our hardware business grows across the year and is more profitable as we produce more units. We've got very big unit outputs in question two and four this year, so you'll see that business have nice cost leverage as they generate more units. The network business has very strong question two and three, a natural curve to their business.

我們的業務確實有季節性，對嗎？最後，我們的硬體業務逐年成長，隨著我們生產更多產品，我們的利潤也更高。今年我們在問題二和問題四中獲得了非常大的單位產量，因此你會看到，隨著企業生產出更多的單位，它們具有良好的成本槓桿。網路業務有非常強大的問題二和問題三，這是其業務的自然曲線。

And so, You'll see their profit would be higher there. So the regular calorization or regular seasonality of our business will play out again in 2025. I think that will describe any perturbation in the gross margin rate. The profitability on the on the on the reported profitability, we have more of a headwind associated with the voyage, the lack of voyage revenues in the first half of the year, and FX appears to be more of a hit earlier in the year. And so I think you also see margin rate accumulate across the year much like this year, the shape of the curve for EBITDA margin rate and gross profit margin rate next year should be very similar to this year.

因此，你會發現他們的利潤在那裡會更高。因此，我們業務的常規熱化或常規季節性將在 2025 年再次發揮作用。我認為這將描述毛利率的任何擾動。從報告的盈利能力來看，我們在航行方面面臨更多阻力，上半年航行收入不足，而外匯似乎在今年早些時候受到的打擊更大。因此，我認為您還會看到利潤率在全年的累積情況與今年非常相似，明年 EBITDA 利潤率和毛利率的曲線形狀應該與今年非常相似。

Great, I really appreciate it. Thanks so much.

太好了，我真的很感激。非常感謝。

Really everybody's saying hello to Andy and I've let him talk.

確實每個人都在向安迪問好，我也讓他講話了。

(Operator Instructions)

（操作員指示）

We'll move to our next question from Shlomo Rosenbaum, Stifel.

我們將轉到 Stifel 的 Shlomo Rosenbaum 提出的下一個問題。

Hi, good morning.

嗨，早安。

Thank you for taking the questions. Hey Tim, I understand you're not going to focus on like the units in the ATM as a service because it's more of a continuum, so it's less relevant. But could you talk about the success you might have had over the year in terms of moving customers up that continuum? So in other words, customers that might be taking some of the outsourcing services where you're starting to get them to take more of the outsourcing services.

感謝您回答這些問題。嘿，提姆，我知道你不會把重點放在 ATM 機的服務單元上，因為它更像是一個連續體，所以不太相關。但是，您能否談談過去一年來在提升客戶體驗方面所取得的成功？換句話說，客戶可能會採用一些外包服務，而你開始讓他們採用更多的外包服務。

Yeah, that that's that's a helpful question to us. Thanks for asking it. We could find ATM as a service as the monolithic, holistic outsourcing of everything associated with every service associated with an ATM inclusive of cash in transit that we would obviously have to subcontract for, and others who have jumped into the space and used the term ATM as a service have a much less broad definition of that term.

是的，這是一個對我們有幫助的問題。謝謝你的詢問。我們可以發現 ATM 即服務是將與 ATM 相關的每項服務（包括現金運輸）相關的所有內容進行整體外包，而我們顯然必須將其分包出去，而進入該領域並使用 ATM 即服務這一術語的其他人對該術語的定義則不那麼廣泛。

We have about 90,000 machines that we currently call, we describe as managed services, which is very similar to what others are describing as ATM as a service of those 90,000 machines we saw in last year. Many of those customers moving up into and many devices moving from managed services up into our very tight definition of ATM as a service, and I think that's an obvious step.

我們目前擁有大約 90,000 台機器，我們將其描述為託管服務，這與其他人所描述的 ATM 即服務非常相似，即我們去年看到的 90,000 台機器。許多客戶和許多設備從託管服務轉向我們嚴格定義的 ATM 即服務，我認為這是顯而易見的一步。

And so when I think about success in the services business and aggregate in 2025 and beyond, I think it's taking customers who currently Our traditional customers who only buy hardware with a break fix service agreement and a software subscription agreement over the five to seven year life of the device and moving them into managed services and asking them what subset of those services they'd like us to take on and we'll grow into the rest over time.

因此，當我思考 2025 年及以後服務業務和整體業務的成功時，我認為我們需要將目前我們的傳統客戶（這些客戶只購買硬件，並在設備的五到七年使用壽命內簽訂故障修復服務協議和軟體訂閱協議）轉移到託管服務中，並詢問他們希望我們承擔哪些服務子集，隨著時間的推移，我們將擴展到其餘服務。

I also think there's A huge proportion of those folks in the manage services area that we have now proven ourselves to be very effective and very cost efficient in driving those devices for them that are likely to move up into the full outsourcing of ATM as a service and so. We're likely to start talking a little bit about our manage service portfolio and maybe talking about the two together, so you can see that migration of the customer up through this continuum.

我還認為，在管理服務領域，我們已證明自己在為他們驅動這些設備方面非常有效且非常具有成本效益，他們很可能會將 ATM 即服務的全面外包等。我們可能會開始談論一些我們的管理服務組合，也許會將兩者放在一起討論，這樣你就可以看到客戶透過這個連續體向上遷移的過程。

I think we had a chart at 1.1 of the conferences and we can post it again that describes kind of what's what's the midpoint of managed services and then importantly what you add to get to the full A service. But yes, we had some success doing that and it is the more obvious path for our customers to take from traditional to manage services and then on to full outsourced ATM as a service.

我認為我們在 1.1 次會議上有一張圖表，我們可以再次發布它，它描述了託管服務的中點是什麼，然後重要的是，您要添加什麼才能獲得完整的 A 服務。但是的，我們在這方面取得了一些成功，對於我們的客戶來說，從傳統的管理服務到完全外包的 ATM 即服務，這是更明顯的途徑。

Got it. Then I have a couple, I guess, questions for Andy. First, can you just describe what's being stripped out of the EBITDA or what's being added back to the EBITDA for the new calculation? Is it movements from FX? I'm just trying to understand what's changed over there.

知道了。那我想我有幾個問題想問安迪。首先，您能否描述一下在新的運算中從 EBITDA 中剝離了什麼內容，又將什麼內容重新加入 EBITDA 中？這是來自 FX 的動作嗎？我只是想了解那裡發生了什麼變化。

Sure. So, as we look at EBITDA, we are going to be excluding other income and expense going forward and we look at the volatility associated with our old methodology, the key one would be pension. And then it would be FX and then to a degree bank fees. But we think by doing this new definition it's going to remove some volatility that we would have, I would say, in a quarter. And so, the order of magnitude could be, $5 million to $10 million in aggregate in a given quarter, and we think that this will remove some of the volatility associated with our guidance and then results.

當然。因此，當我們看 EBITDA 時，我們將排除未來的其他收入和支出，並考慮與舊方法相關的波動性，其中關鍵的是退休金。然後是外匯，然後是一定程度的銀行費用。但我們認為，透過這個新定義，它將消除我們在一個季度內可能遇到的一些波動。因此，在特定季度內，數量級可能總計為 500 萬美元到 1000 萬美元，我們認為這將消除與我們的指導和結果相關的一些波動。

Okay, and then can you comment a little bit about the change in vault cash interest expense and how we should think about that flowing into gross margin?

好的，那麼您能否稍微評論一下金庫現金利息支出的變化以及我們應該如何看待它流入毛利率？

Sure. So it, for all cash, we rent, directly about $3 billion in cash and we would have, fairly aggressive or also also favorable terms in terms of, how we get that cash from, select bank partners. We look at, what happened, let's say three or four years ago, a lot of, we put in place a lot of hedges that were able to lock in rates in a much lower rate environment.

當然。因此，對於所有現金，我們直接租賃約 30 億美元現金，並且對於如何從選定的銀行合作夥伴那裡獲得現金，我們將有相當激進或優惠的條款。我們看看，比如說三、四年前發生了什麼，我們實施了很多對沖措施，能夠在低得多的利率環境下鎖定利率。

So when I look at some of those hedges that were layered in and so then what's happening then in 2025 is that we is that we're rolling off, as we get to the back half of the year, some of those favorable hedges. So that is really the key driver in terms of, what's happening to, I'll say our COGS within the network. The thing that I would emphasize though is while there is going to be, some pressure year to year in that segment. The EBITDA margin is still, I said would be close to 29%. I mean it's just around 30%. So it's still a great business but we are going to be lacking some of the impact of hedges all cash.

因此，當我查看一些分層的對沖時，那麼 2025 年發生的情況是，隨著我們進入下半年，一些有利的對沖正在減少。所以，就網路內的 COGS 而言，這確實是關鍵驅動因素。不過我想強調的是，這個領域每年都會面臨一些壓力。我說過，EBITDA 利潤率仍然接近 29%。我的意思是只有 30% 左右。因此，這仍然是一項偉大的業務，但我們將缺少一些對沖全現金的影響。

Yeah, Andy wasn't here when we did the acquisition of Cartronics, but at the time we sold a model to our board and committed to a model to our board around profitability that described that as a good acquisition, and it has turned out to be a good acquisition, but we hedged that model by putting in place a significant amount of of swaps around the $3 billion or $4 billion of bulk cash at the time.

是的，我們收購 Cartronics 時 Andy 不在，但當時我們向董事會出售了一個模型，並向董事會承諾了一個圍繞盈利能力的模型，我們認為這是一次不錯的收購，事實證明這也是一次不錯的收購，但我們通過對當時 30 億美元或 40 億美元的大額現金進行大量掉期來對沖該模型。

As those roll off, we're not paying market rates and so, the good news is our margin rates now at market rates are very similar to what they were prior to the acquisition, which was in a period of time which rates were very low, or say differently, the productivity and the profitability we generated with new business in the across the network has allowed us to, in essence absorb all of the hit over the last several years from those interest rates. I'm hopeful that we'll see some relief going at some point. We'll see some relief in interest rates, but what you're seeing now is us performing at market rates with the highest margins in our company and margins that are approaching 30%.

隨著這些費用的減少，我們不再支付市場利率，因此，好消息是，我們現在的市場利率與收購前的水平非常相似，當時的利率非常低，或者換句話說，我們透過整個網路的新業務所創造的生產力和盈利能力，使我們基本上吸收了過去幾年這些利率帶來的所有衝擊。我希望我們能夠在某個時候看到一些緩解。我們會看到利率下降，但您現在看到的是，我們以市場利率運營，利潤率是公司最高的，利潤率接近 30%。

Great, I've taken a lot. Would you can squeeze in one more if you're okay with that? There was a talk a little while ago in terms of third party financing for some of the ATMs of service hardware and stuff like that. Is that still something that's being focused on, or is it really because we're going to ATMs a service kind of light, that the customers are really just doing stuff on their own that that's not really part of what you guys are working on internally in order to, kind of accelerate that business?

太好了，我拍了很多。如果您可以的話，可以再擠進一個嗎？不久前，有人討論過為某些 ATM 服務硬體等提供第三方融資的問題。這是否仍是你們關注的重點？還是因為我們對 ATM 的服務比較簡單，客戶只是自己做一些事情，而這並不是你們內部為加速業務而開展的工作？

So the answer is yes. We still that opportunity still exists just actually both sides of your question. We have seen when when Paul and I built this model a long time ago, we thought that ATMs of service would be much more capital intensive than it's been, and we thought at the time that maybe 70% of the transactions we did require new hardware on our balance sheet. It's actually been reciprocal of that. We've had closer to three, 25% or 30% of the deals required new hardware.

所以答案是肯定的。我們仍然認為機會仍然存在，實際上只是您問題的兩個方面。我們已經看到，當保羅和我很久以前建立這個模型時，我們認為 ATM 服務的資本密集程度將比現在高得多，並且我們當時認為，也許我們所做的 70% 的交易都需要在我們的資產負債表上添加新硬體。事實上，這是相互的。我們已有接近三筆、25% 或 30% 的交易需要新硬體。

So and we've shown a preference for those type of transactions. So we have seen far less use of capital. It is also true though that we are still looking for non-recourse off balance sheet financing opportunities for fleets of devices that make some sense. Paul's worked really hard to put some devices in place. We've not had deals big enough yet to get those off the ground, but maybe I'll let Andy elaborate what they might be.

因此，我們對這類交易表現出了偏好。因此，我們看到資本的使用量大大減少。但事實上，我們仍在為一系列設備尋找有意義的無追索權表外融資機會。保羅確實付出了很大的努力來安裝一些設備。我們還沒有達成足夠大的交易來實現這些目標，但也許我會讓安迪詳細說明這些交易可能是什麼。

Yeah. That was a great introduction to that. So what I would say it's an absolute key focus for us, and as we move into the second quarter, I would expect us to be able to find a solution. That will work and that will be financed off balance sheet, but that is, that's certainly in our plan and we fully expect to do that.

是的。這是一個很好的介紹。所以我想說這絕對是我們關注的重點，隨著進入第二季度，我希望我們能找到解決方案。這會起作用，而且會透過表外融資，但這肯定在我們的計劃中，我們也完全希望這樣做。

We'll move to our next question from Chris Senyek, Wolf Research.

我們將轉到 Wolf Research 的 Chris Senyek 提出的下一個問題。

Hi guys, thanks for taking my question. Wanted to ask how we're thinking about capital allocation here. I know you'd mentioned, near term debt pay downs, is a priority, but with the stock trading at the level at which it is currently, because the broader macro concerns is something, are you guys considering maybe perhaps implementing a buyback plan, sooner than otherwise anticipated?

大家好，感謝你們回答我的問題。想問一下我們是如何考慮資本配置的。我知道您提到過，短期內償還債務是當務之急，但鑑於目前的股票交易水平，由於更廣泛的宏觀擔憂，您是否考慮比預期更早地實施回購計劃？

Yeah, I love announcing earnings into weak markets. I seem to figure out how to do that every every quarter. It hasn't changed. I think the only thing that's changed somewhat in the discussion with our investors is the hurdle rate for for overall leverage, at which point we think that equity investors start to clamor a little bit more for cash being returned to them and to your point in this market through a through a share of purchase has made moved down a little bit. So we, we've talked a lot about getting down to 3 times net leverage that would translate to about four times gross leverage, which some of our investors focus more on four times gross leverage, when you get under 3 and four times, we the analysis say that.

是的，我喜歡在疲軟的市場中宣布收益。我似乎每個季度都知道如何做到這一點。它沒有改變。我認為，在與投資者的討論中，唯一有所改變的是整體槓桿的最低收益率，我們認為，此時股票投資者開始更加強烈地要求返還現金，正如您所說，在這個市場上，通過購買股票，股票收益率略有下降。因此，我們已經討論了很多關於將淨槓桿率降至 3 倍的問題，這將轉化為約 4 倍的總槓桿率，我們的一些投資者更關注 4 倍的總槓桿率，當槓桿率低於 3 倍和 4 倍時，我們的分析是這樣的。

You should pick up a significant change in your valuation, meaning that those stocks that that have those companies that have leverage below four times gross are traded almost a full multiple point higher than those that trade or those that demonstrate above 4X. We think we'll get there at the midpoint of this year. At that point in time, I think we have to have a good debate with our board and maybe with some investors about what we do with the next incremental dollar of free cash flow.

您應該會發現估值中存在一個重大變化，這意味著那些槓桿率低於四倍的公司股票的交易價格幾乎比那些槓桿率高於四倍的公司股票的交易價格高出整整一個多點。我們認為我們將在今年年中實現這一目標。在那個時候，我認為我們必須與董事會甚至一些投資者進行一次良好的辯論，討論如何處理下一增量的自由現金流。

I don't think it'll be. Uniform meaning until we get there, it's very obvious we apply every dollar for cash flow we generate to reduce our debt. Once we get to 3 times net and four times gross, I think we should at least start talking about whether we continue to reduce debt either.

我不認為會這樣。統一的含義，直到我們到達那裡，很明顯我們將利用我們產生的每一美元現金流來減少我們的債務。一旦我們達到淨資產的三倍和毛資產的四倍，我認為我們至少應該開始討論是否繼續減少債務。

Holistically or if we if we in fact start to deliver some cash back to show share the upside to a certain extent between our equity holders and our debt holders. So nothing has changed, in terms of wanting to get down to 3 times. Nothing has changed in our calendarization of getting there. I think we'll get there by the midpoint of the year.

從整體上看，或者如果我們實際上開始返還一些現金，以在一定程度上表明我們的股東和債權人之間分享了收益。因此，就想要減少到 3 倍而言，什麼都沒有改變。我們到達那裡的日曆沒有任何改變。我認為我們將在今年年中實現這一目標。

I think the desire for yet even lower leverage amongst investors is become more apparent and we'll debate that with our board and you all when we get to the midpoint of the year, but I agree with you our stock is too cheap and we should, if we can, we should be buying some back.

我認為投資人對更低槓桿的渴望變得更加明顯，到年中時我們將與董事會和大家討論這個問題，但我同意你們的觀點，我們的股票太便宜了，如果可以的話，我們應該回購一些。

Yeah, thanks. And then, one more question kind of longer term strategic in terms of, when you did the, kind of doing the roadshow and and were spun out, you had different long term objectives for recurring revenue, and the argument was that you'd get a higher multiple on the stock as the recurring revenue percentage went up. What's the outlook today and has it changed any, just given the preference of customers for where you get to recurring revenue, over the next couple of years?

是的，謝謝。然後，還有一個問題，從長期戰略角度來說，當你進行路演和分拆時，你對經常性收入有不同的長期目標，並且論點是，隨著經常性收入百分比的上升，你會獲得更高的股票倍數。今天的前景如何？在未來幾年內，是否會改變？是否僅僅考慮到客戶對從哪裡獲得經常性收入的偏好？

Yeah, we're our recurring revenue performance is tracking pretty close to where we thought. We're a little bit behind. You go back to those models from 2.5 years, 3 years old now. We're a little behind on our ATM as a service of revenue, which, we talked a bit about the adoption rate and and our ability to onboard folks, which causes the total services growth to be a little bit behind those models, but we have every belief that that it's a lag in the model, not a change to the model, and that ultimately our service levels are the total value of our service to our customers, be a much higher percentage of total revenue that was in the outset.

是的，我們的經常性收入表現與我們預想的非常接近。我們有點落後了。現在您可以回到 2.5 年前、3 年前的那些模型。我們的 ATM 作為一項收入服務稍微落後了，我們談到了採用率和我們的入職能力，這導致整體服務增長稍微落後於這些模型，但我們完全相信，這是模型的滯後，而不是模型的改變，最終我們的服務水平是我們為客戶提供的服務的總價值，佔總收入的比例比一開始要高得多。

And the transaction volumes are growing as well, and we count our, as you'll remember, we count our transaction revenues as recurring too. So, I think of all the metrics that we've laid out in that five year model, I think there's two that were most likely to still be perfectly in line with, which is free cash flow and percentage of revenue coming from recurring sources.

交易量也在成長，正如你們所記得的，我們也將交易收入算作經常性收入。因此，我認為我們在五年模型中列出的所有指標中，有兩個最有可能仍然完全一致，即自由現金流和來自經常性來源的收入百分比。

Okay great thank you and congrats on a great year.

好的，非常感謝，並祝賀你度過了美好的一年。

For our next question will return to Dominick Gabriele, Compass Point.

我們的下一個問題將回到 Compass Point 的 Dominick Gabriele。

Okay, great, thanks so much. I actually just right on that point I was curious about the free cash flow outlook, with the kind of more updated, long term targets that were given more recently. I know it's not going to be linear as far as year-over-year free cash flow growth.

好的，太好了，非常感謝。事實上，我剛才對這一點感到好奇，我對自由現金流前景感到好奇，以及最近給出的更新的長期目標。我知道就年度自由現金流成長而言，它不會呈線性成長。

But overall, how are you thinking about the free cash flow, targets in particular and given where you ended up in 2024 with a nice almost like pull forward, right, that you mentioned that gave you $119 million free cash flow in the quarter adjusted, how do we think about how that pulls out of 2025 and this is the sustainability of the rampant free cash flow to hit kind of your 2027 targets?

但總的來說，您如何看待自由現金流，特別是目標，考慮到您在 2024 年取得了不錯的成績，幾乎像是向前拉動了一樣，對吧，您提到這在調整後的季度為您帶來了 1.19 億美元的自由現金流，我們如何看待它在 2025 年之後的表現現金，以及猖獗的自由現金流的可持續性，以實現您的 2025 年？

Yeah, so when you have so many levers in cash flow and it wasn't so much a pull forward into the fourth quarter. It's so we had a, we got a break on on taxes based on some changes in legislation, and we had some costs that accrued in '24 they got paid and they'll get paid this quarter. So it wasn't so much a pull forward. There's only so many levers in free cash flow, right? You can manage working capital better. You can have cap CapEx that underruns depreciation and amortization, or you can grow profitability.

是的，當你在現金流中擁有如此多的槓桿時，它對第四季的推動作用並不大。因此，根據立法的一些變化，我們獲得了稅收減免，並且我們在 24 年累積了一些成本，他們已經得到了支付，並且本季度也會得到支付。所以這並不是什麼向前的拉動。自由現金流的槓桿只有這麼多，對嗎？您可以更好地管理營運資金。您可以擁有低於折舊和攤提的資本支出，或者您可以提高獲利能力。

I know we're going to grow profitability over the next several years, and you can extrapolate out the the kind of longer term goals of growing at 8% to 10% a year, you can extrapolate that out and presume that most of that should should fall down through to to free cash flow. We've talked about tax rates and cash tax rates coming down. In fact, that was one of the overdrives this year for us, and it's going to be an overdrive against the model yet again next year. Our interest expense will come down, and it's a huge expense for us.

我知道我們在未來幾年內將提高盈利能力，你可以推斷出每年增長 8% 到 10% 的長期目標，你可以推斷並假設其中大部分應該歸結為自由現金流。我們已經討論過稅率和現金稅率的下降。事實上，這是我們今年的超速行駛之一，明年它仍將是對車型的超速行駛。我們的利息支出將會下降，這對我們來說是一筆巨大的支出。

And a lot of our our interest expense isn't tax deductible because of how large it is relative to our profitability. Any relief in that tax law or our ability to generate more profitability relative to that interest should make it more deductible and drive yet better cash flows. So I think there's several levers that we can pull across time, but yeah, I mean we talked about a number approaching $300 million of free cash flow when we thought we'd only do $200 million in 2024.

而且，由於我們的利息支出相對於我們的獲利能力而言佔比很大，因此許多利息支出不能免稅。該稅法中的任何減免或我們相對於該利息產生更多盈利的能力都應使其更具抵扣性並推動更好的現金流。所以我認為我們可以利用幾個槓桿來應對不同的時間變化，但是是的，我的意思是，我們談論的是接近 3 億美元的自由現金流，而我們認為 2024 年只能實現 2 億美元。

Now we're still holding on to the high end of that range of $300 million. In 2025, even having overdriven by about $40 million bucks, so we are doing a better job on free cash flow than we thought that we might. We will use a little bit of cash for working capital in the first part of this year as we have a pretty significant rampant hardware, about an $80 million dollar ramp in hardwares one to two. You just have to get stuff on the water to make sure that you get that done. We did collect really well at the in the fourth quarter of last year, and so we've got a little bit of, there's less to collect in the first quarter, but I fully expect that to happen again in this year's fourth quarter.

現在我們仍然維持在 3 億美元的最高水準。到 2025 年，即使超額投入約 4,000 萬美元，我們在自由現金流方面的表現也比我們想像的要好。由於我們擁有大量新增硬件，我們將在今年上半年使用少量現金作為營運資金，第一至第二硬件的新增投入約為 8000 萬美元。您只需將東西放到水上即可確保完成任務。我們在去年第四季的收款情況確實很好，因此，第一季的收款情況有所減少，但我完全預計今年第四季會再次出現這種情況。

So if you're thinking about free cash flow as being the fastest growing metric in this business for the next several years, you'd be exactly right. Free cash flow growth will outpace EPS growth will outpace EBITDA growth pretty handily over the next several years.

因此，如果您認為自由現金流是未來幾年該行業成長最快的指標，那麼您就完全正確了。未來幾年，自由現金流成長將輕鬆超過 EPS 成長和 EBITDA 成長。

Thank you very much for taking my follow up.

非常感謝您接受我的跟進。

It appears there are no further questions at this time. I'd like to turn the conference back over for any additional or closing remarks.

目前似乎沒有其他問題。我想將會議交回，以便發表任何補充或結束語。

Great, thank you for that. Thanks for paying attention today, Paul, thank you.

太好了，謝謝你。感謝您今天的關注，保羅，謝謝。

Andy, welcome. And look, we just completed a pretty remarkable year and if my employees are listening, I expect many of them are, thanks again. You killed it. You did a great job. I know we expect a lot of you going forward. I suspect you'll step right up to that challenge as well. We appreciate those investors who are along and tell all your friends this is a good story. More people should be hearing it. So thanks very much and we'll talk to you in 90 days.

安迪，歡迎光臨。瞧，我們剛剛度過了非常不平凡的一年，如果我的員工正在聽的話，我想他們中的很多人都在聽，再次感謝。你殺了它。你做得很好。我知道我們對您未來充滿期待。我想你也會迎接這個挑戰。我們感謝那些與我們同行的投資者，並告訴你們所有的朋友這是一個好故事。應該有更多的人聽到它。非常感謝，我們將在 90 天後與您聯繫。

This concludes today's call. Thank you again for your participation. You may now disconnect and have a great day.

今天的電話會議到此結束。再次感謝您的參與。現在您可以斷開連接並享受美好的一天。