NCR Atleos Corp (NATL) 2025 Q2 法說會逐字稿

Good day and welcome to the NCR Atleos Q2 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Melanie Skegis. Please go ahead.

大家好，歡迎參加 NCR Atleos 2025 年第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給 Melanie Skegis。請繼續。

Good morning and thank you for joining the ALIOS 2nd quarter 2025 earnings call. Joining me on the call today are Tim Oliver, Chief Executive Officer, Andy Wamser, Chief Financial Officer, and Stuart Mackinnon, Chief Operating Officer.

早安，感謝您參加 ALIOS 2025 年第二季財報電話會議。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 Mackinnon。

During this call, we will reference our 2nd quarter 2025 earnings presentation, which is available on the investor relations section of our website at investor.ncr@lios.com.

在本次電話會議中，我們將參考我們的 2025 年第二季財報，該報告可在我們網站的投資者關係部分（地址為 investor.ncr@lios.com）上找到。

Today's presentation will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1,995. These statements are subject to risk and uncertainties that could cause actual results to differ materially from our expectations and projections.

今天的演示將包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in today's earnings materials and our periodic filings with the SEC, including our annual report. In our review of results today, we will also refer to certain non-gap financial measures. These non-gap measures are reconciled to their GAAP counterparts in the presentation materials.

這些風險和不確定性包括但不限於今天的收益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）中確定的因素。在今天的結果審查中，我們還將參考某些非差距財務措施。這些非差距指標與簡報資料中的 GAAP 指標相協調。

A replay of our earnings call will be available later this afternoon and can be accessed through our website. I will now turn the call over to Tim.

我們的收益電話會議重播將於今天下午晚些時候提供，可透過我們的網站存取。我現在將電話轉給蒂姆。

Thank you, Melanie and welcome to the Atlios team. My first week on the job which we right into an earnings release, we appreciate you being here and we look forward to great things.

謝謝你，梅蘭妮，歡迎加入 Atlios 團隊。這是我上班的第一周，我們即將發布收益報告，感謝您的到來，我們期待著美好的事情。

Thank you to everyone for joining our call this morning. I'll start by quickly reviewing the quarterly operational performance and strategic progress from a more forward-looking and qualitative perspective. I'll leave the quantitative review to Andy.

感謝大家今天上午參加我們的電話會議。我將首先從更具前瞻性和定性的角度快速回顧季度營運績效和策略進展。我將把定量審查留給安迪。

I will then provide some context on the current business environment and it's consideration in our outlook. I'll end by reiterating the compelling Alio's story and describing a capital allocation strategy that anticipates steady growth and free cash flow.

然後，我將提供一些有關當前商業環境的背景以及我們對前景的考慮。最後，我將重申 Alio 引人入勝的故事，並描述預期穩定成長和自由現金流的資本配置策略。

I'll be back after Andy's review to take your questions. For those following along in the presentation posted to the investor relations website, I'll start on slide 5. In the 2nd quarter, our 6th full quarter as a separate publicly traded company, Atlios reported another solid quarter relative to financial metrics and delivered an exceptional quarter from a strategic and competitive perspective.

安迪審核完畢後我會回來回答你們的問題。對於那些關注投資者關係網站上發布的簡報的人來說，我將從第 5 張投影片開始。在第二季度，即我們作為一家獨立上市公司的第六個完整季度，Atlios 報告稱，相對於財務指標而言，這是一個穩健的季度，從戰略和競爭角度來看，這是一個非凡的季度。

We grew efficiently by delivering robust hardware revenue that extends our leading installed base and drove incremental revenue from the global service fleet by accelerating our outsourced services business. Our service first initiative elevated service levels to new all-time highs, and it's being recognized by our partners and rewarded by our customers.

我們透過提供強勁的硬體收入實現了高效成長，擴大了我們領先的安裝基礎，並透過加速我們的外包服務業務推動了全球服務團隊的增量收入。我們的服務第一措施將服務水準提升到了歷史新高，並得到了合作夥伴的認可和顧客的獎勵。

And we embrace simplicity, reducing inefficiencies across the company, optimizing our production and supply chain operations, redesigning the organization to speed decision making and investing in systems and people to make us easier to do business with. The exceptional effort across the company translated to strong financial results. Revenue is $1.1 billion.

我們崇尚簡化，減少整個公司的低效率，優化我們的生產和供應鏈運營，重新設計組織以加快決策速度，並投資於系統和人員，使我們更容易開展業務。整個公司的卓越努力轉化為強勁的財務表現。收入為11億美元。

Core top line growth was on pace with our plan, led atypically, but not unexpectedly by traditional hardware revenue and the conversion of services growth backlog. This growth was partially offset by lower cardless payroll transactions in the US.

核心營收成長與我們的計畫同步，非典型但並不意外地受到傳統硬體收入和服務成長積壓轉換的帶動。這一增長被美國無卡工資交易量的下降部分抵消。

And by lower TNT segment revenue. Profitability ramped nicely and was at the high end of our expectations due to an advantageous hardware revenue mix, a creative outsourced ATM service revenue growth, fixed cost leverage, and direct cost productivity, particularly in our service organization.

且 TNT 部門收入較低。由於有利的硬體收入組合、創造性的外包 ATM 服務收入成長、固定成本槓桿和直接成本生產力（尤其是在我們的服務組織中），盈利能力穩步提升並達到我們預期的高端。

These are all partially offset by a higher cash rental costs and higher tariffs. Considering ATLO's solid first half results, we continue to believe our full year 2025 guidance is appropriate. Backlog that supports both multi-year high traditional ATM deliveries and strong ATM outsource service growth coupled with cost productivity momentum should together be sufficient to offset lower cardless transactions in the network business and persistently high interest rates that impact our cash rental costs.

這些都被更高的現金租賃成本和更高的關稅部分抵消了。考慮到 ATLO 上半年的穩健業績，我們仍然認為 2025 年全年的業績指引是合適的。支援多年高傳統 ATM 交付量的積壓訂單、強勁的 ATM 外包服務成長以及成本生產率勢頭，應該足以抵消網路業務中較低的無卡交易量和影響我們現金租賃成本的持續高利率。

Shifting to chart 6, which describes a self-service banking segment. This is primarily a services business comprised of a global installed base of over 500,000 ATMs sold to financial institutions that then run on our subscription software and rely on the ATLIO servicing agreement for the duration of their deployment.

轉到圖表 6，其中描述了自助銀行業務部分。這主要是一項服務業務，包括在全球安裝超過 50 萬台 ATM，出售給金融機構，然後這些 ATM 運行我們的訂閱軟體，並在部署期間依賴 ATLIO 服務協議。

Traditionally, ATM services have been centered on maintenance and repairs, but increasingly banks are opting to outsource more or even all of their other services necessary to run an ATM. We now have over 120,000 machines that we support beyond traditional brake fix, including over 33,000 that are now fully outsourced to Alios.

傳統上，ATM 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 所需的更多甚至所有其他服務外包。現在，我們支援的機器超過 120,000 台，不僅限於傳統的煞車修理，其中超過 33,000 台現已完全外包給 Alios。

Segment financial performance was strong. Revenue grew an impressive 9% in the second quarter, benefiting from increased demand for our recycled product, coupled with acceleration in outsource services.

分部財務表現強勁。由於我們再生產品的需求增加以及外包服務的加速，第二季營收成長了 9%。

Services and software grew a combined 5%. ATM as a service was the primary source of services growth and continued to gain momentum with meaningful additions to the total contract value to customer count and to backlog.

服務和軟體合計增長了 5%。ATM 即服務是服務成長的主要來源，並且持續保持成長勢頭，合約總價值、客戶數量和積壓訂單均有顯著增加。

This segment generated significant profit growth with margins up across each hardware, software and services. A higher margin hardware mix and services growth augmented by productivity initiatives contributed to the margin expansion.

該部門的利潤大幅成長，硬體、軟體和服務的利潤率均有所上升。利潤率更高的硬體組合和服務成長，加上生產力措施的提高，促進了利潤率的擴大。

We also continue to make good progress on our three objectives for 2025, which I'll remind you are grow efficiently. Prioritize service and embrace simplicity. From a growth perspective, product innovation efforts are allowing our products to compete exceptionally well. Demand across the product portfolio and especially at the recycled product has exceeded expectations.

我們在實現 2025 年的三個目標方面也持續取得良好進展，我要提醒大家的是，這些目標正在高效成長。優先服務並擁抱簡單。從成長角度來看，產品創新努力使我們的產品具有極強的競爭力。整個產品組合的需求，尤其是再生產品的需求已經超出了預期。

Accelerating demand in the simultaneous relocation of the preponderance of our manufacturing and assembly to a singular plant have challenged our logistics organization, but their diligent efforts allowed us to make every delivery commitment in the 2nd quarter. And they stand ready for a further ramp in the second half of 2025.

同時將大部分製造和組裝業務遷移至單一工廠的需求不斷增加，這對我們的物流組織提出了挑戰，但他們的辛勤努力使我們在第二季度兌現了每項交付承諾。他們已準備好在 2025 年下半年進一步提升產量。

While we consider ourselves a services company, growth in our hardware installed base catalyzes future period success. After eight years running the ship share leader in our collective ATM markets. In 2024, we moved into the first position for installed base and expect to extend that lead in 2025.

雖然我們認為自己是一家服務公司，但硬體安裝基礎的成長將催化未來的成功。經過八年的運營，我們已成為集體 ATM 市場中船舶份額的領導者。2024 年，我們的安裝基數躍居第一，預計 2025 年將延續這項領先優勢。

We will increase the number of machines that we put into service in 2025 by almost 20% over what was a solid year in 2024. Demand for A-Team outsourcing services was also strong and accelerating. We streamlined the sales process and improved conversion rates, resulting in our best quarter ever for ATMs as service bookings $177 million of new total contract value, including several orders for enterprise level customers, and a new geographies, including ING Spain, the State Bank of India.

2025 年，我們投入使用的機器數量將比 2024 年增加近 20%。A-Team 外包服務的需求也十分強勁且不斷成長。我們簡化了銷售流程並提高了轉換率，使我們的 ATM 機服務訂單量創下了有史以來最好的季度，新合約總價值達到 1.77 億美元，其中包括針對企業級客戶的多個訂單以及新的地區，包括 ING 西班牙、印度國家銀行。

And Bank national Canada. Our service first initiative is working. Already industry leading service levels continue to trend upward in the 2nd quarter, setting another new high and further enhancing customer satisfaction. Over the first half of the year, customer health scores have increased by 160 basis points, and half of your customers are buying more.

以及加拿大國民銀行。我們的服務優先措施正在發揮作用。已經處於行業領先地位的服務水準在第二季度繼續呈上升趨勢，再創歷史新高，進一步提高了客戶滿意度。今年上半年，客戶健康評分增加了 160 個基點，一半的顧客購買量增加。

Our efforts to simplify how we operate are generating positive business outcomes. Following the successful test run of our AI-driven dispatch and service optimization model in Canada, we launched this product for all of North America in the 2nd quarter.

我們為簡化營運方式所做的努力正在產生積極的業務成果。繼我們的人工智慧調度和服務優化模型在加拿大成功試運行後，我們於第二季度向整個北美推出了該產品。

These AI tools are delivering improvement across our service performance metrics and are already allowing over 65% of our total dispatches in those regions to be scheduled without intervention. And turning to chart 7 summarizing the network segment.

這些人工智慧工具正在改善我們的服務效能指標，並且已經使我們能夠在這些地區實現 65% 以上的調度而無需幹預。並轉到圖 7，總結網路段。

The network segment is a utility banking business that consists of approximately 80,000 owned and operated ATMs in 13 countries placed in blue chip retail locations where consumers can meet their regular banking needs.

網路部門是一項公用事業銀行業務，由 13 個國家/地區擁有和營運的約 80,000 台 ATM 組成，這些 ATM 位於藍籌零售地點，消費者可以滿足他們的常規銀行業務需求。

The network business continues to grow the number of network card holders, the number of client financial institutions, the types of transactions resident on the devices and geographies.

網路業務持續成長，網路卡持有者的數量、客戶金融機構的數量、裝置上的交易類型和地理位置都在增加。

While 2nd quarter trends for most transaction types and regions increased both year over year and sequentially, lower dynamic currency conversion due to less international traveling and lower US prepaid card transactions in cities with large migrant populations result in an overall modest decline in segment revenue.

雖然第二季大多數交易類型和地區的趨勢同比和環比均有所增長，但由於國際旅行減少導致動態貨幣兌換率降低，以及移民人口較多的城市的美國預付卡交易減少，導致該部門收入整體小幅下降。

We do anticipate both of these to be transitory and temporal rather than trends. Adjusted even though margin rate was on budget, but decreased year over year due to the known expiration of interest rate hedges on our vault cash rental costs that were put in place at the time of the Cartronics acquisition.

我們確實預期這兩者都是暫時的，而不是趨勢。儘管保證金率在預算範圍內，但仍進行了調整，但由於已知在收購 Cartronics 時實施的保險庫現金租賃成本利率對沖已經到期，因此保證金率比去年同期下降。

Growth opportunities and investments in this segment typically expand the footprint of the network or the transaction capability of the machines in the network. In Q2, we welcomed the return of 7-Eleven locations to our all point network and activated the 1st 1,000 locations for FCTI for processing.

該領域的成長機會和投資通常會擴大網路的覆蓋範圍或網路中機器的交易能力。在第二季度，我們歡迎 7-Eleven 門市重返我們的全點網絡，並啟動了首批 1,000 家門市供 FCTI 處理。

We will also deploy 5,000 Atlios devices backed by our service and support into the 7-Eleven US fleet with the rollout beginning in the 4th quarter. More recently, we announced that we will add convenience retailer Kys and their 2,900 locations for surcharge-free transactions for our 75 million cardholders at all points.

我們也將從第四季度開始向美國 7-Eleven 門市部署 5,000 台由我們的服務和支援支援的 Atlios 設備。最近，我們宣布將增加便利零售商 Kys 及其 2,900 個門市，以便我們 7,500 萬持卡人在所有地點享受免附加費交易。

And we added 6,500 ATMs and the Access Cash brand in Canada. Our new transaction types performed well. Ready code further expanded its presence in digital payments through an agreement with Incom payments, providing additional cardless use cases for the ATM.

我們在加拿大增加了 6,500 台 ATM 機和 Access Cash 品牌。我們的新交易類型表現良好。Ready code 透過與 Incom payments 達成協議，進一步擴大了其在數位支付領域的影響力，為 ATM 提供了額外的無卡用例。

And cash deposit transactions grew 170% for the first half of the year in our US retail portfolio. We continue to build a pipeline of partnerships and integrations to increase transaction opportunities and volumes with a focus on fintech issuers and wallet providers.

今年上半年，我們美國零售業務的現金存款交易量增加了 170%。我們將繼續建立合作夥伴關係和整合管道，以增加交易機會和交易量，並專注於金融科技發行人和錢包提供者。

Hoping to chart 8, I will use this as a backdrop to restate our strategy and illustrate our unique position. In separating from Legacy NCR through a spin transaction in late 2023, Alios is now a pure play independent company with a leadership position in self-service banking and a clear growth strategy.

希望圖表 8 能夠以此為背景重申我們的策略並說明我們的獨特地位。2023 年底，Alios 透過分拆交易從 Legacy NCR 中分離出來，現在，Alios 是一家純粹的獨立公司，在自助銀行領域佔據領導地位，並擁有明確的成長策略。

In a global environment that continues to demonstrate steady cash-based consumer transactions and a stable installed base of ATM hardware, our growth will come from generating more revenue for every AtlioS device that we support. Well that's been providing high quality, more efficient and more comprehensive services to our financial institution clients.

在持續呈現穩定的現金消費交易和穩定的 ATM 硬體安裝基礎的全球環境中，我們的成長將來自於為我們支援的每台 AtlioS 設備創造更多收入。我們一直在為金融機構客戶提供高品質、更有效率、更全面的服務。

Or by driving more transaction volume across our own network machines. Both of these strategies are fueled by our customers' desire to improve financial access for their customers while also outsourcing more of their cash ecosystem. And NCRALIOS is uniquely positioned to benefit from either solution.

或透過我們自己的網路機器來增加交易量。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的願望所推動的。NCRALIOS 具有獨特的優勢，可從這兩種解決方案中受益。

A shared financial utility estate or an outsourced banks specific fleet. Both vectors leverage a common ATLos infrastructure that has unmatched scale and is world class. And finally on chart 9, I summarize our investment thesis.

共享金融公用事業資產或外包銀行專用車隊。這兩個載體都利用了具有無與倫比規模和世界一流的通用 ATLos 基礎設施。最後，在圖9中，我總結了我們的投資論點。

Our separation is done, our TSAs are completed, and we have no new commercial agreements with our former sister company. Nearly 2 years since our launch roadshow, the key tenets of our value creation strategy remain unchanged.

我們的分離已經完成，我們的 TSA 也已完成，我們與之前的姊妹公司沒有新的商業協議。自從我們啟動路演以來已近兩年，我們的價值創造策略的核心原則始終沒有改變。

Our strategy and the investment to support that strategy is supremely focused on the ATM and on physical to digital transaction types. Over the past 6 quarters, we have launched our innovation efforts and reclaimed our leadership position. We've expanded our installed base, we've grown our capabilities, we've returned the best in class service levels and engaged our global employee base in the service first culture.

我們的策略和支援該策略的投資主要集中在 ATM 以及實體到數位交易類型。在過去的六個季度中，我們啟動了創新努力並重新奪回了領導地位。我們擴大了安裝基礎，增強了能力，恢復了最佳的服務水平，並讓全球員工參與服務至上的文化。

We've also improved our balance sheet and are about to cross a critical milestone of being under 3 times net leverage. With free cash flow projected to ramp up considerably over the next several years, and net leverage expected to drop below 3 times in the 3rd quarter of this year, we believe a more balanced approach to capital allocation that favors the highest incremental ROI is now appropriate.

我們也改善了資產負債表，即將跨越淨槓桿率低於 3 倍的關鍵里程碑。由於預計未來幾年自由現金流將大幅增加，並且預計今年第三季淨槓桿率將降至 3 倍以下，我們認為現在採取更平衡的資本配置方法，有利於最高的增量投資回報率是合適的。

To that end, the NCR Olios board of directors has authorized a $200 million share repurchase program with a 2 year duration. On nearly every measure and every multiple, I believe our company remains undervalued relative to our industry and relative to our peers.

為此，NCR Olios 董事會批准了一項為期 2 年、價值 2 億美元的股票回購計畫。我認為，從幾乎每一項指標和每一種倍數來看，我們公司相對於我們的行業和同行而言仍然被低估。

And that the return of the shares you purchased at these levels is very compelling. We plan to execute on their purchase program using a 10b51 plan while also driving further reductions in net leverage and pursuing small bolt on acquisitions that are creative and reduced net leverage.

並且您在這些水平購買的股票的回報非常引人注目。我們計劃使用 10b51 計劃執行他們的購買計劃，同時進一步降低淨槓桿率，並進行有創意且能降低淨槓桿率的小型附加收購。

Before I hand off to Andy, I want to thank our 20,000 employees all over the world for their dedication to our company, dedication to each other and to our customers. Their service first bias is driving our success, and their unrelenting effort allowed us to deliver yet another strong quarter for the company.

在將工作交給安迪之前，我想感謝我們遍布全球的 20,000 名員工對我們公司的奉獻、對彼此的奉獻以及對客戶的奉獻。他們的服務至上理念推動了我們的成功，他們的不懈努力使我們公司迎來了一個強勁的季度。

We will continue to be innovative to drive impactful outcomes and to lead our industry from the front. The separate duration transaction is now behind us. Our balance sheet continues to improve, and our outlook is very bright.

我們將繼續創新，以取得有影響力的成果並引領我們的產業。單獨的期限交易現已成為過去。我們的資產負債表持續改善，前景非常光明。

With that, Andy over to you.

說完這些，安迪就交給你了。

Thank you, Tim. Building on Tim's comments, the company continued to perform well in the 2nd quarter, making good progress on our plans for the year, advancing our long-term growth strategy, and delivering solid financial results. The strong momentum we've built through the first half of the year, coupled with our robust hardware order book and sales pipeline sets us up well to meet our operating and financial objectives for the year.

謝謝你，提姆。根據蒂姆的評論，該公司在第二季度繼續表現良好，在全年計劃方面取得了良好進展，推進了我們的長期成長策略，並取得了穩健的財務業績。我們在上半年建立的強勁勢頭，加上我們強大的硬體訂單和銷售管道，為我們實現今年的營運和財務目標奠定了良好的基礎。

Importantly, over the past six quarters, the company has demonstrated the ability to generate profitable growth and significant free cash flow, which has enabled us to reduce financial net leverage from 3.7 times at the time of the split from legacy NCR to approximately 3.1 times at the end of the second quarter.

重要的是，在過去六個季度中，該公司已展現出創造盈利增長和大量自由現金流的能力，這使我們能夠將財務淨槓桿率從與傳統 NCR 分離時的 3.7 倍降低到第二季度末的約 3.1 倍。

Our confidence in the company's ability to continue growing profit and free cash flow in conjunction with good visibility into reaching net leverage of approximately 2.8 times as we close out the year supports shifting to a more balanced approach for capital allocation. Given the company's current valuation and significant incremental earnings power, repurchasing our shares offers one of the most compelling value enhancing uses of our capital. So we are pleased to announce that the board has authorized a $200 million share repurchase program that represents approximately 10% of our current market capitalization.

我們相信，公司有能力繼續增加利潤和自由現金流，同時，在年底時，我們有望實現約 2.8 倍的淨槓桿率，這支持我們轉向更均衡的資本配置方式。鑑於公司目前的估值和顯著的增量獲利能力，回購我們的股票是我們資本最具吸引力的增值用途之一。因此，我們很高興地宣布，董事會已批准一項 2 億美元的股票回購計劃，約占我們當前市值的 10%。

The repurchase authorization has a two-year term. Moving forward, our goal is to continue to invest in the business and balance share repurchases with further debt reduction at a pace that optimizes sustainable shareholder value creation.

回購授權期限為兩年。展望未來，我們的目標是繼續投資於業務，並以優化可持續股東價值創造的速度平衡股票回購和進一步減少債務。

Starting on slide 11, I will focus my comments on core results for the 2nd quarter. Because the wind down of VoIA related business impacts comparability with the prior year period, note that VoIex related comps will continue to be less meaningful during the second half of the year.

從第 11 張投影片開始，我將重點放在第二季的核心結果。由於 VoIA 相關業務的減少影響了與去年同期的可比性，因此請注意，VoIex 相關的可比性在下半年將繼續變得不那麼重要。

The key message you should take away from this slide is that we delivered solid second quarter financial results with mid single digit core top line and EIA growth, margin expansion and high single digit EPS growth, all within or above the upper end of our outlook.

您應該從這張投影片中得到的關鍵訊息是，我們實現了穩健的第二季財務業績，核心營收和 EIA 成長均達到中等個位數，利潤率擴大，每股盈餘成長達到高個位數，均處於或高於我們預期的上限。

For revenue of just under $1.1 billion grew 4% year by year with 3% growth in our services and software businesses. Including acceleration in ATM as a service growth. Hardware was up 18% year by year in line with our expectations, which drove 3% growth for the first half of the year. We demonstrated continued progress in our services focused growth strategy with recurring revenue streams accounting for over 70% of total revenue in the quarter.

營收略低於 11 億美元，年增 4%，其中服務和軟體業務成長 3%。包括加速 ATM 服務的成長。硬體年增18%，符合我們的預期，帶動上半年成長3%。我們以服務為中心的成長策略取得了持續進展，經常性收入流佔本季總收入的 70% 以上。

We achieved strong results with high recurring revenue alongside one of our best quarters for hardware sales in recent years. Strong growth in our higher margin recurring businesses coupled with good early progress on productivity initiatives drove 4% growth in adjusted EBITDA to $205 million.

我們取得了強勁的業績，經常性收入較高，並且迎來了近年來硬體銷售最好的一個季度。我們利潤率較高的經常性業務的強勁成長，加上生產力計畫的良好早期進展，推動調整後的 EBITDA 成長 4%，達到 2.05 億美元。

The primary source of EBIA growth was the self-service banking segment, partially offset by decrease in network EBITDA, which was expected and a slight increase to corporate costs. Just the EBITDA margin of almost 19% expanded approximately 40 basis points from the prior year with strong margin expansion for self-service banking, more than offsetting margin compression from the network segment.

EBIA 成長的主要來源是自助銀行業務，但被網路 EBITDA 的下降（這是預料之中的）和企業成本的輕微增加部分抵消。光是 EBITDA 利潤率就接近 19%，比前一年擴大了約 40 個基點，自助銀行利潤率的強勁成長足以抵銷網路部門利潤率的壓縮。

Below the line, net interest expense decreased $9 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.

總體而言，淨利息支出與上年相比減少了 900 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。

The other income and expense line improved by $3 million year to year. The non-GAAP effective tax rate was approximately 26% for the second quarter compared to 17% in the prior year. Non-GAAP fully diluted earnings per share increased an impressive 9% year to year to $0.93.

其他收入和支出項目逐年增加 300 萬美元。第二季非公認會計準則有效稅率約為 26%，去年同期為 17%。非公認會計準則每股完全稀釋收益年增 9%，達到 0.93 美元。

We generated modest free cash flow in the second quarter due to ongoing investment in working capital to support another step up in hardware deliveries for the 3rd quarter. According to slide 12, the self-service banking segment delivered exceptional financial results in the 2nd quarter. Starting in the upper left, revenue grew 9% year by year and reached a new quarterly high of $733 million.

由於持續投資營運資本以支持第三季硬體交付的進一步提升，我們在第二季產生了適度的自由現金流。根據第 12 張投影片，自助銀行部門在第二季取得了出色的財務表現。從左上角開始，營收年增9%，創下季度新高7.33億美元。

The primary factor that drove the top line strength was 21% growth in hardware deliveries, which reflects higher demand related to the industry refresh cycle, uptake of our recently upgraded recycler products. And the anticipated shift towards the 2nd quarter for a 1st half order book. Hardware demand remains robust and should drive another step up in revenue for the second half of the year.

推動營收成長的主要因素是硬體交付量成長了 21%，這反映了與產業更新週期相關的更高需求以及我們最近升級的回收產品的採用。預計上半年的訂單將轉向第二季。硬體需求依然強勁，應該會推動下半年營收進一步成長。

Our services and software businesses continue to generate healthy growth of 5% on a combined basis, with banks increasingly outsourcing more services to us. We estimate that the impact of deferred hardware revenue related to new A-Team as a service agreements was approximately 130 basis point headwind on second quarter revenue growth.

我們的服務和軟體業務持續保持 5% 的健康成長，銀行也越來越多地向我們外包服務。我們估計，與新的 A-Team 服務協議相關的遞延硬體收入對第二季營收成長的影響約為 130 個基點的阻力。

Moving to the chart on the top right, SSB grew adjusted to an impressive 20% in the second quarter to 189 million, also a new quarterly high. The key takeaway here is our ability to drive significant incremental profit through efficient, profitable growth and continuous productivity improvement.

移至右上角的圖表，SSB 在第二季調整後成長了令人印象深刻的 20%，達到 1.89 億，也創下了季度新高。這裡的關鍵在於我們能夠透過高效、獲利的成長和持續的生產力改善來實現顯著的增量利潤。

Segment adjusted IAO margin expanded 240 basis points year to year to almost 26% with margins up across each line of business. Tariffs had a gross impact of approximately $5 million in the quarter.

分部調整後的 IAO 利潤率較去年同期擴大 240 個基點，達到近 26%，各業務線的利潤率均上升。關稅對本季的總影響約為 500 萬美元。

Moving to the bottom of the slide, KPIs reflect the healthy fundamentals of the business. On the bottom left of the slide, the mix of recurring revenue was 57%, with recurring revenue comprising the majority of the business. Even one of the strongest hardware recorders in recent years. Normalizing for hardware volumes, we estimate the mix of recurring revenue would have been 60% in Q2. ARR was up year by year, reflecting the continued build and recurring services and software revenue from our existing installed base.

移至幻燈片底部，KPI 反映出業務的健康基本面。投影片左下方，經常性收入佔57%，經常性收入構成了業務的絕大部分。甚至是近年來最強的硬體錄音機之一。以硬體銷售量為標準，我們估計第二季經常性收入佔比將達到 60%。ARR 逐年上升，反映了我們現有安裝基礎的持續建造和經常性服務和軟體收入。

Next to 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 of ATM outsource services towards full outsourcing is a key strategic priority for the company.

接下來是第 13 張投影片，我們的 A 團隊是一家服務外包業務。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，透過 ATM 外包服務逐步推動我們的客戶實現全面外包是公司的關鍵策略重點。

We break out primary operational metrics separately to help investors better understand and track our progress. As previously mentioned, we will continue to evolve how we discuss the outsourcing business in the coming quarters for better comparability with industry reporting practices. Starting at the top left of the slide, revenue grew 32% year by year to $62 million for the second quarter, led by 25% growth in unique customers and a favorable mix shift to Nayr, which is our highest margin geography.

我們將主要營運指標分開列出，以幫助投資者更好地了解和追蹤我們的進展。如前所述，我們將在未來幾季繼續改進討論外包業務的方式，以便更好地與產業報告實務進行比較。從投影片的左上角開始，第二季營收年增 32%，達到 6,200 萬美元，主要原因是獨立客戶數量成長了 25%，且產品組合向利潤率最高的地區 Nayr 轉移。

We also expanded to a new geography in Q2, closing our first deal in Spain. The chart on the right highlights the strong profitability of our ATM outsource services business, with gross profit up 72% year by year and gross margin up 900 basis points to 40%, benefiting from faster growth and marginal expansion in Neymar, our most profitable region. Moving to the bottom of the slide, KPIs also demonstrate the positive trajectory of the business.

我們也在第二季擴展到了新的地區，在西班牙完成了第一筆交易。右側圖表突顯了我們ATM外包服務業務強勁的獲利能力，毛利年增72%，毛利率上升900個基點至40%，受益於我們利潤最高的地區內馬爾的更快成長和邊際擴張。移至幻燈片底部，KPI 也展示了業務的積極軌跡。

On the left, ARR continues to build and was up 32% year by year to $249 million. We finished the quarter with a strong backlog and sales pipeline that puts us on track with our growth targets for the year. On the right, you can see the healthy revenue uplift we generate from our 18 as a service business with second quarter Rpoo of 8,300.

左側，ARR 持續成長，年增 32%，達到 2.49 億美元。本季結束時，我們擁有大量積壓訂單和銷售管道，這使我們能夠實現全年的成長目標。在右側，您可以看到我們從 18 項服務業務中獲得的健康收入成長，第二季的 Rpoo 為 8,300。

The modest sequential downtick in Rpoo for the 2nd quarter was influenced by a higher mix of asset-like customers onboarded in recent quarters. Such fluctuations are expected because the base is still relatively small, so variables like region, scope, and timing of onboarding can impact R poo for the quarter.

Rpoo 第二季的溫和環比下滑是受到最近幾季新增資產類客戶組合增加的影響。由於基數仍然相對較小，因此預計會出現這種波動，因此地區、範圍和入職時間等變數可能會影響本季度的 R poo。

Over the longer term, it should continue to trend upward from growth in higher APU regions like North America and Europe. Moving to the network segment on slide 14, 2nd quarter results were at the lower end of our expectations. Segment revenue of 320 million was down 2% year by year on a reported basis.

從長期來看，它應該會繼續從北美和歐洲等 APU 較高的地區呈現上升趨勢。轉到投影片 14 上的網路部分，第二季的業績處於我們預期的低端。分部收入3.2億，依報告計算年減2%。

Digging into business results, cash withdrawal transactions were approximately 4% lower than the prior year, with mid single digit decreases in the UK and North America. As Tim noted, North America was impacted by several factors beyond our control.

深入研究業務結果，現金提取交易量比前一年下降了約 4%，其中英國和北美的降幅為中等個位數。正如蒂姆所指出的，北美受到了我們無法控制的幾個因素的影響。

Disruption in one of Recode's key digital payment partners coupled with shifts in government policy have affected certain consumer segments.

Recode 的一家主要數位支付合作夥伴的業務中斷，加上政府政策的變化，對某些消費者群體產生了影響。

As Tim mentioned, we've seen a decrease in dynamic currency conversion transactions as fewer people are traveling to the United States and also lower utilization of pre-paid payment cards given certain government policies.

正如提姆所提到的，由於前往美國的人數減少，以及某些政府政策導致預付費卡的使用率降低，我們看到動態貨幣兌換交易量減少。

Excluding those items, we estimate North America withdrawals would have grown low to mid single digits. On a positive note, a Ready code solution continues to garner interest from a variety of wallet, fintech, and money services providers. Several new participants are in the process of coming live. We expect Ready Code to return to growth in the coming months as these new partners, such ascom aggregate programs and funnel existing transactions to self-service.

除去這些項目，我們估計北美的提款量將成長低至個位數。從積極的一面來看，Ready 代碼解決方案繼續引起各種錢包、金融科技和貨幣服務提供者的興趣。幾位新參與者正在加入過程中。我們預計，隨著 com 等新合作夥伴整合計劃並將現有交易引導至自助服務，Ready Code 將在未來幾個月內恢復成長。

Additionally, we've completed certifications for ATMs in South Africa, and we're seeing strong growth of 13% year by year in the region, driven by a mixture of product and operational enhancements.

此外，我們已完成南非 ATM 機的認證，在產品和營運改善的推動下，我們看到該地區的 ATM 機年增長率達到 13%。

We generate strong trapline trends for sources other than withdrawals, helping to diversify the business and support future growth. We continue to see strong momentum across our utility deposit network as deposit volumes were up 170% year to year, with volumes exceeding $1 billion of annualized deposits for the first time.

我們為提款以外的來源產生強大的陷阱線趨勢，幫助實現業務多元化並支持未來成長。我們的公用事業存款網絡持續保持強勁勢頭，存款量年增 170%，年化存款量首次超過 10 億美元。

Moving to the upper right, adjusted Ibita of $86 million was at the low end of our expectations. The year to year decrease in IBEA was expected and was primarily due to a $12 million increase in vault cash costs resulting from the wind down of previous hedges and macro-related transactional headwinds.

移至右上角，調整後的 Ibita 為 8600 萬美元，處於我們預期的低端。IBEA 的逐年下降是意料之中的，主要是由於先前的對沖減少和宏觀相關的交易逆風導致金庫現金成本增加了 1200 萬美元。

The just the I it down margin was 27% in the quarter. The metrics at the bottom of the slide highlight key elements of our strategy. The chart on the left shows our last 12 months average revenue per unit continues to move higher sequentially and was up 3% year by year in the second quarter.

本季的利潤率僅為 27%。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連續走高，第二季年增 3%。

On the right, you can see our ATM portfolio finished the quarter at approximately 77,000 units, which is flat sequentially. Looking forward, we expect the number of ATM network units to increase in 2025. To the addition of both new retail partners and geographies. 5:15 presents a trending product-centered view of our results.

在右側，您可以看到我們的 ATM 組合本季結束時約為 77,000 台，與上一季持平。展望未來，我們預計 ATM 網路單元的數量將在 2025 年增加。增加新的零售合作夥伴和地區。 5:15 展示了以產品為中心的趨勢結果。

This helps visualize how the complementary nature of our businesses creates a company that operates an attractive, growing, and highly profitable markets. Most notably, it reinforces that Alios is primarily a services business that generates recurring streams of revenue and profit.

這有助於形象化地了解我們業務的互補性如何打造出一家經營具有吸引力、不斷成長且高利潤市場的公司。最值得注意的是，它強調了 Alios 主要是一家提供經常性收入和利潤來源的服務企業。

Second, the trend demonstrates that our strategy is working. Our services and software businesses have accelerated, coupled with the solid momentum and hardware revenues fueling top line and profit growth.

第二，趨勢顯示我們的策略正在發揮作用。我們的服務和軟體業務加速發展，加上強勁的勢頭和硬體收入推動了營收和利潤的成長。

The consistent performance in our transactional business reaffirms the resilience of our business strategy. As a reminder, the other Voyu operations represent legacy NCR Voyu exited geographies and commercial agreements between Alios and NCR Voyex.

我們交易業務的持續表現再次證明了我們業務策略的彈性。提醒一下，Voyu 的其他業務代表了 NCR Voyu 退出 Alios 和 NCR Voyex 之間的地域和商業協議。

We expect business results to continue to decline in these non-core operations.

我們預期這些非核心業務的業績將持續下滑。

Slide 16, we present a reconciliation of our second quarter free cash flow and a snapshot of our financial position at quarter end. We generated 15 million of free cash flow for the 2nd quarter, which includes investments in our inventory to support our robust hardware delivery that is scheduled for the 3rd and 4th quarters and is consistent with our outlook for the year.

投影片 16，我們展示了第二季自由現金流的對帳以及季末財務狀況的快照。我們在第二季度產生了 1500 萬的自由現金流，其中包括對庫存的投資，以支持我們計劃在第三季度和第四季度進行的強勁硬體交付，這與我們對今年的展望一致。

We expect to generate significant free cash flow in each of the remaining quarters as adjusted EAOt progressively builds in the second half of the year.

隨著下半年調整後的 EAOt 逐步增加，我們預計剩餘每季都會產生大量自由現金流。

Net leverage was 3.1 times in the second quarter and was down approximately a half a turn compared to the prior year. We made $20 million of debt principal payments in the second quarter and finished with $2.9 billion of gross debt.

第二季淨槓桿率為3.1倍，較上年同期下降約半倍。我們在第二季償還了 2,000 萬美元的債務本金，最終總債務為 29 億美元。

Our unrestricted cash balance was just under $360 million at quarter end and resulted in a net debt balance of $2.5 billion. Based on our financial outlook and capital allocation priorities, we expect net leverage to be below 3 times in the third quarter.

截至季末，我們的非限制現金餘額略低於 3.6 億美元，導致淨債務餘額為 25 億美元。根據我們的財務前景和資本配置重點，我們預期第三季淨槓桿率將低於3倍。

Movement to slide 17 for financial outlook. Given our solid second quarter results and positive momentum heading into the 3rd quarter, we've reaffirmed the full year 2025 guidance ranges presented earlier this year.

財務前景移至第 17 頁投影片。鑑於我們第二季的穩健業績和進入第三季的積極勢頭，我們重申了今年稍早提出的 2025 年全年指導範圍。

For the 3rd quarter, we expect consolidated core revenue to grow in the mid single digit range. The voiceI related impact on topline should diminish further in the 3rd quarter and result in low to mid single digit growth for the total company.

對於第三季度，我們預計綜合核心收入將成長中等個位數。語音相關業務對營收的影響將在第三季進一步減弱，並導致整個公司實現低至中等個位數的成長。

We expect self-service banking revenues should grow mid to high single digits, benefiting from approximately 20% year to year growth in hardware and positive top line growth for services and software. We expect network revenue will be flat year to 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實現中高個位數成長，受益於硬體約 20% 的年成長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自由加密收入的下降所抵消。

Justin EBITDA is projected to be between $210 million and $225 million with margins in the mid-20s for self-service banking, high 20s for network, and high 10s for TNT. Below the line, interest expense should be similar to Q2. Effective tax rate is expected to be approximately 25% and share count approximately $75 million.

賈斯汀預計 EBITDA 將在 2.1 億美元至 2.25 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，TNT 銀行利潤率在 10% 以上。在線下，利息支出應與第二季度相似。預計有效稅率約 25%，股份數量約 7,500 萬美元。

Putting the pieces together, we expect adjusted EPS to be in the range of $0.95 to $1.10. We expect free cash flow to meaningfully step up in the 3rd quarter. As a reminder, the midpoint of our free cash flow guidance was 280 million and we expect a 40-60% split between quarters 3 and 4.

綜合各方面因素，我們預期調整後每股盈餘將在0.95美元至1.10美元之間。我們預計第三季自由現金流將大幅增加。提醒一下，我們的自由現金流指引中點是 2.8 億，我們預期第三季和第四季之間的分配比例為 40-60%。

Including my comments, Atlios had a successful 2nd quarter and 1st half of the year and set us up well to achieve our plan for the year. We delivered solid financial results, had great operational execution, and made progress on our key strategic priorities to grow efficiently, prioritize service, and embrace simplicity.

包括我的評論在內，Atlios 在第二季度和今年上半年取得了成功，並為我們實現今年的計劃做好了準備。我們取得了穩健的財務業績，擁有出色的營運執行力，並在高效成長、優先服務和追求簡化等關鍵策略重點方面取得了進展。

We have reaffirmed our guidance for 2025 despite continued tariff uncertainty and macro-related transactional headwinds and have developed plans to mitigate risks. We move into the second half of 2025 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. With that, I will turn it back to the operator.

儘管關稅不確定性和宏觀相關的交易阻力持續存在，我們仍重申了對 2025 年的指導，並制定了降低風險的計畫。進入 2025 年下半年，我們對我們的方法和能力充滿信心，憑藉我們為客戶提供的無與倫比的 ATM 解決方案平台來推動盈利增長，這最終將轉化為股東價值。說完，我將其交還給操作員。

(Operator instructions)

（操作員指示）

Matt Somerville with DA Davidson.

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

Thanks.

謝謝。

Morning, couple questions. Can you talk about, with respect to the as a service business, what the average Rpo is in the as a service backlog and how that's trending and speaking of backlog, can you put a finer point or some level of quantification on the as a service backlog and then I have a follow up?

早上好，有幾個問題。您能否談談，就即服務業務而言，即服務積壓中的平均 Rpo 是多少，以及它的趨勢如何，說到積壓，您能否對即服務積壓進行更精細的指出或某種程度的量化，然後我可以跟進一下？

Yeah, it's thanks Matt, north of $9000 I think it's $9100 of art poo in the backlog that moves much like of course it does in the in the installed base, right? It depends on the mix that's in there, but it's a very lucrative mix, a little bit of asset light in there, which means that you don't get the pop from the the hardware sales does come up front, but but north of 9,000 I think it's $9100.

是的，感謝馬特，我認為在 9000 美元以北，積壓的藝術品中還有價值 9100 美元的藝術品，其移動方式與在安裝基座中的方式非常相似，對嗎？這取決於其中的組合，但這是一個非常有利可圖的組合，其中有一點輕資產，這意味著你不會從硬體銷售中獲得預付款，但是我認為在 9,000 美元以上是 9100 美元。

And I think we're north of 8,000 units at this point in backlog. So, yeah, really good quarters I said it was our best quarter from a bookings perspective since we started this initiative some 2.5 years ago.

我認為我們目前積壓的訂單量已超過 8,000 台。是的，這是一個非常好的季度，從預訂量的角度來看，這是我們兩年半前啟動這項計劃以來最好的季度。

Yeah, and just to add in that that backlog, of 105% up year every year, that really does set us up well for the balance of this year and then gives us momentum into 26, as we, continue to expand this product offering.

是的，而且，每年積壓的訂單量都以 105% 的速度增長，這確實為我們今年的平衡做好了準備，並為我們進入 26 個年頭提供了動力，因為我們將繼續擴大這一產品供應。

Thanks. And then in your prepared remarks, Tim, you made the point to talk about some of the achievements you've had in the services side of the organization. Can you put a finer point on that and any sort of metric quantification? I remember you said 160 basis points, but I don't actually know what metric you're actually using there.

謝謝。然後，提姆，在您準備好的發言中，您特別提到了您在組織服務方面取得的一些成就。您能否對此做出更詳細的說明以及任何類型的指標量化？我記得您說過 160 個基點，但我實際上不知道您實際上使用的是什麼指標。

And then, relative to the stock price and the share buyback announcement, given where you're at $32.33 dollars, how would you expect Atlios's relative out of the gate aggressiveness to look with repo?

然後，相對於股價和股票回購公告，考慮到目前的股價為 32.33 美元，您認為 Atlios 在回購方面相對積極的表現會如何？

Yeah, let me take the first one. So, on the performance perspective, we've been a steady climb back to our leading levels of of service performance since the separation, you'll recall that. Back in October of 23 and really through January or February of 24, we found ways to frustrate our customer base. We were taking two service organizations that were comprised in many regions for by generalists to fixed equipment across both businesses and necking down to singular specialist organizations, and we just, we didn't have people in the right places sometimes we left machines unrepaired.

是的，讓我選第一個。因此，從性能角度來看，自分離以來，我們一直在穩步回升至服務性能的領先水平，您會記得這一點。早在 23 年 10 月，實際上整個 24 年 1 月或 2 月，我們就找到了讓客戶失望的方法。我們由分佈在多個地區的通才組成兩個服務組織，負責跨業務修復設備，並逐漸縮減為單一的專業組織，但我們有時沒有足夠的人員在正確的地點維修機器。

The biggest problem at that point in time was our our outlier machines. So on average our service levels were okay and probably we're still at the top of the pack, but we had a lot of outlier machines that would sit for days without getting repaired, which is like a a big irritant to our customers. We're well back. The effort was huge by the service organization.

當時最大的問題是我們的異常機器。因此，平均而言，我們的服務水平還可以，可能仍然處於領先地位，但我們有很多異常機器會停放數天而得不到維修，這對我們的客戶來說是一個很大的煩惱。我們回來了。服務組織付出了巨大的努力。

We are wholly separate now and nearly every region we supply a little bit of support to VoI. They don't supply any to us any longer from a service perspective, and we've shifted entirely to specialists rather than generalists. The, we measure an NPS score annually and then we We update that with pulse surveys at midpoint of the year, at least once a year.

我們現在完全獨立了，幾乎在每個地區我們都為 VoI 提供一點支援。從服務角度來看，他們不再向我們提供任何服務，我們已經完全轉向專家而不是通才。我們每年都會測量一次 NPS 分數，然後我們會在年中透過脈搏調查來更新該分數，至少每年一次。

Those pulse surveys came back incredibly strong. This pulse surveys we go out to only those who were detractors in the previous survey and ask one question, are we getting better?

這些脈搏調查的結果令人難以置信地強勁。這次脈搏調查中，我們只針對那些在上次調查中持批評態度的人，並問一個問題：我們變得更好了嗎？

And the answer in the most recent survey was emphatically yes. So, and that's not just on service, right, those questions go out on a lot of different things. You can, one of the things that most irritated customers going back a year or so ago was our invoicing capability was we had convoluted invoices and so we're working on every aspect of customer service and right now they're all getting better. On the repo, repos are hard to predict exactly when you're going to do them.

最新調查的答案是肯定的。所以，這不僅涉及服務，對吧，這些問題涉及很多不同的事情。您可以，大約一年前最讓客戶惱火的事情之一就是我們的發票能力太差，發票太複雜，因此我們正在努力改善客戶服務的各個方面，現在一切都在不斷改善。在回購中，很難準確預測何時進行回購。

Look I think in the low 30s here, it's a no-brainer we buy back as much stock as we could. Remember they were only allowed to buy under certain circumstances. We can't buy in the uptake. We can only represent a certain percentage of the total volume on any given day, and we will operate under a plan. Otherwise we can only buy in our open windows, which are relatively short, really only give you, let's call it 3 months out of the year to be able to repurchase.

看起來，我認為在 30 出頭的時候，我們毫不猶豫地會盡可能地回購股票。請記住，他們只有在特定情況下才被允許購買。我們不能接受這種觀點。我們每天只能代表總量的一定百分比，並且我們將按照計劃開展業務。否則，我們只能在開放的窗口期內購買，而這個窗口期相對較短，實際上一年中只有 3 個月的時間可以回購。

That wouldn't be effective or efficient. So we'll put a 10b51 plan in place. I don't know exactly what that'll be structured like now, but it will have, it will accelerate purchases at lower stock value, stock prices. It will. Allow us to take more advantage of days we have significant disconnects in our valuation or our performance relative to the rest of the market.

那樣做既不有效也不有效率。因此我們將實施 10b51 計劃。我現在還不清楚它的具體結構，但它將會加速以較低的股票價值和股票價格的購買。會的。讓我們更好地利用我們的估值或相對於其他市場的表現存在重大脫節的日子。

We've had several in the last couple of months that, on no news, the stock traded what's called erratically less than elegant trading by others, I say created buying opportunities. We just weren't there to buy. So, I want to make sure that we're under 3 times lever or two before we start. And but we'll work with the legal department to get the 10B51 plan in place as quickly as possible and and start buying back shares we're.

在過去的幾個月裡，我們遇到過幾次這樣的情況，在沒有任何消息的情況下，股票交易出現了其他人所說的不穩定、不太優雅的交易，我認為這創造了買入機會。我們只是不去那裡買東西。因此，我想確保我們在開始之前處於 3 倍或 2 倍槓桿以下。但我們將與法律部門合作，盡快實施 10B51 計畫並開始回購我們的股票。

We're very pleased the board allowed us to get this authorization in place and we'll use it very wisely. I think $200 million over the next two years, I If cash flow, free cash flow plays out the way you think that it will, I don't think we'll need 2 years.

我們很高興董事會允許我們獲得這項授權，我們會明智地使用它。我認為未來兩年內會有 2 億美元，如果現金流、自由現金流按照您想像的方式發揮作用，我認為我們不需要 2 年。

I hope that helps.

我希望這能有所幫助。

Very good. Thanks for the color, Tim.

非常好。謝謝你的顏色，提姆。

Dominic Gabriel with Compass Point.

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

Hey guys, really good results and really exciting to hear the capital return for sure. I know, you've been waiting to get the approval and investors have been waiting to jump in when they see something like this.

嘿夥計們，結果真的很好，聽到資本回報確實令人興奮。我知道，您一直在等待獲得批准，投資者也一直在等待看到這樣的事情就加入進來。

And so it really seems to me, Tim, that you're that you're moving really beyond the spin now, right? You're shedding your old skin and the business is starting to accelerate in many ways. And you're really starting to transform the business and so there's a lot of investors I think that are going to revisit this name.

所以，提姆，在我看來，你現在真的已經超越了旋轉，對嗎？你正在蛻變，業務在許多方面都開始加速發展。而且你們確實開始改變業務，所以我認為很多投資者都會重新考慮這個名字。

So if you could just give us kind of your 2 to 3 year vision as you see it today, given some of the developments in the quarter and over the last 1 or 2 quarters, I think that'd be really excellent. I just have a follow up if you don't mind.

因此，如果您能根據當前的情況，結合本季以及過去 1 至 2 個季度的一些發展情況，向我們介紹一下您對未來 2 至 3 年的願景，那就太好了。如果您不介意的話，我只是想跟進一下。

Yeah, separation is messy and it's hard and it's a lot harder than I even knew.

是的，分離是混亂的，是困難的，比我想像的還要困難。

We had a lot to get done to just get a foundation under us to mature as a company, as a leadership team, and to make sure that our customers were comfortable with the new with the new NCR audience. We're there, and I think this quarter, the results, the reported results were great, right? We lived 90 days at the time as a public company. I get that, but far more important was the huge progress we made competitively. We're winning everywhere again and we're winning more than our fair share.

我們還有很多工作要做，為公司和領導團隊的成熟奠定基礎，並確保我們的客戶能夠適應新的 NCR 受眾。我們已經達到了這個目標，我認為本季的結果、報告的結果都很棒，對吧？當時我們作為上市公司生存了 90 天。我明白這一點，但更重要的是我們在競爭力上所取得的巨大進步。我們再次在各個方面取得勝利，並且勝利的份額超過了我們應得的份額。

And we're winning the, we're getting the benefit of the doubt from our customers and they're giving us more service revenue. And so, I would say, 90 day financial results for the kind of strategic results we just posted every day and I think that's if you get confidence from An and I today it's because it's working and our customers see it and the model we put together is one that it takes advantage of really the most unique portfolio of capabilities of anybody in our space.

我們贏得了客戶的信任，他們為我們帶來了更多的服務收入。因此，我想說，我們每天發布的戰略結果的 90 天財務結果，我認為，如果您今天從 An 和我那裡獲得信心，那是因為它正在發揮作用，我們的客戶看到了它，我們組合的模型充分利用了我們這個領域任何人最獨特的能力組合。

No one else can win both ways. If if an economy wants to go to a totally shared financial utility called a network of devices like some like maybe New Zealand has done, we're there to help. We got it. We know how to run networks. We can run them better than anybody in the world because we run the biggest one in the world.

沒有人能夠雙贏。如果一個經濟體想要實現完全共享的金融效用，即設備網絡，就像紐西蘭可能已經做到的那樣，我們會提供幫助。我們明白了。我們知道如何運行網路。我們可以比世界上任何人都更好地經營它們，因為我們經營著世界上最大的公司。

If on the other hand, economies want to continue to have lots of banks like the US does and have each of those banks have their own fleet, we can help out there as well. We know we can run fleets for most of our bank customers more efficiently perhaps than they can and more effectively than they can. We want to be able to do that for them.

另一方面，如果經濟體希望繼續像美國一樣擁有大量銀行，而每家銀行都有自己的銀行群，我們也可以提供協助。我們知道，我們可以比大多數銀行客戶更有效率地經營車隊，而且比他們更有效率。我們希望能夠為他們做到這一點。

That traditional models worked incredibly well. It worked really well this quarter. So, I don't think anyone else wins both ways, and that's what makes us feel good. We can go to the customer and say. We'll give you a hybrid approach. You tell us what you want your footprint to look like, and we can optimize that for you across the entire spectrum.

傳統模型運行得非常好。本季效果非常好。所以，我認為沒有人能達到雙贏，而這正是讓我們感到高興的原因。我們可以去找客戶說。我們將為您提供一種混合方法。您告訴我們您希望您的足跡是什麼樣的，我們可以為您在整個範圍內進行最佳化。

Our vertical integration is proving out to be a huge asset for us because all of those new machines we bring on either from a service perspective or we add to the network. Are incredibly inexpensive to run. The leverage, the fixed cost leverage and that the leverage off of our fleet and install base that is very powerful. It allows us to expand margin or generate incremental margins on that new revenue that are much higher than the average margin of the company and accretees.

事實證明，我們的垂直整合對我們來說是一筆巨大的財富，因為我們從服務角度引進的所有這些新機器都是我們添加到網路中的。運作成本極為低廉。槓桿作用、固定成本槓桿作用以及我們的車隊和安裝基礎的槓桿作用非常強大。它使我們能夠擴大利潤率或在新的收入上產生遠高於公司平均利潤率和累積利潤率的增量利潤率。

And then lastly, we know, we knew when we went out on the road and talked about this business that it could and should generate predictable and high free cash flows. Those would not become evident until we get a few quarters away from the separation because of cash costs associated with the separation and some other things we need to work through.

最後，我們知道，當我們出去談論這項業務時，我們知道它可以而且應該產生可預測的高自由現金流。由於分離帶來的現金成本以及我們需要解決的一些其他問題，這些問題在我們分開後的幾個季度內都不會變得明顯。

We're right now able to invest back into our business from an innovation and growth perspective and reduce debt and now repurchase shares. We've got our strategic flexibility back. We've got our cap our balance sheet flexibility back. We'll still continue to reduce the debt and this is, it's a good practice.

我們現在可以從創新和成長的角度重新投資我們的業務，減少債務並回購股票。我們重新獲得了戰略靈活性。我們已經恢復了資產負債表彈性的上限。我們仍將繼續減少債務，這是一種很好的做法。

We'll keep getting it down further. I don't know whether we get down to 2.5 times what the ultimate threshold is, but we'll have the opportunity over the next several years to redeploy that cash flow. To drive all three, which I think, at this point now where they're leverage at about 3 times, ALL3 of those can increase good value to all of our constituencies, customers, shareholders, bondholders and employees.

我們會繼續進一步降低它。我不知道我們是否會降至最終門檻的 2.5 倍，但未來幾年我們將有機會重新部署該現金流。為了推動這三項舉措，我認為，目前他們的槓桿率約為 3 倍，所有這三項舉措都可以為我們所有的選民、客戶、股東、債券持有人和員工增加良好的價值。

Hope that helps.

希望有幫助。

Yeah, absolutely, it feels like the leverage target actually jumped the quarter was brought forward a little bit to get below 3 times too if I remember right. And so that that's really positive. And I guess the only thing I was curious about, I think there is a misconception when investors just, first look at this company they hardware and that's just not the case and so.

是的，絕對如此，如果我沒記錯的話，感覺槓桿目標實際上已經提前了一點，達到了 3 倍以下。所以這確實是正面的。我想我唯一好奇的是，我認為投資者首先看這家公司的硬體時有一個誤解，但事實並非如此。

I think what some people worry about, is some of the India impact and you see the tariffs go from 25 to 50, but just remind everybody how small the the hardware really is and kind of what those impacts are on the change in tariffs. Thanks so much.

我認為有些人擔心的是印度的一些影響，你會看到關稅從 25% 上升到 50%，但要提醒大家硬體實際上有多小，以及這些影響對關稅變化的影響是什麼。非常感謝。

Yeah, look, Harvest an $800 million business for us, and we say all the time, we will never distinguish ourselves on hardware. There'll be service that we distinguish ourselves on. That said, and I think I said it in my repair remarks, that installed base is probably the most powerful thing about our company.

是的，你看，收穫了 8 億美元的生意，我們一直說，我們永遠不會在硬體上脫穎而出。我們將提供與眾不同的服務。話雖如此，我想我在修復評論中也說過，安裝基礎可能是我們公司最強大的東西。

And in every period of time that you can extend the installed base and put a device into the service that will pay you for the next 5 to 7 years either by by the transaction or by the month, you want to make sure that that happens. And the reason we're so excited about hardware right now is not because it's pushing. Revenue growth currently, because it feels like we're taking share, and it feels like we're growing our install base, and that's super important to future period success.

在每個可以擴展安裝基礎並將設備投入服務的時間段內，您都希望確保這種情況能夠發生，這些設備將在未來 5 到 7 年內透過交易或按月向您支付費用。而我們現在對硬體如此興奮的原因並不是因為它具有推動力。目前收入正在成長，因為感覺我們正在佔領市場份額，感覺我們正在擴大我們的安裝基礎，這對未來的成功至關重要。

The, but it is only $800 million of revenue for us. Our, we've gone out of our way to co-locate all of our manufacturing in India. India is a great market for us. We have over 6,000 employees in India and we have manufacturing just 4 or 5 years ago in 5 or 6 locations. We have swing capacity. In Europe and swing capacity in Mexico that we can utilize if necessary to manage down tariffs that get out of line.

但對我們來說，這只是8億美元的收入。我們竭盡全力將所有生產業務集中在印度。印度對我們來說是一個很大的市場。我們在印度擁有超過 6,000 名員工，四、五年前我們僅在 5 或 6 個地點設立了生產基地。我們擁有周轉能力。在歐洲和墨西哥，我們可以在必要時利用波動產能來降低超出範圍的關稅。

Look, I don't anticipate a 50% tariff in India lasting for the long haul. It won't affect our third quarter because most of our stuff already on the water in the 4th quarter it would be a modest impact if we deal with it. If it stays at 50%, we'll find a different solution.

瞧，我預計印度的 50% 關稅不會長期持續下去。這不會影響我們的第三季度，因為我們的大部分貨物在第四季度就已經在水上了，如果我們處理好它，影響會很小。如果這一比例保持在 50%，我們就會尋找其他解決方案。

I don't think that it will. And I also think that tariffs won't drive competitive differentiation, meaning all of us procure parts from other parts of the world. There's very few people stringing wiring harnesses or or stuff being printed circuit boards in the United States currently, and I don't anticipate that happening. It's also true that if you subsegment out your manufacturing too terribly much, you lose scale pretty rapidly.

我不認為會這樣。而且我還認為關稅不會推動競爭差異化，這意味著我們所有人都會從世界其他地區購買零件。目前，在美國很少人從事線束或印刷電路板的串聯工作，我預計這種情況不會發生。事實是，如果你對製造業進行過度細分，你的規模就會很快縮小。

I don't believe there's enough demand for our product inside of the US to make it worthwhile to open an assembly plant here in the United States. And even if I did, you'd only say the tariff on the 30% or so of the cost to build associated with the labor content in that device.

我認為，美國國內對我們的產品的需求不足以讓我們在美國開設一家組裝廠。即使我這樣做了，你只會說與該設備中的勞動力內容相關的建造成本的 30% 左右的關稅。

So, We spent a lot of time thinking about this. We have for many years thought about the right manufacturing footprint for us, that includes, cost of supply chain costs as well and localization of of supply chain and transportation costs. We will adjust if we have to. I don't know where it's going to go. Nothing's permanent yet. I think that India is an incredible partner for the United States.

所以，我們花了很多時間思考這個問題。多年來，我們一直在思考適合我們的製造足跡，其中包括供應鏈成本以及供應鏈本地化和運輸成本。如果有必要，我們會進行調整。我不知道它要去哪裡。一切都還不是永恆的。我認為印度是美國的一個不可思議的合作夥伴。

I think that ultimately the two sides will figure something out. I'm perfectly fine at 25% is still the best place for me to manufacture. I can prove that out. And and I'm still competitive. So we'll, deal with that when the time comes, but for the 3rd quarter, no change for the 4th quarter. We'll have stuff on the water that gets us through the 1st month of that 4th quarter.

我認為雙方最終會找到解決方案。我完全沒問題，25% 仍然是我製造的最佳位置。我可以證明這一點。而且我仍然具有競爭力。因此，我們會在適當的時候處理這個問題，但對於第三季來說，第四季沒有變化。我們將在水上準備一些物資，以幫助我們度過第四季度的第一個月。

So I, I'm really not, this is not a 2025 issue. It will become a 2026 and 2027 issue, and we would act to make sure that we have net effects to offset the grosst. I hope that answers your question.

所以我，我真的不認為，這不是 2025 年的問題。這將成為 2026 年和 2027 年的問題，我們將採取行動，確保我們的淨效應能夠抵消總效應。我希望這能回答你的問題。

Absolutely, thanks so much.

當然，非常感謝。

George Tong with Goldman Sachs.

高盛的 George Tong。

Hi, thanks. Good morning.

你好，謝謝。早安.

Your ATM as a service business saw 32% revenue growth in the quarter, from an increase in unique customers and high art geographies. Can you elaborate on how sustainable this growth is and how you expect the growth drivers to evolve over time?

由於獨立客戶數量和高端地域的增加，您的 ATM 即服務業務本季營收成長了 32%。您能否詳細說明這種成長的可持續性以及您預計成長動力將如何隨著時間的推移而演變？

Yeah, a great question. I would say first off in terms of thinking about the the sustainability, I think the first thing to look at is just look at the year to year backlog that we had. I mean, so it's up 105%. I think as we talk to customers, more and more in terms of about our product portfolio and our services offering, I think we are seeing a a real validation into this, full 18 of the service, portfolio or solution.

是的，這是一個很好的問題。我想說，首先，在考慮永續性方面，我認為首先要看的就是看看我們每年的積壓訂單。我的意思是，它上漲了 105%。我認為，當我們與客戶越來越多地談論我們的產品組合和我們提供的服務時，我認為我們看到了對此的真正驗證，即完整的 18 種服務、產品組合或解決方案。

So what we, if we think about the 18 of the services up 32% in Q2, we expect that to accelerate further into Q3 and Q4, certainly above 40% plus rates, for the balance of the year.And when you look at the backlog, it really, it bodes well in terms of thinking about that continued growth, even a potentially higher, for 26, so.

因此，如果我們考慮到第二季 18 種服務的成長率為 32%，我們預計這一成長將在第三季和第四季進一步加速，在今年剩餘時間內肯定會超過 40% 以上的成長率。當你查看積壓訂單時，這確實預示著持續成長，甚至可能更高，例如 26 種服務。

I would tell you as every week we get new, I'll call it deal reviews in terms of looking at, different proposals from customers and the pipeline in terms of the activity we're looking at, it is robust, so we have a lot of high yield confidence in terms of what the outlook is for that growth business for this year and certainly beyond.

我想告訴你，每週我們都會收到新的交易評論，從客戶的不同提案和我們正在關注的活動管道來看，它是強勁的，因此，我們對今年及以後的成長業務前景充滿信心。

Got it. That's.

知道了。就是這樣。

That's helpful. And then you expect the network, businesses to see managed units, swing back to positive growth on the full year basis. Can you talk about how much of this, growth you expect to come from new partners that you that you signed versus a stabilization of unit declines from existing retail partners?

這很有幫助。然後，您可以預期網路、企業會看到管理單位在全年基礎上恢復正成長。您能否談談，您預計其中有多少成長來自您簽約的新合作夥伴，以及現有零售合作夥伴的單位下降的穩定性？

Yeah, I think there's still a little bit of decline in the in the pharmacy space to go, but it, it's going to be dwarfed by the new machines that we're adding on. So I feel good about where that number is going, as the art has been growing more quickly than the devices declined that we've seeing growth in the, particularly in all point network in the United States for some time, but the most recent Deals with a 7-Eleven and with KC and the addition of devices in in Canada.

是的，我認為藥房領域仍會有一些下滑，但與我們增加的新機器相比，這一下滑將顯得微不足道。因此，我對這個數字的走向感到滿意，因為藝術的增長速度比設備的下降速度更快，我們已經看到了增長，特別是在美國所有點網絡一段時間以來，但最近與 7-Eleven 和 KC 的交易以及在加拿大增加的設備。

I think all go very well for the fleet size, and I also think that some of those new entrance of the new partners in the network business have fleets that actually augment where we are. So it's adding density to places where we needed to add density. Casey's is often in more rural locations. The Canadian devices, I think we had room to increase the density of devices in Canada. So in in most urban populations in the United States, we don't need more devices. The access points we're adding now are pretty terrific.

我認為機隊規模一切都很順利，而且我還認為，網路業務中一些新合作夥伴的加入實際上增強了我們的機隊規模。因此，它會在我們需要增加密度的地方增加密度。Casey's 通常位於較為偏遠的地方。對於加拿大的設備，我認為我們有空間增加加拿大的設備密度。因此，對於美國大多數城市人口來說，我們不需要更多的設備。我們現在新增的接入點非常棒。

And George, maybe the only thing I also add is Yeah.

喬治，也許我唯一要補充的是，是的。

My pleasure.

我的榮幸。

And the other thing I thought that relates to the network businesses, as we think about Q3, we do see sequential improvement, with that business. We think Q2 is really the low point in terms of, certainly where we see profitability, we absorbed all the ball of cash.

我認為與網路業務相關的另一件事是，當我們考慮第三季時，我們確實看到該業務的連續改善。我們認為第二季確實是獲利能力的最低點，我們吸收了所有的現金。

Kit and so we're now on a sort of a steady state there, but as I talked about in my comments and Tims just with the new partners, that we're going the different transaction types that are being added, we certainly expectsequential improvement in network, particularly in EBITDA next quarter.

Kit，所以我們現在處於一種穩定的狀態，但正如我在評論中以及 Tims 與新合作夥伴談到的那樣，我們正在添加不同的交易類型，我們當然預計網絡會連續改善，特別是下個季度的 EBITDA。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Antoine Lego with Wedbush Securities.

韋德布希證券公司的 Antoine Lego。

Oh, good morning and thanks for taking my question. Just one for me in terms of the refresh cycle. Are you seeing any anything new in terms of customer demand, given the windows, end of life coming up in October? Is there, has there been any, anything on that front that you can speak to?

哦，早上好，感謝您回答我的問題。就刷新周期而言，對我來說只有一個。考慮到窗戶將於十月停產，您是否看到客戶需求方面有什麼新變化？關於這方面您有什麼可以談的嗎？

Yes, it will not be that phenomenon that causes people to order more devices this year and next. The devices since the forced migration in 2019 of Windows 10. That we and our banks make sure we'll never be caught in that situation again. So there's no forced, device upgrades caused by the next change in Windows. What you're seeing is a lapping of the huge hardware years that all of us who manufacture devices experienced in 2019. Those machines are aging out.

是的，這種現像不會導致人們今年和明年訂購更多的設備。自 2019 年 Windows 10 強制遷移以來的裝置。我們和我們的銀行要確保我們永遠不會再陷入那種境地。因此，Windows 的下一次變更不會導致強制的裝置升級。您所看到的是我們所有設備製造商在 2019 年經歷的巨大硬體時代的重疊。那些機器正在老化。

They're hitting their 5 to 7 year duration, and so you're seeing some modest uptick in In hardware revenue just because of what I call normal refresh cycle, that sine wave is up for sure and it's, we're benefiting now. It would not explain, however, all of the upside that we're seeing in the hardware business. I think there's two other reasons. One, we're winning more often than than in the past.

它們的壽命達到了 5 到 7 年，因此您會看到硬體收入略有上升，這僅僅是因為我所說的正常更新周期，正弦波肯定會上升，我們現在正在受益。但它並不能解釋我們在硬體業務中看到的所有好處。我認為還有另外兩個原因。第一，我們比過去獲勝的次數還要多。

We're winning more than our fair share in most bids and we feel great about that. The other is, there is an upgrade associated with the capability of the device. So it's not a forced migration by the underlying software, but rather or operating system, but rather by the capability of the device, whether it be recycling or multi, multi-purpose devices, or whether it be the capability device around different transaction types and tap and all the all the rest.

在大多數競標中，我們贏得的份額都超過了我們應得的份額，我們對此感到非常高興。另一個是，設備的功能也升級了。因此，它不是由底層軟體強制遷移，而是由作業系統強制遷移，而是由設備的功能強制遷移，無論是回收設備還是多功能設備，還是圍繞不同交易類型和水龍頭等的功能設備。

You are seeing more demand for more expensive and more capable devices around the world, and we're I think you're going to see the look and feel of the device over the next, say, several years change pretty dramatically as people decide that it's not just about.

你會發現，全球對更昂貴、功能更強大的設備的需求越來越大，而且我認為，隨著人們認為這不僅僅是為了美觀，你會看到設備的外觀和感覺在未來幾年內會發生巨大變化。

The screen size anymore but rather about how people interact with the machine. So there is definitely demand for hardware that's associated with change, but probably not the the change of the operating system.

不再關注螢幕尺寸，而是關注人們如何與機器互動。因此，對硬體的需求肯定與變化有關，但可能與作業系統的變化無關。

Understood. Thank you.

明白了。謝謝。

Chris Cenk with Wolf Research.

Wolf Research 的 Chris Cenk。

Hi, good morning, solid quarter. Could you talk about the trends you're seeing in ATM as a service heavy versus asset like deals? I know there's been a mix, change a little bit in some of the past quarters, and then if you could break that out US versus international, that would be super helpful, and then I have a follow up question.

嗨，早上好，穩定的季度。您能否談談您所看到的 ATM 即服務交易與資產類交易的趨勢？我知道在過去的幾個季度中，情況有所變化，如果您能將其與美國和國際情況區分開來，那將非常有幫助，然後我有一個後續問題。

The asset like product is primarily a developed world, North America, Western Europe, opportunity. The asset heavy deals more more often are in places where the machines cost less and and the R pooper devices somewhat lower, so I think India or Brazil.

類似資產的產品主要來自已開發國家、北美、西歐的機會。資產密集型交易通常發生在機器成本較低且 R 廢料設備價格較低的地方，所以我認為是印度或巴西。

The the mix as you can see by the RRU and the backlog is relatively strong from a a North American in your perspective, which will bode well for a better mix of asset light deals. The, it's also true that Andy and his team finally after many quarters of trying, have found a way to finance some of these devices off of our balance sheet and non-recourse financing, which is really helpful, from an asset life perspective.

從 RRU 和積壓訂單可以看出，從北美的角度來看，這種組合相對較強，這將預示著輕資產交易組合將更加優化。而且，安迪和他的團隊經過多個季度的努力，終於找到了一種方法，可以透過資產負債表和無追索權融資來為這些設備提供資金，從資產壽命的角度來看，這確實很有幫助。

Right. And then a question on margins and cadence to them given the mix of more hardware stuff in the second quarter, how should we be thinking about the margin cadence in the back half of the year and as we exit 2025?

正確的。然後關於利潤率和節奏的問題，考慮到第二季度硬體產品的更多組合，我們應該如何考慮今年下半年以及 2025 年結束時的利潤率節奏？

Yeah, so if we think about next quarter, I would say, you're probably going to see it in a in SSB just continued to growth with as a service, even that's going to offset some of the strong hardware growth. I would expect, year to year. Sequential decline, or actually start sequential improvement in in network, year by year decline just given the ball ball cash. I'd expect TNT, to be up modestly, you saw that again in terms of the results we posted in Q2.

是的，所以如果我們考慮下個季度，我想說，你可能會看到 SSB 作為一種服務繼續成長，甚至這會抵消一些強勁的硬體成長。我希望，年復一年。連續下降，或實際上在網路中開始連續改善，逐年下降只是給了球現金。我預計 TNT 會小幅上漲，從我們第二季公佈的業績來看，這一點再次得到了體現。

And then as we think about Q4, we'd expect continued sequential improvement really driven by the same thing, in terms of. Continue SFB is going to continue to step up as as we move throughout the the balance of the year and that's going to drive a lot of the margin.

然後，當我們考慮第四季度時，我們預計持續的連續改善實際上是由同一件事推動的。隨著我們在今年餘下的時間裡繼續前進，SFB 將繼續加強，這將推動大量利潤的成長。

This SFB business really is the recipient of most of most of our productivity initiatives and those are going very well. Our service organization, we talked about some of the AI tools and other things rolling out. This is a good old fashioned 6 stigma total quality, however you want to describe it. It's just productivity and those productivity initiatives. I think on a net basis we're looking to deliver $40 million or $50 million worth this year on a gross basis closer to $100 million.

這個 SFB 業務確實是我們大部分生產力計劃的受益者，而且這些計劃進展得非常順利。我們的服務組織，我們討論了一些人工智慧工具和其他正在推出的東西。無論您如何描述它，這都是一種傳統的 6 種典型品質。這只是生產力和那些生產力舉措。我認為，以淨額計算，我們今年的預期收入將達到 4,000 萬美元或 5,000 萬美元，以總額計算，則接近 1 億美元。

Those are on plan and working, and they accelerate the second half of the year. So it also gives us really good uplift. It is interesting that we're posting improved margins when our mix is more heavily weighted the hardware that is that is somewhat counterintuitive to how you perceive our business, but when you get The volumes of devices that you have that we've seen, and you get the right mix of devices, it can be at least accretive to what the hardware of profitability was in the prior period and and that's what we've seen.

這些都在計劃中並正在實施，並將加速下半年的進程。所以這也為我們帶來了很好的提升。有趣的是，當我們的產品組合中硬體佔比更大時，我們的利潤率就會提高，這在某種程度上與我們對我們業務的看法相悖，但是當您獲得我們所看到的設備數量，並且您獲得正確的設備組合時，它至少可以增加前一時期硬件的盈利能力，這就是我們所看到的。

Okay, great. Thank you.

好的，太好了。謝謝。

Shlomo Rosenbaum with Stifel.

施蒂費爾公司的 Shlomo Rosenbaum。

Hi, this is James Holmes on for Shlomo Rosenbaum. I just want to take a deeper look at ATM and the service margin. It continues to be really strong with margins up 900 bits every year. Is there anything in the backlog that could impact the margins going forward, such as a large deal in India or any other geography? And what can the mar the margins in the segment reach sustainably? Thanks.

大家好，我是 James Holmes，代表 Shlomo Rosenbaum。我只是想更深入地了解 ATM 和服務利潤率。該公司繼續保持強勁勢頭，利潤率每年上漲 900 位。積壓訂單中是否存在可能影響未來利潤率的訂單，例如印度或其他地區的大額交易？那麼該細分市場的利潤率可持續達到多少呢？謝謝。

Yeah, so in my comments I talk about in terms of the bar pro change based on the scope, the region, and really frankly the number of devices. When we think about this, also the flow through in terms of, revenue being up 32% and and, the gross profit being up, 74% that margin is really healthy.

是的，所以在我的評論中，我談論了基於範圍、區域以及坦率地說設備數量的 Bar Pro 變化。當我們考慮這一點時，營收成長了 32%，毛利成長了 74%，這個利潤率確實很健康。

It's really going to change and sort of evolve, but we expect it to continue to grind higher particularly with as we get more neighbor deals or deals done in North America done. So. We, we're looking at opportunities all around the globe, and, there are attractive opportunities everywhere, but, we expect this margin profile to continue to go up as we, continue to get more productivity, as we launch this product offering globally.

它確實會發生變化和發展，但我們預計它將繼續穩步發展，特別是隨著我們與更多鄰國達成交易或在北美完成更多交易。所以。我們正在尋找全球各地的機會，並且到處都有誘人的機會，但是，隨著我們在全球範圍內推出該產品，我們預計利潤率將繼續上升，因為我們將繼續提高生產力。

I think what Andy was saying is do not expect 72% profit growth on 39% revenue, right? This is a. Right, we very advantageous mix. What it does describe is a business that is entirely scalable, and the conversion on those incremental service dollars is exceptionally high.

我認為安迪的意思是不要指望 39% 的收入帶來 72% 的利潤成長，對嗎？這是一個。對，我們的組合非常有利。它所描述的是一種完全可擴展的業務，而這些增量服務費用的轉換率非常高。

It may not be as exceptionally high as it just was in the quarter. It just passed, but it will remain exceptionally high, and that's the beauty of this model is that you should see profitability grow well in excess of revenue, and that revenue growth rate is somebody asked earlier, right, it's going to be north of 30% for a long time to come.

它可能不會像本季度那樣異常高。它剛剛過去，但它仍將保持在極高的水平，這就是這個模型的美妙之處，你會看到盈利能力的增長遠遠超過收入的增長，而收入增長率就像之前有人問的那樣，在未來很長一段時間內都將保持在 30% 以上。

Thank you and maybe just a quick follow up regarding network even down margin. What level of interest rate is incorporated into the guidance and what is the segment sensitivity to any potential, interest rate cuts going forward?

謝謝，也許只是想快速跟進一下有關網路均衡利潤的問題。指導意見中納入了什麼水準的利率？各部門對未來任何潛在降息的敏感度如何？

Yeah, so I would say we think about the, we, the ball castle operates anywhere between so 7,090 basis points and we think about the debt that we borrow. If if you want to think about simplistically. About potential rate cuts, so if you had, you borrow $3.8 billion and if you had a 1 point decrease in in so rate that's $38 million. So if you had a forward curve that look, that said that there could be, 4 cuts, over the next call it a year and a half, that will be to our pure profitability.

是的，所以我想說，我們考慮一下，我們的球城堡在 7,090 個基點之間運行，我們考慮我們借入的債務。如果你想簡單地思考一下。關於潛在的降息，如果你借了 38 億美元，如果利率下降 1 個百分點，那就是 3,800 萬美元。因此，如果你有一個未來曲線，那麼就表明在接下來的一年半內可能會有四次削減，這將影響我們的純盈利能力。

So, I'm Tim and I can't tell you when the Fed's going to cut and what the pace of that, cuts going to be, but we certainly think the outlook should be positive in terms of what our vault cast, this should be a low point in terms of where our vault cash costs should be and should certainly improve, as we look to the outer years.

所以，我是蒂姆，我無法告訴您聯準會何時會降息以及降息的步伐如何，但我們當然認為，就我們的金庫狀況而言，前景應該是積極的，就我們的金庫現金成本而言，這應該是一個低點，而且展望未來幾年，情況肯定會有所改善。

Yeah, when we put this plan together, we anticipated 4 rate cuts this year for a full point. And of course, as we've not seen them so we've absorbed that into our guidance and we're figuring out how to cover that, but it it would be that that one full point across the year assuming that it was played out across the year would have been half of $38 million or, a $19 million pickup for us.

是的，當我們制定這個計劃時，我們預計今年將有四次降息。當然，因為我們還沒有看到它們，所以我們已經將其納入我們的指導中，我們正在想辦法彌補這一點，但假設它在全年進行，那麼全年的一個完整點將是 3800 萬美元的一半，或者，對我們來說是 1900 萬美元的回升。

So we found ways to cover that, but in future periods when those rates come down, we should see some nice lift and even it done.

因此，我們找到了彌補這一缺陷的方法，但在未來時期，當這些利率下降時，我們應該會看到一些不錯的提升，甚至完成。

Okay, thank you.

好的，謝謝。

Matt Somerville with DA Davidson.

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

Thanks. I'll be quick here. I just want to make sure I understand within the network business, can you parse out the impacts of the couple of dynamics you pointed out, ready code being one of them, that weighed on absolute withdrawal volumes this quarter and when you expect withdrawal volumes to re-accelerate in absolute terms.

謝謝。我會很快到達。我只是想確保我了解網路業務，您能否分析您所指出的幾個動態的影響，其中之一就是現成程式碼，這對本季度的絕對提款量產生了影響，以及您預計提款量何時會在絕對值上重新加速。

Thank you.

謝謝。

Yeah, I, the ready code, the pause in the ready code growth associated with it, an acquisition and then resign an agreement is about 2 million bucks in the quarter, and the was the other one. And the GPC and pre-paid are actually about $2 million to $3 million in aggregate, so that that was responsible for in addition to the bulk cash.

是的，我，就緒代碼，與之相關的就緒代碼增長暫停，一次收購然後重新簽署協議，本季度約為 200 萬美元，這是另一個。而 GPC 和預付款總計實際上約為 200 萬至 300 萬美元，因此這是大量現金之外的額外支出。

I think the concern with the With the cardless payments in some, let's call it the immigrant intensive economies in blue states is, we don't, it got worse at the end of the quarter and so we don't know where it goes from here. The others we suspect that things will adjust, and they always do.

我認為，人們對某些藍州移民密集型經濟體的無卡支付的擔憂是，我們不知道，情況在本季末變得更糟，所以我們不知道接下來會發生什麼。我們懷疑其他人的情況會有所調整，事實也確實如此。

But we have to be cautious in our expectations for that and we're going to find other ways to offset that or in anticipation of that being a little bit more persistent problem maybe playing out through the 3rd quarter. We'll go find other ways to to get back some profitability in our business, but the ready code thing is ready to be fixed and the other we're watching carefully.

但我們必須對此保持謹慎，我們將尋找其他方法來抵消這一影響，或者預計這一問題可能會在第三季度持續存在。我們會尋找其他方法來恢復我們業務的一些盈利能力，但現成的程式碼問題已經準備好修復，而其他問題我們正在密切關注。

Yeah, and just all the thing I'd add is, I said in my comments, we fully expect ready code to ramp over the next few months, with partners likecom. And as Tim mentioned in his comments, just with the SETI and Kys and others, that business we have plans to recover.

是的，我只想補充一點，正如我在評論中所說，我們完全期待在未來幾個月內，與像com這樣的合作夥伴一起，準備好程式碼。正如蒂姆在評論中提到的那樣，就像 SETI 和 Kys 以及其他項目一樣，我們有計劃恢復這些業務。

All other vectors of growth feel great in that business. We just got a modest US unanticipated change in consumption and paying behavior and we'll, it has to settle back in.

該業務的所有其他成長載體都表現良好。美國消費和支付行為剛出現了意料之外的輕微變化，我們必須重新適應。

Understood. I'll leave it there. Thank you guys. I think that's, I think we've hit time. I don't want to keep people passed if we could help but operator, thank you for your help today.

明白了。我就把它留在那裡。謝謝你們。我認為我們已經到了時候了。如果我們能幫忙的話我不想阻止人們通過，但是操作員，感謝您今天的幫助。

A quick summary, a great quarter, a good quarter from a from a reported financial results and KPI's perspective, an exceptional quarter when it comes to our competitive positioning and our strategic progress. We we're very pleased to be able to say that our separation of transaction is in the rearview mirror as one of you and it does feel good to make that statement. It was a longer path perhaps than any of us knew.

簡單總結一下，這是一個很棒的季度，從報告的財務結果和 KPI 的角度來看這是一個好的季度，就我們的競爭定位和戰略進展而言這是一個非凡的季度。作為你們中的一員，我們很高興地說，我們的交易分離已經成為過去，做出這樣的聲明確實感覺很好。這條路也許比我們任何人想像的都要長。

And we're very glad to be here. The confidence that our board showed in us to allow us to approve a share repurchase program to suggest that they believe like we do that we are going to generate strong free cash flows at our company for many quarters and years to come, and that the call on that capital, this is not a capital intensive business.

我們很高興來到這裡。董事會對我們所表現出的信心，允許我們批准股票回購計劃，表明他們和我們一樣相信，我們將在未來許多季度和幾年內為公司創造強勁的自由現金流，並且對資本的需求，這不是一個資本密集型的業務。

The call on that capital will not be high. We'll be able to continue to get it back to both shareholders and debt holders over the next several quarters and years. So thank you very much for your interest. We appreciate your time very much and we'll talk to you again in 90 days.

對該資本的需求不會很高。在接下來的幾個季度和幾年裡，我們將能夠繼續將利潤返還給股東和債權人。非常感謝您的關注。我們非常感謝您抽出時間，我們將在 90 天後再次與您聯繫。

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。