NCR Atleos Corp (NATL) 2025 Q1 法說會逐字稿

Good day and welcome to the NCR Atleos' first quarter FY25 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Brendan Metrano, head of Investor Relations. Please go ahead.

大家好，歡迎參加 NCR Atleos 2025 財年第一季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給投資者關係主管 Brendan Metrano。請繼續。

Good morning and thank you for joining the Atleos first quarter 2025 earnings call. Joining me on the call today are Tim Oliver, CEO; Andy Wamser, CFO; and Stuart McKinnon, COO.

早安，感謝您參加 Atleos 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有執行長 Tim Oliver、財務長安迪瓦姆瑟 (Andy Wamser) 和營運長 Stuart McKinnon。

Tim will start this morning with an overview of the company's business performance and strategic progress in the first quarter. And you will follow with a review of our financial results and our outlook for the second quarter and full year, then we'll move to Q&A.

蒂姆今天上午將首先概述公司第一季的經營業績和策略進展。接下來我們將回顧我們的財務表現以及第二季和全年的展望，然後進入問答環節。

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, in other words, of similar meaning.

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”等詞語表達，換句話說，具有類似的含義。

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.

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 the presentation materials and on the investor relations website.

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。這些非公認會計準則 (non-GAAP) 指標在簡報資料和投資者關係網站上進行了描述，並與公認會計準則 (GAAP) 指標進行了協調。

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，您可以在我們的網站 investor.ncratleos.com 上觀看本次電話會議的重播。之後，我將把電話會議交給 Tim。

Thank you, Brendan. And thank you, everyone, for joining us on this call this morning. I'll start this morning by reinforcing the compelling Atleos investment thesis, describing a successful start to our 2025 and providing some company specific context for the current uncertain business climate. Andy will then walk you through the more detailed financial results, and then we'll both take your questions.

謝謝你，布倫丹。感謝大家今天早上參加我們的電話會議。今天上午，我將首先強調 Atleos 令人信服的投資論點，描述我們 2025 年的成功開端，並為當前不確定的商業環境提供一些公司特定的背景。然後，安迪將向您介紹更詳細的財務結果，然後我們將回答您的問題。

Since separating from Legacy NCR through a spin transaction in late 2023, Atleos is now a pure play independent company with a leadership position of self-service banking and a clear growth strategy.

自 2023 年底透過分拆交易從 Legacy NCR 分離以來，Atleos 現已成為純粹的獨立公司，擁有自助銀行領域的領導地位和明確的成長策略。

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

Atleos 已安裝並維護約 60 萬台 ATM，其中包括我們在自己的網路中擁有和營運的約 80,000 台機器。

In a global environment that continues to demonstrate steady cash-based consumer transactions and a stable base of installed 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 own network machines located in blue chip retail locations.

在現金消費交易持續穩定、ATM 硬體安裝量穩定的全球環境下，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，無論是透過為我們的金融機構客戶提供更高品質、更有效率、更全面的服務，還是透過位於藍籌零售地點的我們自己的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. And both growth vectors leverage a common Atleos infrastructure that is unmatched in scale 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金融服務，同時將更多的現金生態系統外包而推動的。而這兩種成長方式都利用了共同的 Atleos 基礎設施，該基礎設施規模無與倫比，屬於世界一流水準。

So starting in chart 6, revenue is in line with our plan with growth from the more strategic parts of our business, offsetting lower non-core separation related revenue from our former parent company Voyix. Some regulatory changes in lower volumes at our Bitcoin business Liberty X, and the timing of hardware revenue, which will grow nicely across the remainder of the year.

因此，從圖 6 開始，收入符合我們的計劃，來自我們業務中更具策略性部分的成長，抵消了來自我們前母公司 Voyix 的非核心分離相關收入的下降。我們的比特幣業務 Liberty X 的交易量有所下降，硬體收入的時機也發生了一些變化，預計今年剩餘時間內硬體收入將實現良好成長。

From a profitability perspective, a more lucrative revenue mix, coupled with the direct productivity efforts and our service organization pushed margins up almost 3 points, overall. Operationally, nearly all of our customer KPRs are moving in the right direction, and our service levels remain at post-spin highs.

從獲利能力的角度來看，更有利可圖的收入組合，加上直接的生產力努力和我們的服務組織，整體上將利潤率提高了近 3 個百分點。從營運角度來看，幾乎所有客戶的 KPR 都朝著正確的方向發展，我們的服務水準仍保持在分拆後的高點。

We exited Q1 with an order book for hardware that is very strong and an increasing backlog for new service revenues. Our productivity initiatives are on pace to deliver to the targeted savings levels, and our contingency planning efforts are beginning to recover some of the profitability we expect to lose to tariffs.

我們在第一季結束時硬體訂單非常強勁，新服務收入的積壓訂單也在增加。我們的生產力措施正在按計劃實現目標節約水平，我們的應急計劃工作也開始恢復我們預計因關稅而損失的部分盈利能力。

I'd like to take a minute to describe Atleos' exposure to what we know now about tariffs and what could be second order effects of a global trade rebalancing.

我想花一點時間來描述我們目前所了解的關稅對 Atleos 的影響，以及全球貿易再平衡可能產生的二階效應。

Because we are a global company with a preponderance of our revenue coming from recurring services, our tariff exposure is generally limited to ATM hardware and replacement or repair parts produced overseas and then imported into the US. Those goods represented less than 7% of our total costs in 2024.

由於我們是一家全球性公司，大部分收入來自經常性服務，因此我們的關稅風險通常僅限於在海外生產並進口到美國的 ATM 硬體和替換或維修零件。這些商品占我們 2024 年總成本的不到 7%。

Going forward, about 90% of the hardware is going to be imported to the US from India with the remainder split between Hungary and Mexico. We do also have a small tail of parts from China who are looking to locally source in India.

展望未來，約 90% 的硬體將從印度進口到美國，其餘的則由匈牙利和墨西哥進口。我們確實也有少量來自中國的零件，他們正在尋求在印度本地採購。

Beyond the direct and easier to calculate cost of tariffs, we're also watching closely the potential follow-on effects of tariffs on the global consumer behavior, on bank and retailer capital spending, on interest rates or currency and exchange rates and the potential for reciprocal tariffs.

除了關稅的直接和更容易計算的成本之外，我們還密切關注關稅對全球消費者行為、銀行和零售商資本支出、利率或貨幣和匯率的潛在後續影響以及互惠關稅的可能性。

Andy will walk you through the gross impact of terrorists and discuss the contingency actions we are taking to reduce that net impact. In past challenging economic environments, our business has proved to be very resilient. Over 70% of Atleos revenue is generated from recurring services and software streams that facilitate essential customer transactions for financial institutions and other partners.

安迪將向您介紹恐怖分子的整體影響，並討論我們為減少淨影響而採取的應急措施。在過去充滿挑戰的經濟環境中，我們的業務已證明具有極強的韌性。Atleos 70% 以上的收入來自經常性服務和軟體流，這些服務和軟體流為金融機構和其他合作夥伴提供重要的客戶交易便利。

In addition, in periods of economic uncertainty, cash usage often increases due to tighter credit conditions and consumer budget pressures. And our strategy to grow our share of a continuum of ATM service revenues with comprehensive outsourcing capabilities could have a more compelling value proposition when banks are looking to enhance efficiency.

此外，在經濟不確定時期，由於信貸條件緊緻和消費者預算壓力，現金使用量往往會增加。當銀行尋求提高效率時，我們透過全面的外包能力來增加 ATM 服務收入份額的策略可能會具有更具吸引力的價值主張。

On our year end 2024 call, I introduced three primary Atleos goals for 2025 that are appropriately broad to allow to be cascaded with increasing specificity down through our organization. These three goals provide a framework for prioritization and ensure organizational alignment for our 2025 objectives.

在我們 2024 年年終電話會議上，我介紹了 Atleos 2025 年的三個主要目標，這些目標範圍相當廣泛，可以在整個組織內逐步推廣，具體性也不斷提高。這三個目標提供了優先排序的框架，並確保了我們 2025 年目標的組織一致性。

I'll refer to them again as I describe successes in each of our business segments later. The first is grow efficiently, accelerating growth while we reduce leverage to targeted levels requires judicious allocation of growth capital and operating expense. We're emphasizing the growth vectors that drive the most immediate returns and our creed of the margin in cash generation.

當我稍後描述我們每個業務部門的成功時，我會再次參考它們。首先是高效成長，在將槓桿率降低到目標水準的同時加速成長需要明智地分配成長資本和營運費用。我們強調推動最直接回報的成長向量以及現金創造利潤的信條。

The second is to develop a service-first culture. We believe service, not product, is the primary differentiating factor in the ATM industry and in the cash ecosystem.

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的主要差異化因素。

Service already makes up a preponderance of the revenue base and carries higher margins. As our strategic plan plays out, service revenue opportunities will outpace the underlying market growth dynamic.

服務已經佔據了收入基礎的絕大部分，並且帶來了更高的利潤。隨著我們的策略計劃的實施，服務收入機會將超過潛在的市場成長動力。

Every customer interaction should start with a conversation about solutions. Gaining share of wallet through outsource services requires a deep customer trust that can only be achieved through sustained customer excellence and leading service performance. Our 24/7 always on customer service mindset is essential to our long-term success.

每次與客戶的互動都應從有關解決方案的對話開始。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。我們全天候的客戶服務理念對於我們的長期成功至關重要。

And finally, we will embrace simplicity. The complexity we inherited from our former life as part of a larger Legacy NCR is unnecessary and inefficient.

最後，我們將擁抱簡單。作為更大的 Legacy NCR 的一部分，我們從以前的生活中繼承的複雜性是不必要的和低效的。

Investment in modern systems, improvement in processes, and organizational redesign that reduces layers and handoffs will extricate us from our former parent and make us more nimble, make our employees' jobs more rewarding, and make us much easier to do business with. I will illustrate projects on each of these overarching goals as I walk through these segment results.

對現代系統的投資、流程的改進以及減少層級和交接的組織重新設計將使我們擺脫以前的母公司，使我們更加靈活，使我們員工的工作更有價值，並使我們更容易開展業務。當我介紹這些部分結果時，我將說明每個總體目標的項目。

Moving to slide 7 and the self-service banking business review. This is primarily a service business comprised of a global installed base of over 500,000 ATMs that we sell to financial institutions with a software subscription and a service and support agreement.

前往投影片 7 和自助銀行業務回顧。這主要是一項服務業務，包括全球安裝的超過 50 萬台 ATM，我們透過軟體訂閱和服務與支援協議將其出售給金融機構。

Traditionally, those services have been centered on maintenance and repairs, but increasingly banks are opting to outsource more of their other services necessary to run the ATM to us. And for the 8th year running, this business was named the global ship share leader for the ATM industry.

傳統上，這些服務以維護和維修為中心，但越來越多的銀行選擇將運行 ATM 所需的其他服務外包給我們。該公司連續第八年被評為 ATM 產業全球船舶份額領導者。

First quarter financial results were either in line or slightly ahead of our expectations. Revenue grew modestly on a constant currency basis. Combined services and software revenue grew 6%, which translated to similar growth of our recurring revenue streams.

第一季的財務表現符合或略高於我們的預期。以固定匯率計算，收入小幅成長。綜合服務和軟體收入成長了 6%，這意味著我們的經常性收入流也實現了類似的成長。

ATM as a service was the primary source of service growth with good sequential and year-over-year gains in revenue, number of customers, and backlog. While hardware revenue is down year by year in Q1, hardware will post strong growth across the remainder of the year with a higher refresh replacement cycle orders and strong incremental demand for our recycler product.

ATM 即服務是服務成長的主要來源，收入、客戶數量和積壓訂單均實現了連續和同比增長。雖然第一季硬體收入逐年下降，但隨著更新更換週期訂單的增加和回收產品的強勁增量需求，硬體收入將在今年剩餘時間內實現強勁增長。

Favorable revenue mix combined with cost productivity generated more than 300 basis points of margin expansion year over year.

良好的收入組合與成本生產力相結合，使利潤率年增超過 300 個基點。

Moving to the bottom of the page, Q1 is an important quarter for our reinvigorated innovation efforts. Our prototype machines and technologies have been installed in two of our locations and have received hundreds of customer visits.

翻到頁面底部，第一季是我們重新振興創新努力的重要季度。我們的原型機器和技術已安裝在我們的兩個地點，並已接待了數百名客戶。

We held our first North American multi-day customer event and launched our customer feedback panels that allow us to reflect customer preference in further development and inject their strategic needs into our labs.

我們舉辦了首次北美多日客戶活動，並推出了客戶回饋小組，使我們能夠在進一步開發中反映客戶偏好，並將他們的策略需求注入我們的實驗室。

While our service first initiative is just getting started, we already are seeing returns. A more robust set of key performance indicators is allowing a more refined approach to incremental improvement.

雖然我們的服務優先計劃才剛起步，但我們已經看到了回報。更強大的一套關鍵績效指標可以實現更精細的漸進式改善。

In Q1, we extended our market leading service levels and set new highs in customer service quality. Our customers are already rewarding us with add-on orders that are added to our installed base or gained more share of wallet.

第一季度，我們拓展了市場領先的服務水平，並在客戶服務品質方面創下了新高。我們的客戶已經透過附加訂單來回報我們，這些附加訂單增加了我們的安裝基礎或獲得了更多的錢包份額。

And finally, our AI-driven dispatch and service optimization model is completing a very successful test run in Canada and is now ready for global rollout.

最後，我們的人工智慧調度和服務優化模型在加拿大完成了非常成功的試運行，現在已準備好在全球推廣。

Moving to the network on slide 8. The network segment is a utility banking business that consists of approximately 80,000 owned and operated ATMs located in blue chip retail locations. The network business continues to grow. The number of network card holders, is now in 13 countries, and is expanding the capability of its installed base.

前往投影片 8 上的網路。網路部門是一項公用事業銀行業務，由位於藍籌零售地點的約 80,000 台自有和營運的 ATM 組成。網路業務持續成長。目前，其網路卡持有者已遍佈13個國家，並且正在擴大其安裝基礎的能力。

First quarter financial results were generally in line with our expectations. From a revenue perspective, we experienced typical seasonality, some lower transaction volumes in the UK, and some decline in cross-border or travel-related transactions.

第一季的財務表現基本上符合我們的預期。從收入角度來看，我們經歷了典型的季節性，英國的交易量有所下降，跨國或旅遊相關交易有所下降。

And we anticipated the further erosion in the Liberty X Bitcoin transaction revenue due to regulatory changes. All point cash withdrawals grew modestly, and cash deposits continued to ramp quickly. Adjusted EBITDA margin expanded by more than 140 basis points and ARPO continued to increase sequentially and year over year, hitting another new high.

我們預計，由於監管變化，Liberty X 比特幣交易收入將進一步下降。所有點位現金提取額均小幅增長，現金存款額持續快速增加。調整後EBITDA利潤率擴大超過140個基點，ARPO持續較上季和年成長，再創歷史新高。

Moving to the bottom of this page, this business signed 7-Eleven to the AllPoint network, adding thousands of convenient and safe locations for our 75 million cardholders to conduct their daily banking. We also signed a partnership in the UK to extend our deposit network there and added more deposit-enabled locations in the United States.

移至本頁底部，企業將 7-Eleven 簽約加入 AllPoint 網絡，為我們的 7500 萬持卡人增加了數千個方便、安全的地點，以便他們進行日常銀行業務。我們還在英國簽署了合作協議，以擴展我們在那裡的存款網絡，並在美國增加了更多可存款的地點。

The benefit of higher service levels also accrued to this business. Higher availability of our owned and operating machines means more foot traffic for our retail partners and more revenue for Atleos.

更高服務水準的好處也為該業務帶來了好處。我們擁有和經營的機器的可用性更高，這意味著我們的零售合作夥伴的客流量更大，Atleos 的收入也更多。

And finally, we made our devices easier to interact with by expanding the access to tap-enabled machines. We're also implementing upgraded and modern ERP modules that will improve our invoicing and collections capabilities.

最後，我們透過擴展對支援點擊的機器的存取權限，使我們的裝置更易於互動。我們也正在實施升級的現代化 ERP 模組，以提高我們的發票和收款能力。

Back in March, we provided guidance that reflected only what we knew at the time, including the then pending tariffs on imports from Mexico. Since then, a lot has happened, uncertainty has increased significantly, and many companies have suspended their guidance, waiting for a clear line of sight.

早在三月，我們所提供的指導僅反映了我們當時所知的情況，包括當時即將對墨西哥進口產品徵收的關稅。自那時以來，發生了很多事情，不確定性大大增加，許多公司暫停了指導，等待明確的前景。

That said, we believe Atleos through pricing actions, supply chain adjustments, and indirect cost productivity can absorb the net effect of the tariffs and remain inside the guided ranges we provided back in March. Andy will give you more details on that next.

也就是說，我們相信 Atleos 透過定價行動、供應鏈調整和間接成本生產力可以吸收關稅的淨效應，並保持在我們 3 月提供的指導範圍內。安迪接下來會向您提供更多詳細資訊。

But before I hand off to Andy, I want to recognize the 20,000 strong Atleos team for their performance this quarter and a great start to 2025. You were not distracted by the most recent in a long string of uncertain business environments but rather embraced the opportunity and began developing solutions. With your collective effort, we will lead our industry from the front and deliver a strong 2025 results.

但在將工作交給安迪之前，我想先表揚一下擁有 20,000 名員工的 Atleos 團隊本季的出色表現以及 2025 年的良好開端。您並沒有因為一系列不確定的商業環境中的最新情況而分心，而是抓住了機會並開始製定解決方案。在大家的共同努力下，我們將引領產業發展，在 2025 年取得強勁業績。

With that, Andy, over to you.

好了，安迪，交給你了。

Thank you, Tim. Building on Tim's comments, we are off to a solid start for 2025, with the first quarter essentially playing out as we expected.

謝謝你，提姆。根據蒂姆的評論，我們 2025 年開局良好，第一季的情況基本上符合我們的預期。

Starting on slide 10, the key takeaway from this slide is that the top line trends remain solid and our key strategic businesses that will drive profitable growth and value for shareholders.

從第 10 張投影片開始，這張投影片的關鍵要點是，營收趨勢依然穩固，我們的關鍵策略業務將推動獲利成長和股東價值。

I will focus my comments on core results because the wind down of Voyix-related business had a meaningful impact on year to year growth in the first quarter. The impact of Voyix steps down in the second quarter and lessens progressively throughout the balance of the year.

我的評論將集中在核心業績上，因為 Voyix 相關業務的減少對第一季的同比增長產生了重大影響。Voyix 的影響在第二季逐漸減弱，並在整個全年逐漸減弱。

First quarter, core revenue was $966 million just slightly less than the prior year period on a constant currency basis and in line with our outlook. Our core services and software businesses grew a healthy 4% year to year on a constant currency basis, led by strong growth in ATM as a service and software.

第一季度，核心營收為 9.66 億美元，以固定匯率計算略低於去年同期，符合我們的預期。我們的核心服務和軟體業務以固定匯率計算年增 4%，其中 ATM 服務和軟體的強勁成長尤為突出。

ATM network transaction services were flat on a constant currency basis. Hardware was down year over year as planned, reflecting as skew in first half deliveries to the second quarter. Note that we expect combined first and second quarter 2025, hardware revenue will grow mid-single digits compared to the first half of 2024.

ATM 網路交易服務以固定匯率計算持平。硬體銷售量按計畫年減，反映出上半年交屋量與第二季有偏差。請注意，我們預計 2025 年第一季和第二季的硬體收入將與 2024 年上半年相比成長中等個位數。

The growth in services and software revenue in conjunction with lower hardware drove recurring revenue mix to 75% for the first quarter for our core businesses. The T&T segment, which comprises less than 5% of the total business, was down year over year and in line with plan. And as a reminder, we manage this segment for profit and it does enhance the scale of our service operations.

服務和軟體收入的成長，加上硬體成本的下降，推動我們核心業務第一季經常性收入佔比達到 75%。T&T 部門佔總業務的不到 5%，年減但符合計畫。需要提醒的是，我們管理這一部分是為了獲利，它確實擴大了我們服務營運的規模。

Moving to slide 11, top line growth in our higher margin recurring businesses coupled with good early progress on productivity initiatives drove 9% growth in adjusted EBITDA, or 11% on a constant currency basis to $175 million.

轉到第 11 張投影片，我們利潤率較高的經常性業務的營收成長，加上生產力計畫的良好早期進展，推動調整後的 EBITDA 成長 9%，按固定匯率計算成長 11%，達到 1.75 億美元。

The primary source of EBITDA growth was a self-service banking segment. Network EBITDA was up modestly and was offset by a decrease in T&T and incremental corporate costs.

EBITDA 成長的主要來源是自助銀行業務部門。網路 EBITDA 略有上漲，但被 T&T 和增量公司成本的下降所抵消。

Adjusted EBITDA margin expanded 270 basis points from the prior year to 17.9%, illustrating the tremendous earnings power of our strategy to drive incremental, high-margin service revenue from our installed base of 600,000 devices.

調整後的 EBITDA 利潤率較上年擴大 270 個基點，達到 17.9%，這表明我們的策略具有強大的獲利能力，即從已安裝的 60 萬台設備中推動增量、高利潤的服務收入。

Below the line, net interest expense decreased $11 million compared to the prior year, benefiting from a lower debt balance, lower variable rates, and lower credit spreads achieved in our credit facility refinancing late last year. The other expense line increased $3 million year to year.

總體而言，淨利息支出較上年同期減少了 1,100 萬美元，這得益於較低的債務餘額、較低的浮動利率以及去年年底信貸額度再融資中實現的較低信貸利差。另一項支出項目則較去年增加了300萬美元。

The non-GAAP effective tax rate was approximately 28% for the first quarter compared to 27% in the prior year. Non-GAAP fully diluted earnings per share increased an impressive 56% year by year to $0.64.

第一季非公認會計準則有效稅率約為 28%，去年同期為 27%。非公認會計準則每股完全稀釋收益年增 56%，達到 0.64 美元。

As anticipated, we did not generate positive free cash in the first quarter due to working capital associated with the ramp in hardware deliveries planned for the second quarter and was in line with our expectations.

正如預期的那樣，由於與第二季度計劃增加硬體交付量相關的營運資金，我們在第一季沒有產生正的自由現金，這符合我們的預期。

According to slide 12, self-service banking had another strong quarter with results that were in line with our expectations. Starting in the upper left, revenue grew 1% year by year on a constant currency basis to $624 million. The primary growth driver was 6% growth for combined software and services revenues, partially offset by a shift in the timing of hardware deliveries from the first to the second quarter.

根據第 12 張投影片，自助銀行業務又度過了一個強勁的季度，其業績符合我們的預期。從左上角開始，營收以固定匯率計算年增 1%，達到 6.24 億美元。主要成長動力是軟體和服務總收入成長 6%，但硬體交付時間從第一季轉移到第二季度，部分抵消了這一成長。

In addition, the impact of deferred hardware revenue included a new ATM as a service agreement, reduced segment revenue growth by around 100 basis points.

此外，遞延硬體收入的影響包括新的 ATM 即服務協議，導致分部收入成長減少約 100 個基點。

In the chart on the top right, the key takeaway is the impressive year-over-year growth and adjusted EBITDA and margin expansion that we delivered in the first quarter. Adjusted EBITDA increased 14% year over year to $153 million, and margin expanded 320 basis points to 24.5%.

在右上角的圖表中，關鍵點是我們在第一季實現了令人印象深刻的同比增長以及調整後的 EBITDA 和利潤率擴張。調整後的 EBITDA 年增 14% 至 1.53 億美元，利潤率擴大 320 個基點至 24.5%。

At a high level, margin expansion was due to higher gross margins in each of our business lines, most notably 150 basis points of expansion in services, combined with a mix shift towards services and software.

從高層次來看，利潤率的提高是由於我們每條業務線的毛利率提高，最顯著的是服務業務增長了 150 個基點，再加上業務組合向服務和軟體的轉變。

Key accretive developments within our businesses included solid revenue growth and high margin software and ATM as a service revenues, and net cost savings from productivity initiatives. [Harris] had a minimal negative net impact in the quarter of approximately $2 million.

我們業務的關鍵增值發展包括穩健的收入成長、高利潤的軟體和ATM即服務收入，以及生產力計劃帶來的淨成本節約。 [哈里斯]在本季的負面淨影響極小，約200萬美元。

Moving to the bottom of the slide, KPIs remained on a positive trajectory in the first quarter. The mix of recurring revenue was 64%, up approximately 200 basis points year to year. ARR was up 2% 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，第一季的 KPI 依然保持著積極的成長軌跡。經常性收入佔比為64%，較去年同期成長約200個基點。ARR 年成長 2%，反映出我們現有安裝基礎的服務和軟體收入持續成長。

Next is slide 13 and our A team as a service outsourcing business. As a reminder, our bank outsourcing solutions business resides within our self-service banking segment. Advancing our customers through the continuum towards full outsourcing is a strategic priority for the company. Therefore, we present key operational metrics separately to help investors better understand and track our progress.

接下來是第 13 張投影片，我們的 A 團隊作為服務外包業務。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業務部門。幫助客戶逐步實現全面外包是公司的策略重點。因此，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 by year to $57 million for the first quarter. We continued to build momentum in this area as we onboarded new customers and expanded into new markets. The strong momentum we've built over the past year is highlighted by a 44% increase in unique customer count compared to the prior year period.

參考投影片的左上角，第一季的營收年增24%，達到5,700萬美元。隨著我們吸收新客戶並拓展新市場，我們在這一領域繼續保持強勁發展勢頭。我們在過去一年建立的強勁勢頭凸顯為與去年同期相比，獨立客戶數量增加了 44%。

On the right, you can see the impressive profitability of the outsourcing model with 24% top line growth translating to 54% gross profit growth and over 700 basis points of gross margin expansion to 38%.

在右側，您可以看到外包模式令人印象深刻的獲利能力，24% 的營業額成長轉化為 54% 的毛利成長，毛利率擴大超過 700 個基點，達到 38%。

Moving to the bottom of the slide, KPIs also demonstrate the positive trajectory of the business. On the left, ARR continued to increase sequentially in the first quarter and was up 26% year by year to $230 million.

移至幻燈片底部，KPI 也展示了業務的積極軌跡。左側，ARR第一季持續較上季成長，年增26%至2.3億美元。

We finished the quarter with a strong backlog and sales pipeline to support reaching 40% growth for the year. On the right, you can see the healthy revenue uplift we generate from our A team as a service business with first quarter RPO of 8,400.

我們在本季結束時擁有強勁的積壓訂單和銷售管道，以支持全年實現 40% 的成長。在右側，您可以看到我們從 A 團隊即服務業務中獲得的健康收入成長，第一季的 RPO 為 8,400。

ARPO ticked down modestly in the first quarter, which was influenced by a higher mix of asset-like customers on boarded in recent quarters. Such fluctuations are expected because the base is relatively small, so several variables like region, scope, and timing of onboarding can impact ARPO for the quarter.

第一季度，ARPO 略有下降，這是受到最近幾季新增資產類客戶數量增加的影響。由於基數相對較小，因此預計會出現這種波動，因此區域、範圍和入職時間等幾個變數可能會影響本季度的 ARPO。

Over the longer term, it should continue to trend upward from growth in higher ARPO regions like North America and Europe.

從長期來看，它應該會繼續從北美和歐洲等 ARPO 較高的地區呈現上升趨勢。

Moving to the net worth segment on slide 14, first quarter results were in line with our expectations. Segment revenue of $299 million was down 4% year by year on a reported basis excluding the effect of currency headwinds and the Liberty crypto business, or ATM network revenue was essentially unchanged compared to the prior year.

轉到投影片 14 上的淨值部分，第一季的業績符合我們的預期。剔除貨幣逆風和 Liberty 加密業務的影響，該部門收入為 2.99 億美元，年減 4%，ATM 網路收入與前一年相比基本保持不變。

Digging into business results, cash withdrawal transactions were approximately 3.5% lower than the prior year, primarily driven by a high single digit decrease in the UK. On a positive note, we outperform broader UK withdrawal trends, suggesting we gain share in the market.

深入研究業務結果，現金提取交易量比前一年下降了約 3.5%，主要原因是英國的個位數高降幅。從積極的一面來看，我們的表現優於英國更廣泛的提款趨勢，這表明我們在市場上獲得了份額。

Our Allpoint network continued to generate solid withdrawal volumes and grew transactions in the low single digits year to year in the first quarter. We also generate strong top line trends from sources other than withdrawals, helping to diversify the business and support future growth.

我們的 Allpoint 網路繼續產生穩定的提款量，並且第一季交易量比去年同期保持低個位數成長。我們也從提款以外的來源產生強勁的營收趨勢，幫助實現業務多元化並支持未來成長。

Deposit transactions increased more than 200% year over year and 9% sequentially, and branding revenues increased 10% year over year.

存款交易量較去年同期成長超過 200%，較上季成長 9%，品牌營收年增 10%。

Moving to the upper right, adjusted EBITDA of $88 million was at the high end of our expectations and grew low single digits year over year. Adjusted EBITDA margin was 29% and expanded approximately 150 basis points year over year, benefiting from a mixed shift to more profitable transactions and lower SG&A and R&D expenses.

移至右上角，調整後的 EBITDA 為 8800 萬美元，處於我們預期的高端，並且同比增長了低個位數。調整後的 EBITDA 利潤率為 29%，年增約 150 個基點，受益於向更有利可圖的交易的混合轉變以及更低的 SG&A 和研發費用。

The metrics at the bottom of the slide highlight key elements of our strategy. The chart on the left shows our last 12-month average revenue per unit continued to move higher sequentially and was up 5% year by year in the first quarter.

幻燈片底部的指標突顯了我們策略的關鍵要素。左側圖表顯示，我們過去 12 個月的單位平均收入持續較上季走高，第一季年增 5%。

On the right, you can see our ATM portfolio finished the quarter at approximately 77,000 units with year-over-year decreases about evenly split between our two largest markets in the US and the UK. The reductions in the US were a combination of our optimization plans and pharmacy partners closing low performing stores that also had less productive ATM locations for us.

在右側，您可以看到我們的 ATM 組合在本季結束時約為 77,000 台，年減幅度大致平均分佈在我們最大的兩個市場美國和英國。美國的削減是我們的優化計劃和藥局合作夥伴關閉業績不佳的商店（這些商店的 ATM 機效率也較低）的共同作用的結果。

Our analysis suggests that this had limited impact on our transaction volumes. The reductions in the UK were also a combination of internal optimization plans and retail partners, rationalizing their footprint.

我們的分析表明，這對我們的交易量的影響有限。英國的削減也是內部優化計劃和零售合作夥伴共同努力的結果，旨在合理化他們的足跡。

Looking forward, we expect the number of ATM network units to increase in 2025 through the addition of both new retail partners and geographies. This is evidenced by the recently announced partnership with FCTI 7-Eleven that our leading utility banking platform is increasingly a sought-after partner in the broader payments in cash ecosystem.

展望未來，我們預計到 2025 年，透過增加新的零售合作夥伴和地區，ATM 網路單元的數量將會增加。最近宣布與 FCTI 7-Eleven 建立合作夥伴關係證明，我們領先的公用事業銀行平台越來越成為更廣泛的現金支付生態系統中受歡迎的合作夥伴。

Slide 15 presents a trending product centric view of our results. This helps visualize how the complementary nature of our businesses create a company that operates in attractive, growing, and highly profitable markets.

投影片 15 展示了我們以趨勢產品為中心的結果檢視。這有助於形象化地了解我們業務的互補性如何打造一家在有吸引力、不斷成長且高利潤的市場中經營的公司。

Most notably, it reinforces at Atleos, is primarily a services business that generates recurring streams of revenue and profit rather than a hardware company with cyclical sales associated with refresh cycles.

最值得注意的是，它強調了 Atleos 主要是一家產生經常性收入和利潤流的服務企業，而不是一家具有與更新周期相關的周期性銷售的硬體公司。

Second, the trends demonstrate that 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，趨勢顯示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 Legacy NCR、Voyix 退出的地區以及 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 16, we present a reconciliation of Q1 2025 free cash flow and a snapshot of our financial position at quarter end. We had a $23 million cash outflow for the first quarter to support a robust hardware delivery that is scheduled for the second quarter and is consistent with our plan for the year.

在投影片 16 上，我們展示了 2025 年第一季自由現金流的對帳以及季末財務狀況的快照。我們第一季的現金流出為 2300 萬美元，以支持計劃於第二季度進行的強勁硬體交付，這與我們今年的計劃一致。

We expect to generate positive free cash flow in each of the remaining quarters as adjusted EBITDA progressively builds throughout the year. Net leverage was 3.2 times for the first quarter and was down approximately a quarter of a turn compared to the prior year.

隨著調整後的 EBITDA 在全年逐步增加，我們預計剩餘每季都會產生正的自由現金流。第一季淨槓桿率為3.2倍，較上年同期下降約四分之一。

We made $25 million of debt principal payments in the first quarter and finished with $2.9 billion of gross debt. Our unrestricted cash balance decreased by $67 million during the quarter and resulted in a net debt balance of just under $2.6 billion. Based on our financial outlook and capital allocation priorities, we expect net leverage to be less than three times by the third quarter.

我們在第一季償還了 2,500 萬美元的債務本金，最終總債務為 29 億美元。本季度，我們的非限制現金餘額減少了 6,700 萬美元，導致淨債務餘額略低於 26 億美元。根據我們的財務前景和資本配置重點，我們預計到第三季淨槓桿率將低於三倍。

Moving to slide 17 for financial outlook. Given our solid first quarter results and positive momentum heading into the second quarter, we have reaffirmed the full year 2025 guidance ranges presented earlier this year.

前往投影片 17 查看財務展望。鑑於我們第一季的穩健業績和第二季的積極勢頭，我們重申了今年稍早提出的 2025 年全年指導範圍。

On a related note, I'll add some perspective related to tariffs. First, this is clearly a very uncertain and fluid situation, as Tim noted, our tariff exposure primarily stems from hardware and parts produced in India, but our supply chain does have exposure to other countries. Hardware and replacement parts represents about 20% of our total revenue base, and about 1/3 of that is imported into the US.

在相關說明中，我將補充一些與關稅有關的觀點。首先，這顯然是一個非常不確定和不穩定的情況，正如蒂姆所指出的那樣，我們的關稅風險主要源於印度生產的硬體和零件，但我們的供應鏈確實也涉及其他國家。硬體和替換零件約占我們總收入的 20%，其中約 1/3 進口到美國。

We are developing plans to mitigate the potential costs of the tariffs. If the current tariff proposals stand, we still believe we can deliver results within our 2025 guidance ranges, but probably in the lower half of the range.

我們正在製定計劃以減輕關稅的潛在成本。如果目前的關稅提案成立，我們仍然相信我們可以在 2025 年的指導範圍內取得成果，但可能處於該範圍的下半部分。

Recapping our full year 2025 guidance, we expect total company core revenue will grow 3% to 6% on a constant currency basis. Adjusted EBITDA to grow 7% to 10% on a constant currency basis.

回顧我們 2025 年全年指引，我們預期公司核心總營收將以固定匯率計算成長 3% 至 6%。調整後的 EBITDA 以固定匯率計算成長 7% 至 10%。

Adjusted EPS to be in the range of $3.90 to $4.10 and free cash flow to be between $260 million and $300 million. We currently forecast that foreign currency will be approximately a 1% headwind to EBITDA.

調整後的每股盈餘在 3.90 美元至 4.10 美元之間，自由現金流在 2.6 億美元至 3 億美元之間。我們目前預測外幣將對 EBITDA 造成約 1% 的阻力。

For the second quarter, we expect consolidated core revenue to grow in the low to mid-single digit range, including a modest FX headwind. The Voyix-related impact on topline should diminish further in the second quarter and result in low single digit growth for the total company.

對於第二季度，我們預計綜合核心收入將成長低至個位數至中位數，其中包括適度的外匯逆風。Voyix 相關事件對營收的影響應該會在第二季進一步減弱，並導致整個公司實現低個位數成長。

We expect self-service banking revenues should grow mid-single digits, benefiting from approximately 20% year-over-year growth in hardware and positive top line growth for services and software. We expect network revenues should be flat year by year with growth in the core ATM network business offset by lower Liberty crypto revenues.

我們預計自助銀行收入將成長中等個位數，受益於硬體年增約 20% 以及服務和軟體的積極收入成長。我們預期網路收入將逐年持平，核心 ATM 網路業務的成長將被 Liberty 加密收入的下降所抵消。

Adjusted EBITDA is projected to be between $190 million to $205 million with margins in the mid-20s for self-service banking, high 20s for network, and low 20s for T&T. Below the line interest expense should be similar to Q1. Effective tax rate is expected to be approximately 26% and share count approximately $75 million.

調整後的 EBITDA 預計在 1.9 億美元至 2.05 億美元之間，自助銀行利潤率在 25% 左右，網路銀行利潤率在 25% 以上，T&T 銀行利潤率在 25% 左右。線下利息支出應與第一季相似。預計有效稅率約 26%，股份數量約 7,500 萬美元。

Putting the pieces together, we expect adjusted EPS to be in the range of $0.75 to $0.90. We expect positive free cash flow for the second quarter, concluding my comments, Atleos is off to a successful start to 2025 with a strong first quarter that positioned us well to achieve our plan for the year.

綜合各方面因素，我們預期調整後每股盈餘將在0.75美元至0.90美元之間。我們預計第二季自由現金流將為正值。總而言之，Atleos憑藉著強勁的第一季業績，為2025年開了個好頭，這為我們實現全年計畫奠定了良好的基礎。

We delivered solid financial results, great operational execution and progress on our strategic priorities to grow efficiently, prioritize service, and embrace simplicity. We have reaffirmed our guidance for 2025 despite the external uncertainty and are developing plans to mitigate risks.

我們取得了穩健的財務表現、出色的營運執行力，並在高效成長、優先服務和追求簡化的策略重點上取得了進展。儘管外部存在不確定性，我們仍重申了 2025 年的指導，並正在製定降低風險的計畫。

We move forward with confidence in our approach and ability to drive profitable growth with our unmatched platform of ATM solutions for our customers, which will ultimately translate to shareholder value.

我們對自己的方法和能力充滿信心，將繼續前進，透過為客戶提供無與倫比的 ATM 解決方案平台來推動獲利成長，這最終將轉化為股東價值。

With that, I will turn it back to the operator.

說完，我將其交還給操作員。

(Operator Instructions)

（操作員指示）

Matt Summerville, DA Davison.

馬特·薩默維爾，DA 戴維森。

Thanks, couple of questions. First, just on the self-service banking business, looking at kind of the legacy hardware-driven piece of the company, can you give a little bit more color on overall backlog this year relative to las and how much of this year is sort of spoken for from a hardware standpoint?

謝謝，有幾個問題。首先，僅就自助銀行業務而言，看看公司傳統的硬體驅動部分，您能否稍微介紹一下今年相對於去年的整體積壓情況，以及從硬體角度來看，今年有多少是被提及的？

And then on the -- as a service side of the business in order to get to 40% growth for the year that obviously implies a pretty big ramp through the remainder of the year, can you help sort of paint a picture on how that ramp builds from here and then have a follow up?

然後，從服務方面來看，為了實現今年 40% 的成長率，這顯然意味著今年剩餘時間內的成長速度將大幅提升，您能否幫助描繪出從現在開始的成長趨勢，然後進行跟進？

Hey, it's Tim, I'll give it a shot. And then I'll let either Stuart or Andy jumps in. First on hardware, I think it's going to be the best hardware year we've had since 2019. It's going to be a very good year from a hardware perspective for a couple of reasons.

嘿，我是提姆，我來試試。然後我會讓斯圖爾特或安迪加入。首先是硬件，我認為這將是自 2019 年以來最好的硬體年。從硬體角度來看，今年將會是非常好的一年，原因如下。

The replacement cycle is clearly giving us some lift, lapping those 2019 units, and our product is supremely competitive and while we may have been a little bit challenged a year or so ago, we're back and our recycler demand is very strong.

更換週期顯然為我們帶來了一些提升，超過了 2019 年的單位，我們的產品極具競爭力，雖然一年前我們可能遇到了一些挑戰，但我們已經回來了，我們的回收商需求非常強勁。

So I think we get to the end of the year, we're going to post probably 8% revenue growth on hardware and that's after absorbing some of those machines into ATM as a service and into our own network.

所以我認為到今年年底，我們的硬體收入可能會成長 8%，這是在將部分機器納入 ATM 即服務和我們自己的網路之後。

So from a unit's perspective, it'll be an exceptional year, as I said, I think it'll be the best since 2019. So really good backlog, really good demand, very good customer reaction to our product offering.

因此，從單位的角度來看，這將是非凡的一年，正如我所說，我認為這將是自 2019 年以來最好的一年。因此，積壓訂單非常好，需求非常好，客戶對我們的產品的反應也非常好。

As a service, this is just like last year. There's a race at the end of the year to implement machines and onboard customers. We had a huge fourth quarter, as you'll remember, in terms of machines coming on board and then you haven't inducted any or started the process and some of the others you focused on completion and so you just start a little bit slow in the first quarter.

作為一項服務，這與去年一樣。年底有一場關於安裝機器和吸引客戶的競賽。您會記得，我們在第四季度取得了巨大的成功，因為機器的加入量很大，但您還沒有引入任何機器或啟動該過程，而您專注於完成其他一些機器，因此您在第一季的起步會稍微慢一些。

Much like last year, implementations will ramp across the year, very similar in fact in pattern to how we did last year. So as much as I hate riding that cyclicality, if we see it in hardware as well, the spend it or lose it mentality of customers, the annual planning cycle of customers and frankly our behaviors as we ramp up across the year just cause those two revenue streams to be somewhat back and loaded.

與去年類似，實施工作將在全年逐步推進，實際上模式與去年非常相似。因此，儘管我不喜歡這種週期性，但如果我們在硬體領域也看到這種情況，那麼客戶的「花掉或失去」心態、客戶的年度計劃週期以及坦率地說，我們在全年增加支出時的行為，都會導致這兩個收入來源有所回落。

Thank you for that color. As a follow up, spend a minute on the balance sheet, leverage is sort of flat at 3.2 next quarter, or excuse me, in Q3, you expect to be a little bit lower than three times. How is that informing your view on potential buyback timing? Has that evolved further, Tim, since three months or a couple of months ago the last time we spoke? Thank you.

謝謝你的那個顏色。接下來，請花一點時間看一下資產負債表，下個季度的槓桿率基本上持平於 3.2，或者不好意思，在第三季度，您預計槓桿率會略低於三倍。這對您對潛在回購時機的看法有何影響？提姆，自從三個月前或幾個月前我們上次談話以來，情況有進一步發展嗎？謝謝。

Yeah, it evolves all the time because I get a lot of feedback from investors. I get a lot of feedback from board members, and then the world changes as well.

是的，它一直在發展，因為我從投資者那裡得到了很多回饋。我從董事會成員那裡得到很多回饋，然後世界也改變了。

Look, I still think the right goal for us is to -- there's supreme consistency and opinion around us getting under three times leverage. And so without a doubt, I would like to apply every dollar of free cash flow we generate to getting us under three times leverage, and I think we're now within eyesight of that goal.

聽著，我仍然認為我們的正確目標是——我們達成了極高的一致性和共識，將槓桿率控制在三倍以下。因此，毫無疑問，我希望利用我們產生的每一美元自由現金流來使我們的槓桿率達到三倍以下，我認為我們現在已經接近這個目標了。

Our cash flow is because of the weighting of hardware. The hardware year I just described as being very good and back and loaded. I had to use some working capital in the first half of the year, that will collect in the second half of the year.

我們的現金流是因為硬體的權重。我剛才描述的硬體年非常好，而且功能強大。我必須在上半年使用一些營運資金，這些資金將在下半年收回。

So my free cash flow is a little more back and loaded than we expected. Let's say a year or so ago and we talked about getting to three times by the midpoint of the year. So maybe I'm off by 30 or 60 days, but we're going to get there.

因此，我的自由現金流比我們預期的要多一些。假設大約一年前，我們談到到年中要達到三次。所以也許我會晚 30 或 60 天，但我們一定會到達那裡。

And by the time we talk to you, 90 days from now, about our results in the second quarter into July, I'm going to have to be more descriptive on what we're going to do with free cash flow thereafter. Here's how I think about it. When we get to the -- to this time of 90 days from now, we'll be staring at a second half free cash flow number that let's call it round numbers is going to be $300 million, [$253 million].

90 天后，當我們與您討論 7 月份第二季度的業績時，我將必須更詳細地描述我們此後將如何處理自由現金流。以下是我對此的看法。從現在起 90 天后，我們將看到下半年的自由現金流數字（我們稱之為整數）將達到 3 億美元 [2.53 億美元]。

I'll be looking at a free cash flow number the following year that's closer to $400 million. And so I'll have $700 million worth of free cash flow over the success of six quarters that I'll need to describe what I'm going to do with, and I'll be prepared to do it at that time.

我預計明年的自由現金流數字將接近 4 億美元。因此，在六個季度的成功中，我將擁有價值 7 億美元的自由現金流，我需要描述我將如何使用這些現金流，並且我將做好準備。

I'm not interested in paying a dividend. I don't think that's the right thing to do. I'm hopeful that there will be some growth opportunities allow us to absorb some of that into accelerating our growth with acquisitions or investments and fleets, but a large percentage of that excess free cash flow should be delivered back to shareholders.

我對支付股息不感興趣。我認為這不是正確的做法。我希望有一些成長機會，使我們能夠吸收其中的一部分，透過收購或投資和車隊來加速我們的成長，但大部分多餘的自由現金流應該會回饋給股東。

And I think the right form of that is a share repurchase as we see here today. So I don't have any news to break today, but I think you'd expect a more definitive answer from us 90 days from now.

我認為正確的形式就是我們今天看到的股票回購。所以我今天沒有任何新聞要宣布，但我想你會期待我們在 90 天後給出更明確的答案。

Thanks Tim, appreciate the call.

謝謝提姆，謝謝您的來電。

Yeah, my pleasure.

是的，我很樂意。

Dominick Gabriele, Compass Point.

多明尼克·加布里埃爾 (Dominick Gabriele)，指南針點。

Hey guys, good morning. Thanks for taking the question. If you just think about the hardware impact to the quarter, just mixing to the second quarter and the second half, is there any way to discuss the amount of hardware impact by the segments? And then, I just have a follow up. Thanks so much.

大家好，早安。感謝您回答這個問題。如果您只考慮硬體對本季的影響，僅將第二季和下半年的影響混合在一起，那麼有什麼方法可以討論各部門對硬體的影響量嗎？然後，我只需要跟進一下。非常感謝。

So most of the hardware goodness, all of the hardware goodness that we report as revenue will come through the self-service banking segment. The network segment, we don't recognize any hardware revenue there because in essence it's an investment in PPE to support that business.

因此，我們報告的大部分硬體優勢、所有硬體優勢的收入都將來自自助銀行業務部門。在網路部分，我們沒有確認任何硬體收入，因為本質上這是對 PPE 的投資，以支持該業務。

So, we -- if you look at the analysis of free cash flow that Andy provided, you can see in there that we invested about $10 million in the quarter back into PPE. You can presume that most of that is units that were replacing and upgrading their existing network fleet.

因此，如果您查看安迪提供的自由現金流分析，您會發現我們在本季向 PPE 投資了約 1000 萬美元。您可以推測其中大部分是正在更換和升級其現有網路機隊的單位。

You can also then look into the $16 million number in there that describes how much we invested into machines that are in the ATM service business. So when I was talking about 2019 and demand for hardware being the biggest since then, you'll recall in 2019 and really until 2022, we didn't have either of those numbers.

您還可以查看其中的 1600 萬美元這個數字，它描述了我們在 ATM 服務業務中的機器上投資了多少。因此，當我談到 2019 年硬體需求達到當時最大水平時，您會記得，在 2019 年，實際上直到 2022 年，我們都沒有這兩個數字。

We didn't own Cardtronics and so that was real revenue to us back then because they were an outside customer. That $10 million would have been revenue. Actually, it would have been $12 million of revenue because I would have made 20 points on Stuart when he worked there.

我們並不擁有 Cardtronics，所以這對我們來說是真正的收入，因為他們是外部客戶。這 1000 萬美元本來就是收入。實際上，這本來應該是 1200 萬美元的收入，因為當史都華在那裡工作時，我會賺到 20 分。

And then we would have that $160 million would have been recognized upfront as well. So units will be very strong. I think the impact of both refreshing the network and the units we invested in ATM service, we're both pretty consistent with the annual model.

然後我們也會預先確認這 1.6 億美元。所以單位將會非常強大。我認為更新網路和投資 ATM 服務單位的影響與年度模型非常一致。

If you take those numbers and multiply by four, you'll be pretty close to the impact for the full year. But otherwise, you'll see revenue growth in the hardware business associated with higher count of machines manufactured and better price points in some of those. I hope that's responsive.

如果將這些數字乘以四，就會非常接近全年的影響。但除此之外，您會看到硬體業務的收入成長與製造的機器數量的增加以及其中一些機器的價格點的改善有關。我希望這能有所幫助。

Yes. Absolutely, no, that makes, excuse me, a ton of sense and to me it means the self-service banking business really did do quite well this quarter excluding that --

是的。絕對不是，對不起，這很有道理，對我來說，這意味著自助銀行業務本季確實表現良好，不包括--

I am thrilled. Here's the other thing. Here's the other thing before you leave that. I love what the hardware business did and is going to do. And the position they put us, and our engineers have put us in to be successful with a recycler. I'm very excited about that.

我很激動。還有另一件事。在您離開之前還有另一件事。我熱愛硬體業務所做的事情和將要做的事情。他們為我們以及我們的工程師安排的位置是為了讓我們在回收業中獲得成功。我對此感到非常興奮。

The more important thing, the self-service banking business is we're crushing it from a service perspective. We're hitting every objective for our customers. We're posting the best customer service levels we've posted in some time, and we're doing it at less expense.

更重要的是，我們從服務角度來看自助銀行業務正在蓬勃發展。我們正在為客戶實現每一個目標。我們正在發布一段時間以來最好的客戶服務水平，而且成本更低。

And so we're generating huge productivity and incremental revenue opportunities because of what that service organization is doing. Our CEs are killing it out there. We're giving them better tools, but I think the most exciting thing about this quarter, yes, hardware is fun, but our service business is hitting on all cylinders right now.

因此，由於該服務組織的工作，我們正在創造巨大的生產力和增量收入機會。我們的 CE 正在那裡大展身手。我們正在為他們提供更好的工具，但我認為本季最令人興奮的事情是，硬體很有趣，但我們的服務業務現在正全速發展。

Great. Yeah, and hey, did I -- may have missed it in the prepared remarks. But did you guys provide and would you mind providing the backlog average unit sale price that usually give in the thousands per unit?

偉大的。是的，嘿，我可能在準備好的發言中錯過了它。但是你們有沒有提供過積壓的平均單位銷售價格，通常每單位數千美元，你們介意提供一下嗎？

Self-service, so that'll be on a team as ATM as a service, yes.

自助服務，所以這將由一個團隊以 ATM 的形式提供服務，是的。

And do you want that one?

你想要那個嗎？

Our backlog in 18 business service units is up. It's about --

我們18個業務服務部門的積壓訂單已經增加。這是關於--

It's up to 7,500 units.

高達7,500台。

7,500 units in the ARPO on those devices is significantly above the average that we've posted of the 8,200 or so. So it's a good backlog. As it exists now, 8,200 units won't quite get us or 200 units won't quite get us to where we want to be for the full year.

這些設備的 ARPO 中有 7,500 個單位，明顯高於我們發布的 8,200 個左右的平均值。所以這是一個很好的積壓。就目前的情況來看，8,200 台機器根本不夠用，或者 200 台機器根本無法讓我們達到全年的預期目標。

We've got some other orders we're working on that I think will not only hit the unit number that we've talked about internally, but help us hit the revenue number, which is the one we've got it to.

我們正在處理一些其他訂單，我認為這些訂單不僅會達到我們內部討論的單位數量，而且還會幫助我們達到收入數字，也就是我們已經達到的收入數字。

And let me just add a little bit more color. So if I look at the backlog, it is up 25% year over year. And then when we think about the RPO, it was down on an LTM basis, down $200. But when we think about it, that just had to do with timing in terms of when the units went into service.

讓我再添加一點顏色。因此，如果我看一下積壓訂單，就會發現它比去年同期成長了 25%。然後，當我們考慮 RPO 時，它在 LTM 基礎上下降了 200 美元。但當我們思考一下，這僅僅與部隊投入使用的時間有關。

But if we look at that on a quarterly basis, versus an LTM basis, ARPO was actually up 5% in the quarters, you know, quarter to quarter. So, what that says to us is that we're really optimistic about the ARPOs that we're getting from North America and Europe and we would expect it to go up higher meaningfully.

但如果我們按季度來看，而不是按 LTM 來看，ARPO 實際上按季度上漲了 5%。所以，這對我們來說意味著我們對從北美和歐洲獲得的 ARPO 非常樂觀，我們預計它會大幅上升。

And the only, I would say caveat to that is if we have significant deals in India which could change that. But given the small base, there could be volatility that I said in my comments.

我想說的唯一警告是，如果我們在印度達成重大交易，這種情況可能會改變。但考慮到基數較小，可能會出現我在評論中提到的波動。

Yeah, and we're hopeful that we do have some deals in India. We've talked in the past. We've walked away from some deals where we could not make money. We've also seen some of those deals that were reverse optioned come back around that those that won the bid weren't capable of executing against the deal that they agreed to.

是的，我們希望在印度達成一些交易。我們以前談過。我們放棄了一些無法賺錢的交易。我們也看到一些反向選擇的交易，最終得標者無法按照他們同意的交易執行。

And so I think we'll be more competitive in some of the lower cost markets we have to be, and you might hear us at the end of the year or in the second half, talk about larger unit deals and lower cost portions of the world that are not accretive to ARPO, maybe even mildly diluted to overall ARPO, but are very accretive from a revenue perspective and put us in and give us more scale in those markets.

因此，我認為我們將在一些成本較低的市場中更具競爭力，您可能會在年底或下半年聽到我們談論更大的單位交易和成本較低的部分，這些部分不會增加 ARPO，甚至可能對整體 ARPO 產生輕微稀釋，但從收入角度來看非常具有增值性，並使我們進入這些市場並在這些市場中擴大規模。

Yeah, and then it looks like the adjusted EBITDA, if I could speak one more and thanks, I -- it looks like the adjusted EBITDA growth was towards the higher end of your annual target, especially if you think about, perhaps, some of the hardware and changes.

是的，然後看起來調整後的 EBITDA，如果我可以再說一遍，謝謝，我 - 看起來調整後的 EBITDA 增長接近年度目標的高端，特別是如果你考慮到一些硬體和變化。

But you did mention, tariffs could put you towards the lower end of the range. Just wondering if you could kind of help just flush that out, just a little bit more if that's okay. Thanks

但你確實提到，關稅可能會使你處於較低水平。我只是想知道您是否能幫忙解決這個問題，如果可以的話，再多一點就好了。謝謝

Yeah. I'll let Andy take this one but remember that the tariffs didn't really impact the first quarter. It was a couple million bucks. We did see lower transaction points. I think actually was part of this whole tariff follow-on effects, but those would ramp across the year.

是的。我讓安迪來回答這個問題，但請記住，關稅並沒有真正影響第一季。價值幾百萬美元。我們確實看到了較低的交易點。我認為這實際上是整個關稅後續效應的一部分，但這些效應將在全年逐漸增強。

And so any conservatism around guidance would not be associated with demand. It would be entirely tariff-related, and it'll be related to as those tariffs roll on in queues two through four. And if you want --

因此，任何有關指導的保守主義都不會與需求相關。這將完全與關稅有關，並且與第二至第四隊列中的關稅相關。如果你想要--

Sure, I mean to help maybe Dominick dimensionalize some of this -- if I said for hardware and parts, revenue could be directly call it $850 million. We assume a 20% margin on that that would mean our costs that were that could be subjected to tariffs would be $680 million, but the part that is subjected would only be third of that because that is what's coming into the US, so that would be a base of about $225 million.

當然，我的意思是幫助 Dominick 將其中的一些內容具體化——如果我說硬體和零件的收入可以直接稱為 8.5 億美元。我們假設其中的 20% 的幅度意味著我們可能受到關稅影響的成本將是 6.8 億美元，但受到關稅影響的部分只會是其中的三分之一，因為這是進入美國的金額，所以基數約為 2.25 億美元。

And if we assume, as Tim and I mentioned, in the current environment today, a lot of it's coming from India, which is at a 10% tariff rate. But if we assume right now because we have other exposures to other countries, a blended rate about 15% on that $225 million would give you an annualized number of about $34 million for the year.

正如提姆和我所提到的，如果我們假設，在當今環境下，許多產品來自印度，其關稅稅率為 10%。但如果我們現在假設，因為我們在其他國家還有其他風險敞口，那麼這 2.25 億美元的混合利率約為 15%，那麼全年的年化數字將達到約 3,400 萬美元。

And then if we have three quarters left in the year, you're talking about a $25 million, sort of cost impact. That being said, we are working on a number of initiatives in terms of productivity initiatives, looking at changing our supply chain, particularly some of that small tale that Tim mentioned in China, and then pricing is a discussion that we that we always have to have.

如果今年還剩下三個季度，那麼成本影響將達到 2,500 萬美元。話雖如此，我們正在生產力舉措方面開展多項舉措，考慮改變我們的供應鏈，特別是蒂姆在中國提到的一些小故事，然後定價是我們必須始終進行的討論。

Right, and I guess most of what you're talking about it comes through cost of revenue, correct?

對，我想您所談論的大部分內容都來自收入成本，對嗎？

Yes, it would. Yes, it would hit gross margin.

是的，會的。是的，這會影響毛利率。

Okay. Great. Thanks guys appreciate it.

好的。偉大的。謝謝大家的讚賞。

Sure. My pleasure.

當然。我的榮幸。

(Operator Instructions)

（操作員指示）

[Shalama Rosenbaum from Steeple]

[來自 Steeple 的 Shalama Rosenbaum]

Hi, this is [James Holmes] on for [Slono]. Good morning and thanks for taking the questions. The ATM as a service customer kind of growth was quite strong in the quarter? Can you talk about what kind of customers you are adding and which geographies, it was weighted to in the quarter? And then I have a follow up.

大家好，我是 [James Holmes]，[斯洛諾]。早上好，感謝您回答問題。本季 ATM 即服務客戶成長相當強勁？您能否談談本季增加了哪些類型的客戶以及主要集中在哪些地區？然後我有一個後續行動。

Sure, in the Q1, most of the customers that we added were actually in name which again as I mentioned, had really good ARPO. But as we look at the balance of the year, it's going to be -- when we look at the pipeline, it is pretty balanced between, NAMER, APAC, India, and to a degree Europe as well. So it's pretty balanced.

當然，在第一季度，我們增加的大多數客戶實際上都是名義上的，正如我所提到的，他們的 ARPO 非常好。但當我們回顧今年的平衡時，我們會發現——當我們回顧管道時，NAMER、亞太地區、印度以及某種程度上的歐洲之間的平衡相當均衡。所以它相當平衡。

Okay. And can you also talk about what's driving the strength in ATMs service gross profit? Is it just more waiting towards smaller customers and that's -- those customers are more profitable or anything around that?

好的。您能否談談 ATM 服務毛利強勁的因素是什麼？是不是只需要等待小客戶，而這些客戶能帶來更多利潤，或是其他類似的情況？

Yeah, that's 100% right. We've talked in the past about the North American transactions or contracts being better for us from a profitability perspective, typically because it's for fewer machines. So we have to hit a lot of singles in North America. We have to win 100 and 200 and 300 machines at a time.

是的，100%正確。我們過去曾談到，從獲利角度來看，北美交易或合約對我們來說更有利，通常是因為涉及的機器較少。所以我們必須在北美推出很多單曲。我們必須一次贏得 100 台、200 台和 300 台機器。

And when we do that, our cost structure is incredibly scalable and the value we can deliver to those customers is very high. And so these leaves room for a little bit more profit.

當我們這樣做時，我們的成本結構具有極強的可擴展性，我們可以為這些客戶提供非常高的價值。因此，這為獲得更多利潤留下了空間。

There are markets in the world where you have to compete harder like India or Brazil where margins are much tighter. And if you want to participate, you need to be more productive. But yeah, I think in general, winning in North America, 100 and 200 machines at a time is going to be what distinguishes the margin rate in this business and allows to put upward pressure on overall margin.

世界上有些市場的競爭非常激烈，例如印度和巴西，那裡的利潤率非常低。如果你想參與，你需要更有效率。但是的，我認為總體而言，在北美贏得勝利，一次 100 到 200 台機器將成為該業務利潤率的區分點，並可以對整體利潤率施加上行壓力。

The margins on ATMs a service in India or Brazil are not that different from the margins you would get from simply selling the hardware itself. So the model is it's accretive to overall revenue dollars. It doesn't change the margin rate nearly as much as it does in North America and Europe.

印度或巴西的 ATM 服務利潤與單純銷售硬體本身的利潤並沒有太大差別。因此模型可以增加總收入。它對保證金率的改變遠不及北美和歐洲那麼大。

And the only thing I'd maybe just add is just because when we think about the ATM with the service one, you saw the top line growth in terms of the mid-20s, but if you look at the flow through in terms of just the margin expansion we had in terms of 700 basis points, we're really impressed with that.

我唯一想補充的是，當我們考慮有服務的 ATM 時，您會看到收入增長在 20 多歲左右，但如果您從利潤率擴張的角度來看流量，我們的利潤率就達到了 700 個基點，我們對此印象深刻。

And you know what with the leverage that we're getting into the business. I would say the second thing that I think is important is we've mentioned the customer count and so in terms of that customer count being up 40%.

你知道我們利用槓桿進入這個產業嗎？我想說的第二件重要的事情是我們提到的客戶數量，就客戶數量而言增加了 40%。

And with that customer account, why that's important is we have a number of customers who are trying out the service and then that potentially will expand, so that we're not beholden we don't have a customer concentration issues we diversify that base.

對於該客戶帳戶，其重要性在於我們有許多客戶正在嘗試該服務，並且該服務可能會擴大，因此我們不會受到客戶集中度問題的束縛，我們會實現客戶基礎的多樣化。

It lends itself to our bank customers expanding, their portfolio offering and moving down for further down the continuum, so we think all those factors together really make us optimistic for this business, not just for this year but for the longer term.

它有利於我們的銀行客戶擴大規模，提供更豐富的投資組合，並進一步延伸，因此，我們認為所有這些因素加在一起，確實讓我們對這項業務感到樂觀，不僅是今年，而且是長期。

And we didn't see that when we first rolled this strategy out. We presumed it'd be all or nothing. All services, all machines, all the time, and that's not the way it's playing out. The way it's playing out is that people want to incrementalize their way there and build trust with us and let us show them that we can perform as well or better than they do.

當我們第一次推出這項策略時，我們並沒有看到這一點。我們原以為要麼全有，要麼全無。所有服務、所有機器、所有時間，但事實並非如此。實際情況是，人們希望逐步實現這一目標並與我們建立信任，讓我們向他們證明我們可以做得和他們一樣好，甚至更好。

And so they'll give us a portion of the fleet or they'll give a portion of the services of a portion of that fleet and allow us to grow into it over time.

因此，他們會給我們一部分船隊，或者他們會給我們一部分船隊的部分服務，並允許我們隨著時間的推移而發展。

Okay, thank you very much.

好的，非常感謝。

My pleasure.

我的榮幸。

(Operator Instructions) Matt Summerville, DA Davis.

（操作員指示）馬特·薩默維爾，DA 戴維斯。

Yeah, thanks. I just had a couple quick others. I just want to put a finer point on some of the transactional trends you're seeing in the network business. Can you comment specifically on withdrawal transactions North America versus withdrawal transactions rest of the world and then, I guess what's the game plan for Liberty X?

是的，謝謝。我剛剛還吃了幾個其他的。我只是想更詳細地說明您在網路業務中看到的一些交易趨勢。您能否具體評論一下北美和世界其他地區的提款交易情況？然後，我想問一下 Liberty X 的遊戲計畫是什麼？

I mean, it was a pretty big material headwind last year. I guess I was under the impression maybe that was starting to stabilize, and some things have changed, so it's falling off again. I guess one, why keep it?

我的意思是，去年材料方面的阻力相當大。我猜我之前的印像是，也許它開始穩定了，但有些事情已經發生了變化，所以它又開始下降了。我猜有一個，為什麼要保留它？

And two, you mentioned M&A, Tim, is there anything, are you actively cultivating a pipeline? And if so, where would you be looking to expand or how would you be looking to expand it organically? Thank you.

第二，你提到了併購，提姆，有什麼事嗎，你是否正在積極培育管道？如果是的話，您希望在哪裡擴展或如何有機地擴展？謝謝。

Yeah, thanks, Matt. So Liberty X, look, you're not wrong. That was an acquisition done using equity some years back when everybody thought they needed a Bitcoin solution. Our solution is decent. It's a singular currency. It's only Bitcoin, and we did generate some revenue when we first completed that transaction.

是的，謝謝，馬特。所以 Liberty X，看，你沒錯。這是幾年前透過股權進行的收購，當時每個人都認為他們需要比特幣解決方案。我們的解決方案很不錯。它是一種單一貨幣。這只是比特幣，當我們第一次完成該交易時，我們確實產生了一些收入。

Regulatory changes have caused us to have to significantly reduce the maximum size of the transaction to take place with the device, and it's caused people to change the way they consume that service. It's -- we have deemphasized that business. It has very little profitability, so it doesn't impact profit, it just impacts top line.

監管變化導致我們不得不大幅減少該設備交易的最大規模，並導致人們改變使用該服務的方式。我們已經不再強調這項業務了。它的獲利能力很低，所以不會影響利潤，只會影響營業額。

It is -- it had its biggest impact of the year, this quarter because it had a pretty punky second half of last year and so it won't be as big a detractor to overall revenue as we go through the year, but your suggestion that why, look, we're not investing more back into this business.

是的——它對今年的影響最大，因為去年下半年表現相當糟糕，所以它不會對全年的總收入造成太大的影響，但你的建議是，為什麼我們沒有在這個業務上投入更多資金。

We're trying a couple of different things right now, including the ability to monetize Bitcoin at the device to see whether that business can be more successful. But otherwise, it's a business that we've reduced some of the things we used to do.

我們目前正在嘗試幾種不同的方法，包括在設備上將比特幣貨幣化，看看這項業務是否能取得更大的成功。但除此之外，我們已經減少了一些過去常做的事情。

We don't do cross border in that business anymore and we'll keep necking it down. It's a distraction I wish it wasn't there on -- what was the other half ?

我們不再從事跨境業務，並將繼續縮減業務。我希望它不存在，但另一半是什麼？

On M&A.

關於併購。

Oh, M&A. Look, as we sit here right now, we have a very We have a long list of ideas, most of which have relatively low price tags on them because of what we're trying to get done from it from that perspective. There are other ideas that are much more expensive and much more strategic and frankly more exciting that we can get to once we're taking care of our debt.

哦，併購。你看，我們現在坐在這裡，我們有一長串的想法，其中大多數價格相對較低，因為我們正從這個角度嘗試實現這些想法。一旦我們解決了債務問題，我們就可以實現其他更昂貴、更具策略性、坦白說更令人興奮的想法。

So, back to the conversation earlier about the $700 million or so of free cash flow we have to deploy once we get over six quarters once we get through this next quarter.

因此，回到先前的討論，一旦我們度過六個季度，一旦我們度過下一個季度，我們就必須部署大約 7 億美元的自由現金流。

I would hope that some of these good ideas that have come forward, particularly around extending our fleet, our network fleet around the globe, it's much easier to step into an existing fleet and make it better than it is to start from scratch.

我希望這些提出的好主意，特別是關於擴大我們的機隊、我們遍布全球的網路機隊，能夠比從零開始更容易進入現有機隊並使其變得更好。

I think there's some technologies we could add to the network business that would allow us to, if we could spend a little bit more money there and add some technology to the device itself, I think that would be helpful.

我認為我們可以在網路業務中添加一些技術，如果我們可以在那裡花更多的錢並在設備本身上添加一些技術，我認為這會有所幫助。

There are some parts of our nearly perfectly vertically integrated solution to the self-service banking business. There's a couple of holes in there that would be interesting to fill and round out our portfolio. And there's some international opportunities that we would might chase in an environment where we had a little bit more to go.

這是我們針對自助銀行業務近乎完美的垂直整合解決方案的一部分。其中有幾個漏洞值得填補，以完善我們的投資組合。在我們還有很大發展空間的環境中，我們可能會追逐一些國際機會。

So we have, I'd say a long list of ideas that are a hundred to $5 million in aggregate price. We could probably execute this year, but then beyond that there are a lot of ideas that that we just need the time a little more carefully.

所以，我想說，我們有一長串的想法，總價在 100 萬美元到 500 萬美元之間。我們可能今年就能實施，但除此之外還有很多想法，我們只需要時間更仔細地考慮。

And maybe just to add on to Tim, had exactly right. I would say the one point about Liberty X is to emphasize is that it is low margin, so it does sort of skew the top line results, but from EBITDA perspective, it does have minimal impact. And then you ask the question about just volumes, network volumes.

也許我只是想補充一下蒂姆的觀點，他說得完全正確。我想說的是，關於 Liberty X 需要強調的一點是它的利潤率很低，所以它確實會扭曲營收業績，但從 EBITDA 的角度來看，它的影響確實很小。然後你問有關卷、網卷的問題。

I would say, we think about network volumes in NAMER, it was relatively flat, but as we look out, we're optimistic that we see an acceleration of some ready code transactions. And as we talked about, some of the high profitable sort of deposit transactions in terms of what we're doing there again on a small base, but we're diversifying on the transaction mix.

我想說，我們考慮 NAMER 中的網路容量，它相對平穩，但正如我們所看到的，我們樂觀地看到一些就緒程式碼交易的加速。正如我們所討論的，就我們在小規模上進行的一些高利潤存款交易而言，我們正在實現交易組合的多樣化。

So you did ask about the global withdrawal transactions. So network transactions that the US network transactions, global were up 2% withdrawals.

所以你確實詢問了全球提款交易。因此，美國網路交易、全球網路交易的提領量均上漲了 2%。

Whereas in the UK I think we said they were down 6% or 7%. So, US still pretty good, UK down. And by the way, March is a really tough month for some reason. I think April has been better, so I'm hopeful that that decline was temporal and had more to do with the timing of Easter and some other things, but April has been better and I'm hoping we report next quarter it's not down 6% or 7%.

而在英國，我認為我們說他們下降了 6% 或 7%。因此，美國仍然表現良好，英國則表現不佳。順便說一句，出於某種原因，三月確實是一個艱難的月份。我認為四月份的情況有所好轉，所以我希望這種下降是暫時的，更多地與復活節的時間和其他一些因素有關，但四月份的情況有所好轉，我希望我們下個季度報告顯示，下降幅度不會達到 6% 或 7%。

Chris Senyek, Wolfe Research.

沃爾夫研究公司的克里斯·森耶克（Chris Senyek）。

Yeah. Hi, good morning. Great quarter guys and thinking about the cash flow and the cadence this year and next year, in your prepared comments you'd mentioned that there could be and should be substantial cash flow.

是的。嗨，早安。各位，這個季度表現很棒，考慮到今年和明年的現金流和節奏，在您準備好的評論中，您提到可能會有、也應該有大量的現金流。

How should we think about the cadence of that over the remainder of the year? I know Q1 is always a use type position, and as we look to 2026 because that would, forecast the pretty significant ramp into '26. Thanks, guys.

我們該如何看待今年剩餘時間的節奏？我知道 Q1 始終是使用類型的位置，當我們展望 2026 年時，預測 26 年將出現相當顯著的成長。謝謝大家。

Yeah, I'll go first because Andy's not been here that long and can't refer to history, but that's been the history for us from a free cash flow perspective, consume a little bit in the first quarter and maybe a little bit even in the second, and then generate most of the free cash flow in the latter half of the year.

是的，我先來，因為安迪在這裡的時間並不長，無法參考歷史，但從自由現金流的角度來看，這就是我們的歷史，在第一季度消耗一點，甚至在第二季度也消耗一點，然後在下半年產生大部分自由現金流。

I think that'll play out again this year. We're a little more linear last year, which was terrific. It was a little bit of an atypical year and our hardware business actually didn't have a great year last year, and that's what gets back and loaded.

我認為今年這種情況還會再次發生。去年我們的發展更加線性，這非常好。這是有點不尋常的一年，我們的硬體業務去年實際上表現不佳，這就是我們重振雄風的原因。

So I think you'll see us get north of breakeven for this, so you have mildly positive in Q2 that offsets the loss we just the use -- we just had in the first quarter, and then you see a pretty good second half of the year.

因此，我認為你會看到我們實現盈虧平衡，因此第二季度的業績會略有好轉，抵消我們在第一季遭受的損失，然後你會看到下半年的業績表現相當不錯。

We have published or will publish the cash outflows associated with taxes, our best guess on taxes and interest, and so. You can just lay that over our performance, the growth and profitability, the ability to harvest $110 million of working capital that we just utilized to seed future period hardware revenue, and I think it'll -- you can map that out. But I don't --

我們已經發布或將發布與稅收相關的現金流出、我們對稅收和利息的最佳猜測等等。您可以將其放在我們的業績、成長和盈利能力上，以及獲取 1.1 億美元營運資金的能力上，我們剛剛利用這些資金為未來硬體收入播下種子，我認為您可以將其規劃出來。但我不知道--

Yeah. [Go] -- would add is in the comments I talked about how EBITDA will ramp as we go throughout the balance of the year, and I think Tim said exactly right. When we look at the front half of the year, it could be relatively flat, slightly positive, but when we look in Q3 and Q4, as EBITDA does ramp, our free cash flow conversion should be closer to like 60% in each of those quarters.

是的。 [Go]——我想補充的是，我在評論中談到了EBITDA將如何隨著全年的平衡而增長，我認為Tim說得完全正確。當我們看今年上半年時，它可能會相對平穩，略有積極，但當我們看第三季和第四季時，隨著 EBITDA 的增加，我們的自由現金流轉換率在每個季度應該接近 60%。

So it will considerably ramp as we go through the back half of the year and that's relatively consistent with how it's been in the past.

因此，隨著我們進入下半年，這一數字將會大幅上升，這與過去的情況相對一致。

Okay great and the one follow on in in terms of the CapEx is remind me with the ATM of service. CapEx is more that skewed internationally or placed in service in the US?

好的，太好了，關於資本支出的後續內容是提醒我 ATM 服務。資本支出是否更偏向國際或在美國投入使用？

It's going to be balanced. So if we think about the potential for CapEx for ATM service, it could be between, I'll call it like $30 million to $40 million, and but it could be balanced between all geographies, frankly.

它會變得平衡。因此，如果我們考慮 ATM 服務的資本支出潛力，它可能在 3000 萬美元到 4000 萬美元之間，但坦白說，它可以在所有地區之間保持平衡。

Okay. Thanks, appreciate it. That's all I had.

好的。謝謝，感激不盡。這就是我所擁有的一切。

Sure. Thank you.

當然。謝謝。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks, good morning. In the hardware business, is there any way to quantify how much of the orders were shifted out of the quarter into 2Q and the second half of the year?

嗨，謝謝，早安。在硬體業務中，有什麼方法可以量化有多少訂單從本季轉移到第二季和下半年？

Yeah, none shifted. So this was exactly the hardware number we expected to deliver this quarter. It was just how the orders fell that we took last year. So it has nothing to do with orders moving out or moving in. It was planned this way.

是的，沒有任何變化。這正是我們預計本季交付的硬體數量。這正是我們去年接到的訂單下降的原因。所以這與訂單的流出或流入無關。事情就是這樣計劃的。

We tried to on the last call, let people know that and say we have to use working capital to get there. I'd prefer not to have it be this way, but that's how the customers ordered it, so there's no delays, there's no canceled orders. It was exactly as we had planned.

我們試圖在最後一次通話中讓人們知道這一點，並說我們必須使用營運資金才能實現這一目標。我不希望這樣，但客戶就是這樣訂購的，所以沒有延誤，也沒有取消訂單。一切正如我們所計劃的。

Got it. That's helpful. And then in the network business, you're continuing to see optimization of the portfolio and some retail partners, closing down some lower performing locations. Do you have visibility into how much of a continuation this trend will sort of play out? Are there additional closings you're expecting on the horizon?

知道了。這很有幫助。然後在網路業務中，您會繼續看到投資組合和一些零售合作夥伴的優化，關閉一些業績較差的門市。您是否知道這種趨勢將持續多久？您預計未來還會有更多的企業倒閉嗎？

Yeah, I think that that pharmacy customer said is challenged. And I think there's overcapacity to a certain extent, and you saw Rite Aid the other day suggested that they're they may be closing a bunch of stores in bankruptcy and so we would -- we have a good, I think we have what's do 1,200 machines or so 1,100 machines with Rite Aid, yeah, so I think those are at risk.

是的，我認為那位藥局顧客說的話受到了挑戰。我認為在一定程度上存在產能過剩，你前幾天看到 Rite Aid 表示他們可能會關閉一批破產商店，所以我們會 - 我們有 1,200 台機器，或者 Rite Aid 有 1,100 台機器，是的，所以我認為這些都存在風險。

But remember we don't get paid by the device there, right? We get paid by the transaction. And so as long as we grab those transactions to the next nearest machine, we're fine. In fact, we're better off in a lot of ways.

但請記住，我們不是靠那裡的設備獲得報酬的，對嗎？我們透過交易獲得報酬。因此，只要我們將這些交易送到下一台最近的機器上，就沒問題了。事實上，我們在很多方面都變得更好了。

You're rolling trucks to fewer locations. You're fixing fewer machines, so getting much better leverage. So I think there's some continued pressure there. That said, we're moving those machines. We can put those machines back into service. We do have -- we announced a really nice deal with 7-Eleven that's going to allow us to put our machines, our network inside of 7-Eleven, which is a big deal.

您將卡車運送到更少的地點。您修理的機器更少，因此獲得更好的槓桿作用。所以我認為那裡仍然存在一些持續的壓力。也就是說，我們正在移動這些機器。我們可以讓那些機器重新投入使用。我們確實——我們宣布與 7-Eleven 達成了一項非常好的協議，這將允許我們將我們的機器、我們的網路放入 7-Eleven 內部，這是一件大事。

I don't know how many locations do it do they have? 11, 000 locations. Go ahead.

我不知道他們有多少個地點？11,000 個地點。前進。

We'll roll those sequentially, but as we look at the pharma segment, which has been announcing closures for the last three years, we're very familiar with sort of optimizing that portfolio and making sure those transactions move to the rest of our portfolio. Our relationship that we announced with 7-Eleven allows us to infill some of those locations where we may not have another retailer in that same zip code.

我們將按順序推出這些產品，但當我們回顧過去三年來一直宣布關閉的製藥部門時，我們非常熟悉如何優化該投資組合併確保這些交易轉移到我們投資組合的其餘部分。我們與 7-Eleven 宣布的合作關係使我們能夠填補同一郵遞區號區域內可能沒有其他零售商的某些地點。

But as Tim said, the majority of the transactions that are attending those units, those are our customers on the Allpoint network actively seeking out an all point network. So they're going to now actively seek out another location, and you can see that through our ARPU as our units go down. We continue to see the transaction volume stay strong and migrate to our other locations.

但正如蒂姆所說，參與這些單位的大多數交易都是 Allpoint 網路上的客戶在積極尋找全點網路。因此，他們現在將積極尋找另一個地點，您可以透過我們的 ARPU 看到我們的單位數量下降。我們繼續看到交易量保持強勁並遷移到我們的其他地點。

So we're very confident in the growth of that Allpoint network and as we add additional transaction types, customers are continuing to push their customers off of the teller lines outside the branches into our retail locations, continuing that sort of growth trajectory for Allpoint.

因此，我們對 Allpoint 網路的成長非常有信心，隨著我們增加更多交易類型，客戶會繼續將他們的客戶從分行外的櫃員隊伍中推到我們的零售店，從而延續 Allpoint 的這種成長軌跡。

Very helpful. Thank you. My pleasure. All right, I think that's the last question.

非常有幫助。謝謝。我的榮幸。好的，我認為這是最後一個問題。

Thank you, operator. That's the last question. We're right on time. We appreciate everybody tuning in today. We'll be available as the week plays out to answer questions beyond those who are asked on this call. We feel very good about our start to the year.

謝謝您，接線生。這是最後一個問題。我們正好趕上時間。我們感謝大家今天的收聽。本週我們將隨時解答本次電話會議中提出的問題以外的問題。我們對今年的開始感到非常滿意。

It's working. The strategy is working. Our hardware is competing exceptionally well. Our service organizations performing remarkably well, and it bodes well for the rest of 2025. So thanks for tuning in today, and we'll talk to you again in 90 days from now.

它正在發揮作用。該策略正在發揮作用。我們的硬體競爭力非常強。我們的服務機構表現非常出色，這預示著 2025 年剩餘時間將會表現良好。感謝您今天的收聽，我們將在 90 天後再次與您交談。

And this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。