NCR Voyix Corp (VYX) 2021 Q4 法說會逐字稿

Good day, and welcome to the NCR Corporation Fourth Quarter Fiscal Year 2021 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 NCR 公司 2021 財年第四季度收益電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Mr. Michael Nelson, Treasurer, Vice President of Investor Relations. Please go ahead, sir.

在這個時候，我想把會議交給財務主管兼投資者關係副總裁邁克爾尼爾森先生。請繼續，先生。

Good afternoon, and thank you for joining our full year and fourth quarter 2021 earnings call. Joining me on the call today are Mike Hayford, CEO; Owen Sullivan, President and COO; and Tim Oliver, CFO.

下午好，感謝您參加我們的 2021 年全年和第四季度財報電話會議。今天和我一起參加電話會議的是首席執行官 Mike Hayford；歐文沙利文，總裁兼首席運營官；和首席財務官蒂姆奧利弗。

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

在開始之前，讓我提醒您，我們的演示和討論將包括前瞻性陳述。這些陳述反映了我們當前的期望和信念，但它們受到風險和不確定性的影響，可能導致實際結果與這些期望存在重大差異。這些風險和不確定性在我們的收益發布和我們定期向美國證券交易委員會提交的文件中進行了描述，包括我們的年度報告。

On today's call, we will also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials, the press release dated February 8, 2022, and on the Investor Relations page of our website. A replay of this call will be available later today on our website, ncr.com.

在今天的電話會議上，我們還將討論某些非公認會計原則的財務措施。這些非 GAAP 措施在演示材料、2022 年 2 月 8 日的新聞稿以及我們網站的“投資者關係”頁面上進行了描述並與 GAAP 對應措施進行了核對。今天晚些時候將在我們的網站 ncr.com 上重播這次電話會議。

With that, I would now like to turn the call over to Mike.

有了這個，我現在想把電話轉給邁克。

Thanks, Michael, and thank you, everyone, for joining us today for our fourth quarter and full year 2021 earnings call. I will begin with some of my views on the business, including an update on our move to NCR becoming a Software-led as a Service company with a higher shift to recurring revenue streams. I will also provide commentary on the strategic review process we noted in our earnings release. Tim will then review our financial performance and an outlook into 2022. And then Owen, Tim and I will take your questions.

謝謝邁克爾，謝謝大家今天加入我們參加我們的 2021 年第四季度和全年財報電話會議。我將從我對業務的一些看法開始，包括關於我們向 NCR 轉變為以軟件為主導的服務公司的最新情況，該公司向經常性收入流的轉變更高。我還將就我們在收益發布中提到的戰略審查過程發表評論。然後蒂姆將審查我們的財務業績和對 2022 年的展望。然後歐文、蒂姆和我將回答你的問題。

Let's begin on Slide 4 with some highlights from this past year. We entered the fourth quarter with momentum across our business and finished a very strong year. Keep in mind, we entered 2021 hoping that the COVID pandemic was mostly behind us, but we continued to experience COVID-related flare-ups throughout the year and then the added challenges brought on by the supply chain issues in the second half of 2021. Throughout the year, our team continued to execute and delivered a very strong year for our shareholders. I want to specifically call out our 15,000 customer engineers who have continued to work to support our clients in stores, restaurants and banks during the past 2 years of the pandemic. I'm also proud of the continued execution our teams have done to improve our products and services, as we have been making our way back to the office with a flexible hybrid work environment.

讓我們從幻燈片 4 開始，介紹過去一年的一些亮點。我們進入第四季度，整個業務勢頭強勁，並完成了非常強勁的一年。請記住，我們進入 2021 年時希望 COVID 大流行已經過去，但我們全年繼續經歷與 COVID 相關的突發事件，然後是 2021 年下半年供應鏈問題帶來的額外挑戰。在這一年中，我們的團隊繼續執行並為我們的股東帶來了非常強勁的一年。我想特別呼籲我們的 15,000 名客戶工程師，他們在過去 2 年的大流行中繼續努力支持我們在商店、餐館和銀行的客戶。我也為我們的團隊為改進我們的產品和服務所做的持續執行感到自豪，因為我們一直在以靈活的混合工作環境回到辦公室。

During this time, we've had a keen focus on taking care of our customers with the belief that customer -- happy customers will buy more from NCR. We also successfully completed one of the largest acquisitions in NCR's history. We completed the Cardtronics acquisition midyear and are well on our way with integrating the 2 companies. In 2021, NCR delivered 15% total revenue growth, with recurring revenue growth of 25%. Adjusted EBITDA increased 39%, while adjusted EBITDA margins expanded 300 basis points to 17.4% Our earnings per share increased 51% and we delivered free cash flow of $460 million for the year.

在此期間，我們一直專注於照顧我們的客戶，相信客戶——滿意的客戶會從 NCR 購買更多產品。我們還成功完成了 NCR 歷史上最大的收購之一。我們在年中完成了對 Cardtronics 的收購，並且正在順利整合這兩家公司。 2021 年，NCR 實現了 15% 的總收入增長，經常性收入增長 25%。調整後 EBITDA 增長 39%，而調整後 EBITDA 利潤率擴大 300 個基點至 17.4% 我們的每股收益增長了 51%，全年實現了 4.6 億美元的自由現金流。

Now moving to Slide 5. We have had strong momentum across our strategic growth platforms, which support our transition to shift NCR to a software-led as-a-service company. Our 2022 outlook expects another strong year with strong revenue growth and significantly higher profitability. Tim will discuss our guidance in more detail later. In banking, we continue to have positive momentum in our digital banking platform. In the fourth quarter, Digital Banking had 37 renewals, 4 new logo deals and 3 business banking wins, all positive drivers of growth. Demand has been strong for our digital banking platform as well as for our online digital account opening, which we obtained through the acquisition of Terafina.

現在轉到幻燈片 5。我們的戰略增長平台勢頭強勁，這支持我們將 NCR 轉變為以軟件為主導的即服務公司。我們的 2022 年展望預計又是一個強勁的一年，收入增長強勁，盈利能力顯著提高。 Tim 稍後將更詳細地討論我們的指導。在銀行業，我們的數字銀行平台繼續保持積極勢頭。第四季度，數字銀行業務有 37 項續訂、4 項新標識交易和 3 項商業銀行業務，這些都是增長的積極推動力。對我們的數字銀行平台以及我們通過收購 Terafina 獲得的在線數字賬戶開立的需求一直很強勁。

We have made significant progress returning digital banking to a growth engine for NCR. During the fourth quarter, Digital Banking revenue accelerated to 14% growth on a year-over-year same period basis. We are receiving increased interest in our ATM as a Service solution, an integrated go-to-market model combining the NCR and Cardtronics team provided a key point of competitive differentiation. Seacoast Bank of Florida and Texas-based EECU both selected NCR's ATM as a Service offering to own, run, manage and modernize their ATM fleet. And Bank of Baroda, one of India's largest banks with over 9,000 ATMs selected NCR's ATM as a Service offering.

我們在讓數字銀行成為 NCR 的增長引擎方面取得了重大進展。第四季度，數字銀行收入同比增長 14%。我們對我們的 ATM 即服務解決方案越來越感興趣，這是一種結合了 NCR 和 Cardtronics 團隊的集成式上市模式，提供了競爭差異化的關鍵點。佛羅里達海岸銀行和德克薩斯州的 EECU 都選擇了 NCR 的 ATM 即服務產品來擁有、運行、管理和現代化他們的 ATM 機隊。印度最大的銀行之一的巴羅達銀行擁有 9,000 多台 ATM，選擇了 NCR 的 ATM 即服務產品。

In retail, we have positive momentum in winning the upgrade imperative for retail point of sale solutions. We have recently signed a contract to migrate A.S. Watson from NCR's legacy POS to our next-gen NCR commerce platform with a 5-year subscription. A.S. Watson is one of the largest -- one of the world's largest international health and beauty retailers with over 16,000 stores in 28 markets. We also had a competitive win with Asda, one of the largest retailers in the U.K. Asda will be migrating from a competitor's legacy product to our NCR Commerce platform with a 5-year subscription, covering software, services and hardware in our company's journey for NCR to run the store.

在零售方面，我們在贏得零售點解決方案升級的必要性方面具有積極的勢頭。我們最近簽署了遷移 A.S. 的合同。 Watson 從 NCR 的傳統 POS 到我們的下一代 NCR 商務平台，訂閱期為 5 年。作為。 Watson 是最大的之一——世界上最大的國際健康和美容零售商之一，在 28 個市場擁有超過 16,000 家門店。我們還與英國最大的零售商之一 Asda 取得了競爭性勝利，Asda 將從競爭對手的舊產品遷移到我們的 NCR Commerce 平台，訂閱期為 5 年，涵蓋我們公司 NCR 旅程中的軟件、服務和硬件經營商店。

During the quarter, we continued to gain traction from our digital-first retail front-end app Freshop. This SaaS solution helps grocers implement their own e-commerce and delivery services through the NCR Commerce platform. In self-checkout, we are also seeing continued adoption with our market-leading solutions. Bed, Bath & Beyond has started to roll out NCR cloud-enabled self-checkout solutions across its footprint which represents a meaningful expansion of self-checkout into department and specialty retail stores.

在本季度，我們繼續從我們的數字優先零售前端應用程序 Freshop 中獲得牽引力。此 SaaS 解決方案可幫助雜貨商通過 NCR Commerce 平台實施自己的電子商務和交付服務。在自助結賬方面，我們也看到市場領先的解決方案繼續被採用。 Bed, Bath & Beyond 已開始在其足跡中推出支持 NCR 雲的自助結賬解決方案，這代表了自助結賬向百貨商店和專業零售店的有意義的擴展。

In hospitality, our focus on customer success and wallet share gain is proving itself and our ability to attract new customers and better service existing customers. NCR expanded our relationship with Landry's, a multinational entertainment company with more than 60 restaurant brands signing a 5-year Aloha Essentials subscription and launching e-commerce solutions for quick and easy mobile ordering and delivery. The agreement drives Landry's end-to-end digital transformation, freeing its restaurants to focus on delivering exceptional guest experiences.

在酒店業，我們對客戶成功和錢包份額收益的關注正在證明自己以及我們吸引新客戶和更好地服務現有客戶的能力。 NCR 擴大了與 Landry's 的合作關係，Landry's 是一家擁有 60 多個餐飲品牌的跨國娛樂公司，簽署了為期 5 年的 Aloha Essentials 訂閱，並推出了電子商務解決方案，以實現快速輕鬆的移動訂購和交付。該協議推動了 Landry 的端到端數字化轉型，使其餐廳能夠專注於提供卓越的賓客體驗。

Our Payments business continued its success during the fourth quarter as we increased the number of payment processing sites attached to our POS by 42% from the third quarter, and we are extremely pleased with the performance of Cardtronics, as we continue to add and expand with financial and retail partners. We are driving more transactions across the Allpoint network. In the fourth quarter, total NCR payment network transactions increased 12% compared to the fourth quarter of 2020. We expect to drive both merchant-acquiring transaction growth and new transaction type growth on the Allpoint network. With the launch of Pay360, which will bring more transaction types, including complete digital currency solutions and the ability to buy and sell cryptocurrency to our proprietary Allpoint network.

我們的支付業務在第四季度繼續取得成功，因為我們將連接到我們的 POS 的支付處理站點的數量比第三季度增加了 42%，我們對 Cardtronics 的表現非常滿意，因為我們繼續增加和擴展金融和零售合作夥伴。我們正在通過 Allpoint 網絡推動更多交易。第四季度，NCR 支付網絡總交易量與 2020 年第四季度相比增長了 12%。我們預計將推動 Allpoint 網絡上的商戶獲取交易增長和新交易類型的增長。隨著 Pay360 的推出，它將帶來更多的交易類型，包括完整的數字貨幣解決方案以及在我們專有的 Allpoint 網絡中買賣加密貨幣的能力。

And finally, as we noted in the press release, we have launched a Board-led strategic review process that will include the input of our executive team, our Board of Directors and outside advisers. As you heard at our Investor Day on December 9 of last year, the entire management team is very excited about the progress we have made to transform our company and even more optimistic about the future. We highlighted an almost 3x increase in our customer satisfaction measured by NPS since 2018. We have shifted our company from a hardware-centric brand to a software-led as-a-service company.

最後，正如我們在新聞稿中指出的那樣，我們啟動了由董事會主導的戰略審查流程，其中包括我們的執行團隊、董事會和外部顧問的意見。正如您在去年 12 月 9 日的投資者日上所聽到的那樣，整個管理團隊對我們在公司轉型方面取得的進展感到非常興奮，並且對未來更加樂觀。我們強調，自 2018 年以來，以 NPS 衡量的客戶滿意度提高了近 3 倍。我們已將公司從以硬件為中心的品牌轉變為以軟件為主導的即服務公司。

And we have invested to build competitive products across all of our business lines. But while this execution over the past 3 years has exceeded our goal and has been recognized by our customers, the marketplace and our employees, our stock price has not reflected that performance. We have consistently said if execution and transparency were not sufficient to improve our market valuation, we would consider taking the appropriate actions to more immediately and directly liberate that value. While we were not presupposing an outcome from this review, we do intend to consider various potential actions, structures and solutions that will unlock value for our shareholders.

我們已經投資在我們所有的業務線中打造有競爭力的產品。但是，雖然過去 3 年的執行已經超出了我們的目標，並且得到了我們的客戶、市場和我們的員工的認可，但我們的股價並沒有反映這種表現。我們一直表示，如果執行和透明度不足以提高我們的市場估值，我們會考慮採取適當的行動來更直接、更直接地釋放這種價值。雖然我們沒有預設本次審查的結果，但我們確實打算考慮各種可能為股東釋放價值的潛在行動、結構和解決方案。

With that, let me pass it over to Tim.

有了這個，讓我把它交給蒂姆。

Thanks, Mike, and thanks to all of you for joining us today. As Mike described, our solid fourth quarter capped a very strong 2021. We simultaneously generated substantial improvements in nearly every financial metric and accelerated our strategic progress. Just as a reminder and similar to last quarter, the legacy Cardtronics results are included in our banking segment. So Beginning with our Q1 2022 earnings release, we will report our results relative to the new segmentation described in our December Investor Day.

謝謝，邁克，感謝你們今天加入我們。正如邁克所描述的，我們穩健的第四季度為 2021 年帶來了非常強勁的業績。我們同時在幾乎所有財務指標上都取得了顯著改善，並加快了我們的戰略進展。提醒一下，與上一季度類似，傳統的 Cardtronics 業績包含在我們的銀行部門中。因此，從 2022 年第一季度收益發布開始，我們將報告與 12 月投資者日中描述的新細分相關的結果。

Let's begin on Slide 6 with a top level overview of our fourth quarter financial performance. Starting in the top left, revenue was $2 billion, up $403 million or 25% versus the 2020 fourth quarter driven by strong growth in all 3 of our segments. Normalizing for the inclusion of Cardtronics in the prior year, pro forma revenue was up 8% year-over-year. The addition of Cardtronics revenue, which is predominantly recurring helped push our aggregate result up to 35% and a proportion of recurring revenue up to 58% in the quarter. On a pro forma basis, recurring revenue was up 5% year-over-year. In the top right, adjusted EBITDA increased $95 million or 37% year-over-year to $353 million. Adjusted EBITDA margin rate expanded by 160 basis points to 17.4%.

讓我們從幻燈片 6 開始，概述我們第四季度的財務業績。從左上角開始，收入為 20 億美元，與 2020 年第四季度相比增長 4.03 億美元或 25%，這得益於我們所有三個部門的強勁增長。將去年納入 Cardtronics 的情況正常化後，備考收入同比增長 8%。 Cardtronics 收入的增加主要是經常性收入，這有助於將我們的總業績推高至本季度的 35%，並將經常性收入的比例提高至 58%。在備考基礎上，經常性收入同比增長 5%。在右上角，調整後的 EBITDA 同比增長 9500 萬美元或 37%，達到 3.53 億美元。調整後 EBITDA 利潤率擴大 160 個基點至 17.4%。

I'll provide additional detail on the discussion of the segments. But in summary, a higher value revenue mix from both the acquisition and sales shift, cost productivity and pricing initiatives, all together continue to counterbalance premium costs associated with a very difficult supply chain and an accelerating shift to recurring revenue in our retail business.

我將提供有關這些部分討論的更多詳細信息。但總而言之，收購和銷售轉變、成本生產力和定價舉措帶來的更高價值的收入組合，共同繼續抵消與非常困難的供應鏈相關的溢價成本，以及我們零售業務向經常性收入的加速轉變。

In the bottom left, non-GAAP EPS was $0.76, up $0.17 or 30% from the prior year fourth quarter. The integration of Cardtronics is going very well, and we remain on track for the transaction to be 20% to 25% accretive to NCR EPS within its first full year. And finally, we delivered another solid quarter of free cash flow, with generation of $100 million. Component lead times and the Omicron disruptions caused this quarter to be far less linear than we planned. The resulting inefficiencies caused pressure on working capital, particularly in receivables and finished goods. That said, this marks the seventh consecutive quarter of positive free cash flow generation as we continue to drive more linear processes throughout our cash cycle.

在左下角，非公認會計原則每股收益為 0.76 美元，比去年第四季度增長 0.17 美元或 30%。 Cardtronics 的整合進展順利，我們仍有望在交易的第一個全年內為 NCR 每股收益增加 20% 至 25%。最後，我們實現了又一個穩定的季度自由現金流，產生了 1 億美元。組件交貨時間和 Omicron 中斷導致本季度的線性度遠低於我們的計劃。由此產生的低效率對營運資金造成壓力，尤其是在應收賬款和製成品方面。也就是說，這標誌著連續第七個季度產生正的自由現金流，因為我們在整個現金周期中繼續推動更線性的流程。

Slide 7 shows our financial highlights for the full year. Revenue was $7.2 billion, up $949 million or 15% versus 2020 driven by strong growth across all segments. On a pro forma basis, revenue was up 6% year-over-year. We continue to make progress expanding our recurring revenue, which in aggregate was up 25% and comprised 58% of total revenue. On a pro forma basis, recurring revenue was up 8% year-over-year. In the top right, adjusted EBITDA increased $348 million or 39% year-over-year to $1.2 billion. Adjusted EBITDA margin rate expanded 300 basis points to 17.4%, a high watermark for NCR. And for context, stand-alone NCR meaning without the benefit of Cardtronics, adjusted EBITDA increased 19% year-over-year and stand-alone NCR adjusted EBITDA margin rate expanded 180 basis points.

幻燈片 7 顯示了我們全年的財務亮點。收入為 72 億美元，與 2020 年相比增長 9.49 億美元或 15%，這得益於所有細分市場的強勁增長。在備考基礎上，收入同比增長 6%。我們繼續在擴大經常性收入方面取得進展，總收入增長了 25%，佔總收入的 58%。在備考基礎上，經常性收入同比增長 8%。在右上角，調整後的 EBITDA 同比增長 3.48 億美元或 39%，達到 12 億美元。調整後的 EBITDA 利潤率擴大 300 個基點至 17.4%，是 NCR 的高水位線。就上下文而言，獨立 NCR 意味著沒有 Cardtronics 的好處，調整後的 EBITDA 同比增長 19%，獨立 NCR 調整後的 EBITDA 利潤率擴大了 180 個基點。

In the bottom left, non-GAAP EPS for the full year was $2.56, up $0.87 or 51% from the year ago 2020, and we drove strong linear free cash flow for a full year result of $460 million.

在左下角，全年非 GAAP 每股收益為 2.56 美元，比 2020 年同期增長 0.87 美元或 51%，我們推動了強勁的線性自由現金流，全年業績達到 4.6 億美元。

Before I move on to discuss the segment view, I need to remind those of you who build models that beginning in Q1, we will be reporting our results in our new segments. Those segments are payments in network, digital banking, self-service banking, retail and hospitality. To assist with your analysis, we will provide several years of historic results describing these new segments shortly after we file our 10-K.

在繼續討論細分視圖之前，我需要提醒那些構建模型的人，從第一季度開始，我們將在新的細分中報告我們的結果。這些細分市場包括網絡支付、數字銀行、自助銀行、零售和酒店業。為了幫助您進行分析，我們將在提交 10-K 後不久提供描述這些新細分市場的幾年曆史結果。

Slide 8 shows our banking segment results, which include the Cardtronics operations. Banking revenue increased $320 million or 40% year-over-year, benefited by the addition of Cardtronics. Legacy NCR Banking was up 7% year-over-year with particularly strength in software, up 15%. In addition to a key upfront software deal in the period, we experienced much higher demand for subscription software services, with a total signed contract value up 28% year-over-year. We also saw increased demand for our hardware solutions with revenue up 10% and orders up 28%. Hardware orders growth includes increased demand for our new scalable recycler product, which is expected to accelerate across 2022 as we complete customer testing.

幻燈片 8 顯示了我們的銀行業務部門業績，其中包括 Cardtronics 業務。得益於 Cardtronics 的加入，銀行業務收入同比增長 3.2 億美元或 40%。傳統 NCR 銀行業務同比增長 7%，其中軟件業務尤為強勁，增長 15%。除了在此期間的一項重要的前期軟件交易外，我們對訂閱軟件服務的需求也大大增加，簽訂的合同總價值同比增長 28%。我們還看到對我們硬件解決方案的需求增加，收入增長 10%，訂單增長 28%。硬件訂單增長包括對我們新的可擴展回收器產品的需求增加，隨著我們完成客戶測試，預計該產品將在 2022 年加速。

We continue to successfully replace our onetime revenue that was traditionally recognized with the sale of ATM hardware with more durable, predictable and valuable software and services revenue streams. Banking adjusted EBITDA increased $98 million or 74% year-over-year. Adjusted EBITDA margin rate expanded by 400 basis points to 20.6%. The margin increase was a result of significant accretion from the inclusion of Cardtronics, a more profitable and valuable revenue mix in our legacy NCR businesses as well as cost productivity and price increases we've previously put in place.

我們繼續成功地用更持久、可預測和有價值的軟件和服務收入流來取代傳統上通過銷售 ATM 硬件來確認的一次性收入。銀行業調整後的 EBITDA 同比增長 9800 萬美元或 74%。調整後 EBITDA 利潤率擴大 400 個基點至 20.6%。利潤率的增長是由於加入 Cardtronics 帶來的顯著增長，這是我們傳統 NCR 業務中更有利可圖和更有價值的收入組合，以及我們之前實施的成本生產率和價格上漲。

The bottom of the slide shows our banking segment key results. On the left, we had a terrific year in digital banking with revenue up 9% for the full year. Digital banking growth rate accelerated throughout the year with a fourth quarter up 14% compared to the same quarter of 2020. Digital banking registered users increased only 3%. The sequential decline was caused by a customer consolidation and a subsequent move to an in-house solution. The shift to recurring revenue continues to gain traction with recurring revenue up 42% for the full year and up 6% on a pro forma basis. In the fourth quarter, recurring revenue growth accelerated to 8% on that same pro forma basis.

幻燈片底部顯示了我們銀行部門的主要結果。在左邊，我們在數字銀行領域度過了非常棒的一年，全年收入增長了 9%。數字銀行全年增速加快，第四季度較 2020 年同期增長 14%。數字銀行註冊用戶僅增長 3%。連續下降的原因是客戶整合以及隨後轉向內部解決方案。向經常性收入的轉變繼續受到關注，全年經常性收入增長 42%，在備考基礎上增長 6%。在第四季度，在相同的備考基礎上，經常性收入增長加速至 8%。

Moving to Slide 9, which shows our retail segment results. Starting at the top left, retail revenue increased $51 million or 9% year-over-year due to higher point-of-sale and self-checkout solutions revenue. Increases in North American hardware sales and software licenses for enterprise and self-checkout applications as well as cloud revenue paced this growth. Retail adjusted EBITDA declined 1% year-over-year while adjusted EBITDA margin rate contracted 150 basis points to 14%. Hardware material costs and freight expedites and higher services staffing levels constrained margin expansion. These impacts were partially offset by price increases and reduced expenses. We continue to have success transitioning our retail business from onetime perpetual sales into multiyear subscription-based revenue streams.

轉到幻燈片 9，它顯示了我們的零售部門結果。從左上角開始，由於銷售點和自助結賬解決方案收入增加，零售收入同比增長 5100 萬美元或 9%。北美企業和自助結賬應用程序的硬件銷售和軟件許可證的增加以及雲收入的增長推動了這一增長。零售調整後 EBITDA 同比下降 1%，而調整後 EBITDA 利潤率收縮 150 個基點至 14%。硬件材料成本和運費加快以及更高的服務人員配備水平限制了利潤率的擴張。這些影響被價格上漲和費用減少部分抵消。我們繼續成功地將我們的零售業務從一次性永久銷售轉變為基於多年訂閱的收入流。

The strategic deals that Mike mentioned at Asda, A.S. Watson and Bed Bath & Beyond were key wins in the fourth quarter. The nature of these contracts shifted roughly $14 million of very high profit revenue that would previously have occurred as upfront software license to recurring revenue, which impacted the year-over-year comparisons. The bottom of this slide shows retail segment key metrics. On the left, self-checkout revenue increased 13% for the full year in line with our expected full year 2021 double-digit results. And in the center bottom, our platform lanes, a KPI that illustrates the success of our strategy of converting our retail customers to our platform-based subscription model.

Mike 在 Asda, A.S. 提到的戰略交易。 Watson 和 Bed Bath & Beyond 是第四節的關鍵勝利。這些合同的性質將大約 1400 萬美元的非常高的利潤收入轉變為經常性收入，這影響了與去年同期的比較。這張幻燈片的底部顯示了零售部門的關鍵指標。在左側，自助結賬收入全年增長 13%，符合我們預期的 2021 年全年兩位數結果。中間底部是我們的平台通道，這是一個 KPI，它說明了我們將零售客戶轉變為基於平台的訂閱模式的戰略的成功。

In 2021, we more than tripled the number of platform lanes. Momentum for our strategy of converting traditional lanes to platform lanes carries into 2022, with a substantial lane conversion backlog. Recurring revenue in this business increased 9% for the full year.

2021 年，我們的站台車道數量增加了兩倍多。我們將傳統車道轉換為站台車道的戰略勢頭將持續到 2022 年，並有大量車道轉換積壓。該業務的經常性收入全年增長 9%。

Slide 10 shows our Hospitality segment results and illustrates momentum across this business with particular strength in the enterprise market, caused by an uptick in new restaurant openings and technology refreshes. Hospitality revenue increased $49 million or 27% as restaurants reopen, rework their existing locations and expand. Revenue is returning to 2019 levels and the virus disruptions are becoming less disruptive. Our pipeline is strong, and our backlog is significantly higher than it was a year ago. We continue to triage component supply to insulate our customers from supply chain disruptions.

幻燈片 10 顯示了我們的酒店業務部門的業績，並說明了該業務的發展勢頭，尤其是在企業市場上，這是由於新餐廳開業和技術更新的增加所致。隨著餐廳重新開業、對現有地點進行改造和擴張，酒店業收入增加了 4900 萬美元或 27%。收入正在恢復到 2019 年的水平，並且病毒干擾正在變得不那麼具有破壞性。我們的管道很強大，我們的積壓工作明顯高於一年前。我們繼續對組件供應進行分類，以使我們的客戶免受供應鏈中斷的影響。

Fourth quarter adjusted EBITDA was flat from the fourth quarter of 2020, with an adjusted EBITDA margin rate of 11.7%. Intentional increases in sales and marketing costs to catalyze growth and significant cost pressure for both chipsets and expedited freight and hardware for our enterprise customers impacted those margins.

第四季度調整後 EBITDA 與 2020 年第四季度持平，調整後 EBITDA 利潤率為 11.7%。為促進增長而有意增加的銷售和營銷成本以及芯片組的巨大成本壓力以及我們企業客戶的加速貨運和硬件影響了這些利潤率。

Hospitality's key metrics on the bottom of the slide include Aloha Essentials sites and recurring revenue. Aloha Essentials sites increased 148% for the full year, while recurring revenue increased 9% in 2021.

幻燈片底部的酒店業的關鍵指標包括 Aloha Essentials 網站和經常性收入。 Aloha Essentials 網站全年增長 148%，而經常性收入在 2021 年增長 9%。

Turning to Slide 11, where we provide our full year results for our 80/60/20 strategic targets. These goals were originally put in place in 2019 as 2024 targets. And even with the pandemic and the supply chain disruptions, we have executed successfully and deem these goals nearly complete. This will be the last time we present this slide as we have a new set of more aggressive and aspirational 5-year goals for our organization. First, we strive to generate 80% of our revenue from software and services or less than 20% of our revenue from discrete hardware sales. In 2021, software and services represented 73% of our revenue, up from 72% in 2020.

轉到幻燈片 11，我們提供了 80/60/20 戰略目標的全年業績。這些目標最初是在 2019 年作為 2024 年目標制定的。即使在大流行和供應鏈中斷的情況下，我們也已成功執行並認為這些目標已接近完成。這將是我們最後一次展示這張幻燈片，因為我們為我們的組織製定了一套新的更具進取性和抱負的 5 年目標。首先，我們努力將 80% 的收入來自軟件和服務，或者不到 20% 的收入來自離散硬件銷售。 2021 年，軟件和服務占我們收入的 73%，高於 2020 年的 72%。

Next, we aim for 60% of our revenues to be recurring to drive more resilient, more predictable and more valuable revenue. In 2021, recurring revenue represented 58% of our total, up from 54% in 2020. And we aspire to a 20% adjusted EBITDA margin rate. We made significant progress on this metric with an adjusted EBITDA margin of 17.4% in 2021 compared to 14.4% in 2020.

接下來，我們的目標是 60% 的收入是經常性的，以推動更具彈性、更可預測和更有價值的收入。 2021 年，經常性收入占我們總收入的 58%，高於 2020 年的 54%。我們希望調整後的 EBITDA 利潤率達到 20%。我們在這一指標上取得了重大進展，2021 年調整後的 EBITDA 利潤率為 17.4%，而 2020 年為 14.4%。

On Slide 12, we present free cash flow, net debt and adjusted EBITDA metrics to facilitate leverage calculations. We continued the trend of strong or linear free cash flow. We generated total free cash flow of $100 million. We have a strong balance sheet, ample liquidity and the financial strength to support our growth strategy. This slide also shows our net debt to adjusted EBITDA metric with a pro forma leverage ratio of 3.7x. We ended the fourth quarter with $447 million of cash and remain well within our debt covenants, which include a maximum pro forma leverage ratio of 5.5x. We also have significant liquidity with over $900 million available under the revolving credit facility.

在幻燈片 12 中，我們展示了自由現金流、淨債務和調整後的 EBITDA 指標，以方便槓桿計算。我們延續了強勁或線性自由現金流的趨勢。我們產生了 1 億美元的總自由現金流。我們擁有強大的資產負債表、充足的流動性和支持我們增長戰略的財務實力。這張幻燈片還顯示了我們的淨債務與調整後 EBITDA 指標的比率，備考槓桿率為 3.7 倍。我們在第四季度結束時擁有 4.47 億美元的現金，並且仍然在我們的債務契約範圍內，其中包括最高 5.5 倍的備考槓桿率。我們還擁有大量流動性，可在循環信貸額度下使用超過 9 億美元。

On Slide 13, we present our full year 2022 outlook. We expect revenue of $8 billion to $8.2 billion, representing growth between 12% and 15%. That range represents caution around the first-half global transaction volumes and presumes component availability eases in the second half. We also assume a typical net impact from the shift to recurring revenue. We expect adjusted EBITDA to be $1.5 billion to $1.575 billion, representing a growth rate of 21% to 27%. This range presumes a difficult cost-price dynamic in the first half that eases in the second. It also includes full execution of the Cardtronics transaction synergies. Non-GAAP EPS is expected to be $3.25 to $3.55 for the year, representing growth of 27% to 39%. We've assumed a tax rate of 26% and a share count of 154 million shares in that analysis.

在幻燈片 13 中，我們展示了 2022 年全年展望。我們預計收入將在 80 億美元至 82 億美元之間，增長 12% 至 15%。該範圍代表對上半年全球交易量的謹慎態度，並假設下半年組件可用性有所緩解。我們還假設轉變為經常性收入會產生典型的淨影響。我們預計調整後的 EBITDA 為 15 億美元至 15.75 億美元，增長率為 21% 至 27%。該範圍假設上半年成本價格動態困難，下半年有所緩解。它還包括完全執行 Cardtronics 交易協同效應。非美國通用會計準則每股收益預計為 3.25 美元至 3.55 美元，增長 27% 至 39%。在該分析中，我們假設稅率為 26%，股票數量為 1.54 億股。

We expect to generate free cash flow between $500 million and $600 million. A key to free cash flow will be the ability to use nonrecourse financing to fund the ATM and SCO as a service strategy. To assure alignment with your quarterly models, I also want to provide some thoughts on Q1 and the calendarization of 2022. You will recall that a very low pandemic adjusted cost base, combined with a modest post-virus bounce allowed us to get out to a fast start in 2021. The second-half performance, while still strong, was significantly impacted by step function changes in our component costs and our freight costs. Performance in 2022 is likely to be a mirror image of that environment, with price increases catching up with costs in the first half and a second half increase in revenue as transaction volumes normalize and components become more readily available.

我們預計將產生 5 億至 6 億美元的自由現金流。自由現金流的一個關鍵是能夠使用無追索權融資為 ATM 和 SCO 即服務戰略提供資金。為了確保與您的季度模型保持一致，我還想提供一些關於第一季度和 2022 年日曆的想法。您會記得，大流行調整後的成本基數非常低，加上病毒後的適度反彈使我們能夠走出2021年快速啟動。下半年的表現雖然仍然強勁，但受到我們組件成本和貨運成本的階躍函數變化的顯著影響。 2022 年的表現可能是該環境的鏡像，上半年價格上漲趕上成本，下半年隨著交易量正常化和組件變得更容易獲得，收入增加。

So for Q1, we expect revenue of $1.9 billion to $1.95 billion, which is up 23% to 26% on a reported basis. Part supply will likely constrain hardware sales and global Omicron-impacted transaction volumes will be down. While the hardware revenue will push forward in the subsequent quarters, transaction volumes do not. We expect adjusted EBITDA of $325 million to $350 million, which results in a margin rate very similar to that of Q4. A less advantageous hardware mix and premium manufacturing costs will be countered by price increases and cost productivity. We expect non-GAAP EPS of $0.60 to $0.65. We've assumed a tax rate of 26% and a first quarter share count of 152.5 million shares.

因此，對於第一季度，我們預計收入在 19 億美元至 19.5 億美元之間，在報告的基礎上增長 23% 至 26%。零件供應可能會限制硬件銷售，全球受 Omicron 影響的交易量將下降。雖然硬件收入將在隨後的幾個季度有所增長，但交易量卻不會。我們預計調整後的 EBITDA 為 3.25 億美元至 3.5 億美元，這導致利潤率與第四季度非常相似。價格上漲和成本生產率將抵消不利的硬件組合和優質製造成本。我們預計非公認會計原則每股收益為 0.60 美元至 0.65 美元。我們假設稅率為 26%，第一季度的股票數量為 1.525 億股。

We expect the first quarter to be a modest use of cash due to typical seasonal factors, such as our annual 401(k) match and our annual cash compensation expense that were not funded in 2021 and to expected higher inventory levels. After Q1, we expect modest sequential quarterly improvement across most financial metrics to ultimately produce the results described by our annual guidance. And finally, Slide 14 bridges 2021 adjusted EBITDA of $1.24 billion to 2022 adjusted EBITDA-guided range, provides a high-level depiction of our earnings drivers for 2022. We expect benefits from increased volume and price increases to drive $150 million to $200 million of incremental adjusted EBITDA. The inclusion of Cardtronics results for the full year is expected to add another $150 million. And we are on track to achieve $100 million in cost synergies associated with the Cardtronics transaction and expect an incremental $25 million in net productivity.

由於典型的季節性因素，我們預計第一季度將適度使用現金，例如我們的年度 401(k) 匹配和我們在 2021 年未提供資金的年度現金補償費用以及預期更高的庫存水平。在第一季度之後，我們預計大多數財務指標的季度環比適度改善，最終會產生我們年度指導所描述的結果。最後，幻燈片 14 將 2021 年調整後的 EBITDA 12.4 億美元與 2022 年調整後的 EBITDA 指導範圍聯繫起來，提供了對我們 2022 年盈利驅動因素的高層次描述。我們預計數量和價格上漲帶來的好處將推動 1.5 億美元至 2 億美元增量調整 EBITDA。包括 Cardtronics 全年業績預計將再增加 1.5 億美元。我們有望實現與 Cardtronics 交易相關的 1 億美元成本協同效應，並預計將增加 2500 萬美元的淨生產力。

The primary headwind in 2022 will be our ongoing shift away from selling perpetual software licenses and hardware to subscription and as-a-service models. We anticipate the shift to recurring to be roughly $150 million, similar to the amount in 2021, but more weighted to retail and ATM as a service. The more successful we are shifting our revenue to multiyear contracts, the larger the near-term headwind would be. We will make sure to call out any major contracts and describe those economics at the time.

2022 年的主要不利因素將是我們正在從銷售永久軟件許可證和硬件轉向訂閱和即服務模式。我們預計向經常性轉變的金額約為 1.5 億美元，與 2021 年的金額相似，但更多地側重於零售和 ATM 即服務。我們將收入轉移到多年期合同越成功，近期的逆風就會越大。我們將確保調用任何主要合同並描述當時的經濟情況。

With that, I'll turn it back to you, Mike.

有了這個，我會把它還給你，邁克。

Thanks, Tim. In closing, I'm on Slide 15, we have made significant strategic progress in 2021, and we did what we said we would do, delivering consistent, strong financial and operating performance. Throughout the year, we've had a keen focus on taking care of our customers with the belief that happy customers will buy more. Our focus is paying off with our Net Promoter Score increasing by 33% in 2021 from 2020. Improved customer satisfaction helps NCR garner a higher share of wallet and was a key contributor to revenue growth and margin expansion across all of our industries. We entered 2022 with momentum and a clear strategic vision as we accelerate our transformation to a software-led as-a-service company.

謝謝，蒂姆。最後，我在幻燈片 15 上，我們在 2021 年取得了重大戰略進展，我們按照我們所說的去做，實現了一致、強勁的財務和運營業績。在這一年中，我們一直專注於照顧我們的客戶，相信滿意的客戶會購買更多。我們的重點是獲得回報，我們的淨推薦值在 2021 年比 2020 年增加了 33%。提高客戶滿意度有助於 NCR 獲得更高的錢包份額，並且是我們所有行業收入增長和利潤率擴張的關鍵貢獻者。隨著我們加速向以軟件為主導的即服務公司的轉型，我們帶著動力和清晰的戰略願景進入 2022 年。

Looking forward, our key priorities are clear. First, we expect to accelerate growth as we leverage our software and payments platform to increase share of wallet. As we discussed at our Investor Day, we have established new 5-year targets, which we call 80/15/1. We strive to generate 80% of our revenue to be recurring. We expect to deliver 15% annual non-GAAP diluted EPS growth each year. And we aspire to generate $1 billion of free cash flow in 2026.

展望未來，我們的主要優先事項很明確。首先，隨著我們利用我們的軟件和支付平台來增加錢包份額，我們預計會加速增長。正如我們在投資者日所討論的那樣，我們制定了新的 5 年目標，我們稱之為 80/15/1。我們努力創造 80% 的經常性收入。我們預計每年將實現 15% 的非公認會計原則攤薄後每股收益增長。我們渴望在 2026 年產生 10 億美元的自由現金流。

Second, we are eager to capitalize on the opportunities that Cardtronics and LibertyX brings us. We closed the LibertyX transaction at beginning of January, and we are very excited about this opportunity. This acquisition continues our strategy to digitally engage with consumers and provide retailers and banks additional solutions for the customers to pay, transact and remit.

其次，我們渴望利用 Cardtronics 和 LibertyX 給我們帶來的機會。我們在 1 月初完成了 LibertyX 交易，我們對這個機會感到非常興奮。此次收購延續了我們以數字方式與消費者互動的戰略，並為零售商和銀行提供額外的解決方案，供客戶支付、交易和匯款。

Third, we will continue to improve execution to drive solid returns for our shareholders while we transform the business to drive a re-rate of our valuation. And finally, we will explore strategic actions to accelerate shareholder value creation as we believe our stock price has not reflected the improved performance demonstrated over the past 3 years.

第三，我們將繼續提高執行力，為股東帶來可觀的回報，同時我們將轉變業務以推動估值的重新估值。最後，我們將探索加快股東價值創造的戰略行動，因為我們認為我們的股價並未反映過去 3 年表現出的改善表現。

This concludes our prepared remarks for today. With that, we will open the call for questions. Thank you for your time. Operator, please open the line.

我們今天準備的發言到此結束。有了這個，我們將打開問題的電話。感謝您的時間。接線員，請打開線路。

(Operator Instructions) We will take our first question from Dan Perlin with RBC Capital Markets.

（操作員說明）我們將回答 RBC Capital Markets 的 Dan Perlin 提出的第一個問題。

Thanks, and good evening, everyone. I wanted to just start, Mike, with the strategic review. I know you probably don't want to go into details on it. But the question, I guess, I have is, as we look across the business and the incremental segmentation that you guys have provided, which I think provide a lot more clarity. The question is, when you think about the opportunities, I mean, can all these businesses at this stage truly stand on their own? Do you see dis-synergies to the extent that you would look at some of the options and I think it's a lengthy list that you mentioned in the press release. So I'm just trying to get some sense as to what you're thinking there.

謝謝，大家晚上好。邁克，我想從戰略審查開始。我知道你可能不想詳細說明它。但我想，我的問題是，當我們審視業務和你們提供的增量細分時，我認為這提供了更多的清晰度。問題是，當您考慮機會時，我的意思是，現階段所有這些業務能否真正獨立存在？您是否會看到一些選項的協同效應，我認為這是您在新聞稿中提到的一個冗長的列表。所以我只是想了解你在想什麼。

Yes. Thanks, Dan. Yes, I mean -- so we gave transparency around 5 business segments, predominantly because they -- as you look at NCR, those 5 business segments, we felt gave better visibility into comps in the marketplace and the ability to understand NCR. But when it comes to what we look at strategic alternatives, we kind of outlined some in the press release. We're going to keep our minds open. I would assume that, that's an outcome as you look at the 5 segments -- that wasn't the intent of why we gave transparency in 5 segments. But as we look at what we could do to unlock value -- and again, we really look at this and say, listen, we've executed for 3 years. We've hit every quarter for 3 years. We've improved our product. We've improved our strategy. We've delivered our products to the market. We have customer sat. We've grown our business and we're pretty excited about where we're going in the future. But yet, we look at where we trade and we're very disappointed with the value.

是的。謝謝，丹。是的，我的意思是——所以我們提供了 5 個業務部門的透明度，主要是因為他們 - 當你查看 NCR 時，這 5 個業務部門，我們覺得可以更好地了解市場中的競爭和了解 NCR 的能力。但是當談到我們對戰略選擇的看法時，我們在新聞稿中概述了一些。我們將保持開放的心態。我會假設，這是您查看 5 個部分時的結果——這不是我們在 5 個部分中提供透明度的目的。但是當我們審視我們可以做些什麼來釋放價值時——再一次，我們真的看到這個並說，聽著，我們已經執行了 3 年。 3 年來，我們每個季度都打。我們改進了我們的產品。我們改進了我們的策略。我們已經將我們的產品推向市場。我們有客戶坐。我們的業務已經發展壯大，我們對未來的發展方向感到非常興奮。但是，我們看看我們在哪裡交易，我們對它的價值感到非常失望。

And we've said in the last couple of years, if the market doesn't catch up and value us appropriately, we would take a long hard look at what we might do. So if you think about the laundry list of things that we might be evaluating, clearly, looking at some of those components that you identified from the 5 business segments, whether some of those might have more value or more access to capital as a stand-alone, I think that would be fair to say we'd look at that. I think you could look at the company and say, the question we always get, how much synergy is between the 2 businesses? We think there's some synergy. But yes, you could look and say, could you split into 2 or 3 pieces and have entities at a little bit more pure play as they go out and compete and create an investment vehicle.

我們在過去的幾年裡說過，如果市場沒有趕上並適當地評估我們，我們會認真考慮我們可能會做什麼。因此，如果您考慮一下我們可能正在評估的清單，很明顯，查看您從 5 個業務部門中確定的其中一些組件，作為立場，其中一些可能具有更高的價值或更多獲得資本的機會 -獨自一人，我認為公平地說我們會考慮這一點。我想你可以看看這家公司，然後說，我們經常遇到的問題是，這兩個業務之間有多少協同作用？我們認為有一些協同作用。但是，是的，你可以看看並說，你能不能分成 2 或 3 部分，讓實體在更純粹的遊戲中出去競爭並創建一個投資工具。

We're going to look at things like -- we actually think one of the challenges we have, the marketplace, the customers, clearly we brought back the brand, the credibility of the brand. We have great brand perception credibility with our employees. We're not sure about that with the investment community. So do we have to do something with the brand and the entity that people invest in -- do we have to look at our footprint locations, countries, our manufacturing footprint, do we need to do something along those lines? I don't think we would rule out, do we look at -- do we combine with an entity in some way, shape or form that continues to push us more to software services, pushes more on the platform company? I would expect it to be in the same industries that we're already in today. I don't know if we'd have a potential strategic buyer interested, but I do think we'd have some sponsors that might be interested in transaction.

我們將考慮這樣的事情 - 我們實際上認為我們面臨的挑戰之一，市場，客戶，顯然我們帶回了品牌，品牌的信譽。我們對員工的品牌認知度很高。對於投資界，我們不確定這一點。那麼，我們是否必須對人們投資的品牌和實體做一些事情——我們是否必須查看我們的足跡位置、國家、我們的製造足跡，我們是否需要沿著這些方向做一些事情？我不認為我們會排除，我們是否會考慮 - 我們是否以某種方式與實體結合，形狀或形式繼續推動我們更多地使用軟件服務，更多地推動平台公司？我希望它與我們今天所處的行業相同。我不知道我們是否有潛在的戰略買家感興趣，但我確實認為我們會有一些可能對交易感興趣的讚助商。

So I think we're going to be very open-minded. There may be some other ideas that come to us. The net of this is, we believe we have executed financially. We've executed strategically. We've executed with our products. We've improved our company over the last 3 years and yet, we're not -- it's not reflected in our valuation. So this is the step we're taking simply because of that fact.

所以我認為我們會非常開放。我們可能會想到其他一些想法。淨是，我們相信我們已經在財務上執行了。我們已經戰略性地執行了。我們已經執行了我們的產品。在過去的 3 年裡，我們已經改進了我們的公司，但我們沒有——這沒有反映在我們的估值中。所以這就是我們正在採取的步驟，僅僅是因為這個事實。

That's great. Just a quick follow-up for Tim. When you think about the guidance and you gave a lot of details here about kind of some of the toggle points. But are you more -- as you sit here today, are you more concerned about the cost aspect of the business to get you to kind of the high low, kind of range? Or are you more concerned about the demand environment across the spectrum of what you can at least see from visibility at this point?

那太棒了。只是對蒂姆的快速跟進。當您考慮指導時，您在這裡提供了很多關於某些切換點的詳細信息。但是，當您今天坐在這裡時，您是否更關心業務的成本方面以使您達到某種高低的範圍？或者您是否更關心此時您至少可以從可見性中看到的範圍內的需求環境？

Yes. So demand is fine. Demand is actually relatively good, nearly everywhere with the exception of transaction volumes at Cardtronics. When the Crown countries start to open up more -- and we -- the U.S. opens up more, I think those will recover as we get kind of -- put the Omicron variants in our rearview mirror. So demand will not be a problem. I feel good about our demand.

是的。所以需求很好。需求實際上相對較好，除了 Cardtronics 的交易量外，幾乎在所有地方都有需求。當皇冠國家開始更多地開放時——而我們——美國也開放得更多，我認為隨著我們的發展——將 Omicron 變體放在我們的後視鏡中。所以需求不會成為問題。我對我們的需求感覺良好。

From a cost perspective, those things we can control, which is our cost, our controllable cost, we'll manage that. We do every year. We have productivity initiatives underway. Adrian and his team look at our manufacturing base and try to make sure that we get sufficient productivity in a typical year to offset inflation. As you know, we came into this year with a significant headwind from inflation that we experienced in the latter half of last year, and while the supply chain is getting better, it's not great. And so my biggest concern would be, can our price increases keep pace with the cost that we've seen thus far? That would be, in my mind, how that plays out will determine what end of the range we end up in.

從成本的角度來看，那些我們可以控制的東西，也就是我們的成本，我們可控的成本，我們會管理它。我們每年都這樣做。我們正在進行生產力計劃。 Adrian 和他的團隊查看了我們的製造基地，並試圖確保我們在典型的一年中獲得足夠的生產力來抵消通貨膨脹。如您所知，今年下半年我們遇到了通貨膨脹的重大不利因素，雖然供應鏈正在變得更好，但情況並不好。所以我最大的擔憂是，我們的價格上漲能否跟上我們迄今為止所看到的成本？在我看來，這將是如何發揮作用將決定我們最終進入的範圍。

We'll take the next question from Matt Summerville with D.A. Davidson.

我們將回答 Matt Summerville 和 D.A. 的下一個問題。戴維森。

A couple of questions. First, if you look at your guidance, Tim, the 12% to 15% revenue growth, how much of that would you say would be pro forma legacy NCR, similar to how you talked about the reporting periods here in the call?

幾個問題。首先，如果你看一下你的指導，蒂姆，12% 到 15% 的收入增長，你會說其中有多少是備考遺留 NCR，類似於你在電話會議中談到的報告期？

I'm not sure. I'll have Michael get you that data. We're going to give you pro forma data going back 8 quarters for all of the segments that will be inclusive of Cardtronics. So I actually didn't do that math for you.

我不知道。我會讓邁克爾幫你拿數據。我們將為您提供包括 Cardtronics 在內的所有細分市場 8 個季度的備考數據。所以我實際上並沒有為你做那個數學。

Matt, this is Mike. I would -- it gets increasingly hard going forward to try to break that out. And I'll give you an example. We talked about 3 ATM as a service deals that we executed in the fourth quarter. I think we talked on the last call, we're very optimistic about that business as we see entities, both small -- and Bank of Baroda, which is a very large entity in India, who look at our ability. Our ability as NCR/Cardtronics, not only to deliver the components, the service, but also to operate. And that's a combined offering of NCR/Cardtronics. So it's really hard to say what -- where is that coming from? We expect more of that in throughout 2022. So I don't think you're going to see us try to break out what is coming from each side of the businesses from a legacy perspective.

馬特，這是邁克。我會 - 試圖打破這一點變得越來越困難。我會給你一個例子。我們談到了我們在第四季度執行的 3 項 ATM 即服務交易。我認為我們在上次電話會議上談過，我們對該業務非常樂觀，因為我們看到了小型實體和巴羅達銀行，這是印度的一個非常大的實體，他們著眼於我們的能力。我們作為 NCR/Cardtronics 的能力，不僅是提供組件、服務，而且是運營。這是 NCR/Cardtronics 的組合產品。所以真的很難說是什麼——那是從哪裡來的？我們預計在整個 2022 年會有更多這樣的事情發生。所以我認為你不會看到我們試圖從傳統的角度打破業務各方的發展。

So while my wingman was talking, I did some math, it's about half of that number is pro forma growth. So the 12% to 15% will be about -- half of that will be pro forma growth.

所以當我的僚機說話時，我做了一些數學計算，這個數字的一半左右是備考增長。所以 12% 到 15% 將是大約 - 其中一半將是備考增長。

Got it. And then you mentioned several times, Tim, about how pleased you are with some of the backlogs you're seeing in the businesses. I was wondering if you could maybe put some numbers around that, whether it be as a whole for NCR at the segment level? And then maybe comment on in a more ideal world supply chain, et cetera wise, how much revenue maybe you would have otherwise been able to deliver in Q4?

知道了。然後你多次提到，蒂姆，你對你在業務中看到的一些積壓工作感到多麼高興。我想知道您是否可以在這方面加上一些數字，無論是 NCR 在細分級別的整體嗎？然後也許在一個更理想的世界供應鏈中發表評論，等等，如果不這樣，你可能在第四季度能夠提供多少收入？

Okay. Yes, so the first part of that is, we don't disclose backlog. Qualitatively, I feel really good about where we entered this year versus where we entered last year. So to have backlog in ATMs and to have backlog in SCO is a nice thing. In terms of how much revenue pushed forward from 1 quarter to the next, we've talked about $40 million to $50 million in hardware revenue pushing forward from Q3 into Q4 and now from Q4 into the first half of 2022. So it's on that magnitude.

好的。是的，所以第一部分是，我們不披露積壓工作。定性地說，我對我們今年進入的位置與去年進入的位置感覺非常好。因此，在 ATM 中積壓並在 SCO 中積壓是一件好事。就從第一季度到下一個季度的收入增長量而言，我們談到了從第三季度到第四季度以及現在從第四季度到 2022 年上半年的 4000 萬美元到 5000 萬美元的硬件收入。 .

We'll take our next question from Charles Nabhan with Stephens.

我們的下一個問題將來自 Charles Nabhan 和 Stephens。

I wanted to ask you about LibertyX, specifically, the degree to which that impacted the quarter as well as your guidance for '22?

我想問你關於 LibertyX 的問題，特別是它對本季度的影響程度以及你對 22 年的指導？

So there's nothing in the quarter to speak of. We didn't get the deal closed until January. So there was no impact to the fourth. We got it closed mid-Jan, there'll be some impact to the first quarter and the full year -- last year's full year revenue, depending on how you account for it, there's still some debate as to whether this is gross or net accounting. But depending on how we account for it on a gross basis, it could be $80 million of that guidance.

因此，本季度無話可說。我們直到一月份才完成交易。所以對第四個沒有影響。我們在 1 月中旬關閉，會對第一季度和全年產生一些影響——去年的全年收入，取決於你如何計算，關於這是毛額還是淨額仍有一些爭論會計。但根據我們如何按總額計算，該指導可能是 8000 萬美元。

Okay. Great. And I know you've commented on supply chain, but I wanted to get a little more color specifically around the source of some of those headwinds, whether they're coming from freight, supply or labor, whether you're seeing those areas stabilize? And it sounds like you're raising price, you're able to pass that on from a pricing standpoint in the first half of the year. So I just wanted to confirm to the latter my understanding there as well.

好的。偉大的。我知道你對供應鏈發表了評論，但我想對其中一些不利因素的來源進行更具體的說明，無論它們來自貨運、供應還是勞動力，無論你是否看到這些領域穩定下來?聽起來你正在提高價格，你可以在今年上半年從定價的角度傳遞它。所以我只是想向後者確認我在那裡的理解。

So I'll do the first part. I'll reiterate what we said last time, let Owen give color on what's really going on in the supply chain, he's much closer to it than I am, but we've talked last quarter about our price increase is lagging our cost increases by about 3 to 4 months' time. And I think that's still true. And I said we would catch up within those 3 months' time, as soon as price -- as costs stop going up. They haven't yet stopped going up. And so we're still chasing a bit those cost increases with price. And that's why I have some caution in the first half of the year. Owen, maybe you can give some color.

所以我會做第一部分。我將重申我們上次所說的話，讓歐文對供應鏈中真正發生的事情給出顏色，他比我更接近它，但我們上個季度已經談到我們的價格上漲落後於我們的成本增加大約3到4個月的時間。我認為這仍然是正確的。我說我們會在這 3 個月內趕上價格，只要價格停止上漲。他們還沒有停止上升。所以我們仍然在追逐那些隨著價格上漲的成本。這就是為什麼我在今年上半年有些謹慎。歐文，也許你可以給點顏色。

Yes, that addresses the price increases and where we are. I would say from what we're seeing in the supply chain, and it's evolving pretty fluidly here and actually quickly. As we came out of the fourth quarter, a lot of the issues were around both materials and freight. What we're seeing right now is a bit of a let up on the pressure in terms of the semiconductors. As we look at what we've done in terms of recertifying the supply chain and creating some optionality, we're starting to see some of that pressure come off, especially as we look at the end of the first quarter and into the second quarter. What we hope we then see is the freight numbers starting to abate and supply being available to us.

是的，這解決了價格上漲和我們所處的位置。我想說的是，從我們在供應鏈中看到的情況來看，它在這裡的發展非常流暢而且實際上很快。當我們結束第四季度時，很多問題都與材料和運費有關。我們現在看到的是半導體方面的壓力有所緩解。當我們審視我們在重新認證供應鍊和創造一些可選性方面所做的工作時，我們開始看到壓力有所減輕，尤其是當我們看到第一季度末和第二季度時.我們希望我們看到的是貨運數量開始減少並且我們可以獲得供應。

And as we look out over the next couple of quarters, we're feeling better about the supply. And then hopefully, what we'll see as supply increases is obviously some moderating on cost. So -- but as we look at the year, demand is very strong. We're seeing some of the challenges of the supply chain starting to abate, and we're hoping that we'll see a more normalized environment, and I use that in air quotes toward the second half of the year.

當我們展望接下來的幾個季度時，我們對供應感覺更好。然後希望，隨著供應的增加，我們將看到的顯然是成本有所緩和。所以 - 但當我們回顧這一年時，需求非常強勁。我們看到供應鏈的一些挑戰開始減弱，我們希望我們會看到一個更加正常化的環境，我在下半年的航空報價中使用它。

We'll hear next from Erik Woodring with Morgan Stanley.

接下來我們將聽取摩根士丹利的 Erik Woodring 的發言。

Just to follow up on one of the earlier questions. For the $40 million to $50 million of hardware revenue that was somewhat pushed from 3Q to 4Q and now to early 2022, was that specifically because of component availability? Or was that a situation where customers were impacted by pricing? And then I'll follow up.

只是為了跟進前面的問題之一。對於從第三季度到第四季度以及現在到 2022 年初的 4000 萬美元到 5000 萬美元的硬件收入，這是否特別是因為組件的可用性？或者那是客戶受到定價影響的情況？然後我會跟進。

No, all component availability.

不，所有組件都可用。

Okay. Super. And then can you just remind us how to think about the cost savings from the Cardtronics acquisition in 2022? How much that is -- if that has changed at all, over the last few months as you've kind of worked through the deal further?

好的。極好的。然後您能否提醒我們如何考慮 2022 年收購 Cardtronics 所節省的成本？那是多少 - 如果在過去幾個月裡發生了變化，因為你已經進一步完成了交易？

Yes, it's not changed at all. The assumption is we'll still get that $120 million of cost out. It gets increasingly hard to tell when we take cost out, whether it was Cardtronics cost or synergy cost or legacy NCR cost, but we will get out far more than that, cost in aggregate across the organization. And you'll recall, we did get somewhat of a head start, too. We probably got $30 million worth of value from those synergies, the easy synergies, the publicly traded costs out in 2021.

是的，它根本沒有改變。假設我們仍將獲得 1.2 億美元的成本。越來越難以判斷我們何時扣除成本，無論是 Cardtronics 成本、協同效應成本還是傳統 NCR 成本，但我們將獲得的成本遠不止於此，整個組織的總成本。你會記得，我們也確實取得了一些領先優勢。我們可能從這些協同效應、簡單的協同效應和 2021 年的公開交易成本中獲得了價值 3000 萬美元的價值。

Okay. And then maybe just one last one if I could slip it in there, and this is for you, Mike. Just obviously, you went through the strategic review initially here, but just curious why today, why now? Why has that -- is there something that you saw over the last few months that has initiated this? Or has this been in the works? Just curious about timing, but that's it for me.

好的。如果我能把它塞進去，也許只是最後一個，這是給你的，邁克。很明顯，您最初在這裡進行了戰略審查，但只是好奇為什麼今天，為什麼是現在？為什麼會這樣——在過去的幾個月裡，你是否看到了一些事情導致了這一點？或者這已經在進行中了？只是對時間感到好奇，但對我來說就是這樣。

Well, we've talked -- again, I'd say in the last couple of years that we put a strategic plan together late '18, going into '19. We laid out some strategic goals. We laid out a 80/60/20 goal. We executed quarterly, and we've done a -- the team has done a really great job of improving the product competitiveness, product quality. And yet, as we got through the end of '21, which if you think about it, we didn't expect COVID to continue to linger throughout '21, it did around the globe. We got hit with the things we're talking about now with supply chain. But yet, we delivered really strong '21 performance.

好吧，我們已經談過了——我再說一遍，在過去的幾年裡，我們在 18 年末制定了一項戰略計劃，一直到 19 年。我們制定了一些戰略目標。我們制定了 80/60/20 的目標。我們每季度執行一次，我們已經完成了——團隊在提高產品競爭力和產品質量方面做得非常出色。然而，當我們度過 21 年末的時候，如果你仔細想想，我們沒想到 COVID 會在 21 年繼續徘徊，它確實在全球範圍內徘徊。我們對我們現在談論的供應鏈問題感到震驚。但是，我們提供了非常強勁的 '21 性能。

Having said all that, if you're executing on financial performance, you're improving the product quality, you're executing on your strategic goals, but yet our value and our valuation is actually lower than it was in 2018. So there's nothing other than the fact that we look at that and say, for whatever reason the market doesn't understand our business or is unable to give us the value that we think is there. Again, we've said for 2 years, if the market doesn't catch up and understand the value we think is inherent in the business that we have, we would take the steps to unlock that value. So it's simply -- we're doing that simply based on where we sit today with our stock price.

說了這麼多，如果你正在執行財務業績，你正在提高產品質量，你正在執行你的戰略目標，但我們的價值和我們的估值實際上低於 2018 年。所以沒有什麼除了我們看到這一點並說，無論出於何種原因，市場不了解我們的業務或無法為我們提供我們認為存在的價值。同樣，我們已經說過 2 年了，如果市場沒有趕上並理解我們認為我們擁有的業務所固有的價值，我們將採取措施來釋放這種價值。所以這很簡單——我們只是根據我們今天的股價和股價來做這件事。

We'll take our next question from Kartik Mehta with Northcoast Research.

我們將向 Northcoast Research 的 Kartik Mehta 提出下一個問題。

One of the things you've talked about and Tim as well are price increases on the servicing side for banking since that's a decent-sized business for you. And I'm wondering how the banks have reacted. And if you've been able to push that through and if there are certain characteristics of banks that are willing to accept that.

你和蒂姆談到的一件事是銀行服務方面的價格上漲，因為這對你來說是一個體面的業務。我想知道銀行是如何反應的。如果你能夠推動這一點，並且銀行的某些特徵願意接受這一點。

Yes, Kartik, this is Owen. Across the board, not just with the banks, but our entire customer base. They've been more than reasonable. We talked we were probably 30 -- 90 days behind in terms of implementing, so on us. But as we have responded or pushed the increases out, our customers have been pretty reasonable. In fact, if you listen to most of our customers in the retail, the restaurant, and the banking sectors, they're all talking about passing costs on to their customers and they've done that readily. So there has been -- not been any significant pushback from the customer base.

是的，Kartik，這是歐文。全面，不僅僅是銀行，還有我們的整個客戶群。他們已經非常合理了。我們談到我們在實施方面可能落後了 30 到 90 天，等等。但是，當我們做出回應或推出漲價時，我們的客戶是相當合理的。事實上，如果你聽聽我們在零售、餐廳和銀行業的大多數客戶的意見，他們都在談論將成本轉嫁給他們的客戶，而且他們很容易做到這一點。因此，客戶群沒有任何重大阻力。

And then just on ATM as a Service business. I know you mentioned some banks in the U.S. and one, I think, in India. Obviously, the bank in India is very large. But I'm wondering in the U.S. what type of banks have you seen that are interested in ATM as a service? Are there a certain amount of ATMs that they have that you find is kind of the target market? What type of demand you're seeing?

然後只是在 ATM 即服務業務上。我知道你提到了美國的一些銀行，我想還有一家在印度。顯然，印度的銀行非常大。但我想知道在美國，你見過哪些類型的銀行對 ATM 即服務感興趣？他們有一定數量的自動取款機，你發現它們是目標市場嗎？你看到的是什麼類型的需求？

Yes. I mean the 2 we called out Seacoast and EECU in the states are community banks. And they actually -- so in addition to the ability to take over their footprint of ATMs, the ability to join the Allpoint network in the case of Seacoast and have that capability to expand a surcharge-free network for all their clients was really important to them. So we're seeing that. Certainly, on the community banks, the regional banks, as I mentioned in last call we did, we've had dialogue with some larger banks, maybe even larger than we would have anticipated.

是的。我的意思是，我們在各州稱為 Seacoast 和 EECU 的 2 個是社區銀行。他們實際上——因此，除了能夠接管他們的 ATM 足蹟之外，加入 Allpoint 網絡（就 Seacoast 而言）並有能力為所有客戶擴展免費網絡的能力對於他們來說非常重要他們。所以我們看到了。當然，正如我在上次電話會議中提到的那樣，在社區銀行和區域銀行方面，我們已經與一些較大的銀行進行了對話，甚至可能比我們預期的還要大。

Bank of Baroda, I think we talked about this on prior calls, the Indian market has already shifted to much more of an ATM as a service market. So Bank of Baroda, in that market, banks of that size that are fairly scaled like this, have looked to providers. So we knew that was an opportunity in that market. We think there's more opportunity in the Indian market. Australia has embraced this, parts of Europe have embraced it. We're starting to see it in the States. So in the States right now community banks, we would expect that to start to move up into a larger FIs going forward.

巴羅達銀行，我認為我們在之前的電話中談到了這一點，印度市場已經轉向更多的 ATM 作為服務市場。所以巴羅達銀行，在那個市場上，像這樣規模相當大的銀行，都在尋找供應商。所以我們知道這是那個市場的機會。我們認為印度市場有更多機會。澳大利亞接受了這一點，歐洲部分地區也接受了它。我們開始在美國看到它。因此，在目前美國的社區銀行中，我們預計它將開始向更大的金融機構發展。

We'll take our next question from Ian Zaffino with Oppenheimer.

我們將向奧本海默的伊恩扎菲諾提出下一個問題。

I just wanted to touch upon the strategic alternatives a little bit. I just kind of wanted to get a sense of what may not be an acceptable resolution for you guys? And I guess maybe we have a little bit of memories of the last time 5 years ago, 6 years ago or so, where we thought we were going to be moving into some type of value creation. And instead, we got something very different with a dilutive short of raise. Is there any type of consideration for that? Or are we really going for kind of like plain vanilla strategic alternatives where you have either a spin or some type of separation or something along those lines? I know you can't give so much detail because you're very early on, but any color you could kind of give would be helpful.

我只是想稍微談談戰略選擇。我只是想了解一下你們可能無法接受的解決方案？我想也許我們對 5 年前，6 年前左右的最後一次有一點記憶，我們認為我們將進入某種類型的價值創造。相反，我們得到了一些非常不同的東西，沒有加註稀釋。對此有什麼考慮嗎？或者我們真的會尋求一種類似普通的戰略選擇，你要么有旋轉，要么有某種類型的分離或類似的東西？我知道你不能提供這麼多細節，因為你還很早，但你可以提供的任何顏色都會有所幫助。

Yes. I mean I don't -- again, we're going to look at different things. Again, the challenge is, as we've had parts of our business start to have more and more success, and if you look at some of the components we have, whether it's hospitality, whether it's hospitality SMB, whether it's digital banking, whether it's what we've done with the retail platform, as those businesses have started to compete and win and people would ping us, but each one as a stand-alone is really hard to evaluate because once you start to look at your high-value assets, what do you do with the RemainCo?

是的。我的意思是我不——再一次，我們要看看不同的東西。同樣，挑戰在於，隨著我們的部分業務開始取得越來越多的成功，如果你看看我們擁有的一些組成部分，無論是款待，是否是款待 SMB，是否是數字銀行，是否這就是我們在零售平台上所做的，因為這些企業已經開始競爭並贏得勝利，人們會關注我們，但每一個作為一個獨立的平台真的很難評估，因為一旦你開始關注你的高價值資產，你用 RemainCo 做什麼？

So we felt it was really important to look at the totality of our company, look at the context, first of all, of our shareholders, but also look at the context of our customers and our employees and make sure that what we do hold together, so we get the greatest value on the organization, but also have an organization -- or organizations that still function and have a future. Having said what you pointed out on the transaction that took place I believe about 6 years ago, we obviously worked together, management team wasn't here. I don't know that I would see something like that. I mean that transaction, the cost of funding for that, it didn't seem to add a lot of value to the organization. And I don't think it unlocked shareholder value. So I think you'll see us very focused on unlocking shareholder value.

因此，我們認為著眼於我們公司的整體情況非常重要，首先要看看我們股東的背景，還要看看我們的客戶和員工的背景，並確保我們所做的事情能夠結合在一起，所以我們在組織上獲得了最大的價值，而且還擁有一個組織——或者仍然運作並擁有未來的組織。說了你在我相信大約 6 年前發生的交易中指出的內容，我們顯然一起工作，管理團隊不在這裡。我不知道我會看到這樣的東西。我的意思是，這筆交易的資金成本，似乎並沒有為組織增加很多價值。而且我認為它不會釋放股東價值。所以我認為你會看到我們非常專注於釋放股東價值。

We'll take our next question from Paul Chung with JPMorgan.

我們將向摩根大通的 Paul Chung 提出下一個問題。

So just on digital banking, nice progression on revenues there. Can you expand on kind of the registered user decline? Are there risks of other customers kind of bringing the app in-house? What drove that move there? And does that kind of impact any revenue trends later on?

因此，僅就數字銀行業務而言，那裡的收入取得了不錯的進展。能擴展一下註冊用戶拒絕的種類嗎？其他客戶將應用程序帶入內部是否存在風險？是什麼推動了這一舉動？這會影響以後的任何收入趨勢嗎？

Yes. So that -- I mean, that is -- so that is a factor of the consolidation of the bank market, which you have once in a while. Typically, you have small ones. This happened to be a larger client, quite frankly, did a merger of equals, and they took it in-house to the other platform. Sometimes you win those, sometimes you lose. So this is a little bit of a step-down function, which we called out.

是的。所以 - 我的意思是 - 這是銀行市場整合的一個因素，你偶爾會遇到這種情況。通常情況下，你有小的。坦率地說，這恰好是一個更大的客戶，進行了對等合併，他們在內部將其帶到了另一個平台。有時你贏了，有時你輸了。所以這是一個降壓函數，我們稱之為。

But as you look at our plan for 2022, we have it all laid out, right, the conversion cycle and the timing of when customers come on, when accounts come on, it's laid out for the next 9 months. So we know when we capture that, we'll get the growth in double digits that we've talked about in the past. This is something we had anticipated. This was a combination that took place almost a year ago and the customer just converted on the other platform last quarter.

但是，當您查看我們 2022 年的計劃時，我們已經將所有內容都安排好了，對，轉換週期以及客戶上門時間、帳戶上門時間，都已為接下來的 9 個月安排好了。所以我們知道，當我們捕捉到這一點時，我們將獲得我們過去談到的兩位數的增長。這是我們預料到的。這是大約一年前發生的組合，客戶上個季度剛剛在另一個平台上進行了轉換。

And Mike, we've often described that metric is imperfect, right? It only describes about 2/3 of the revenue in digital banking that's linked to the number of users, and they are out of sync, revenue does not mimic in any one period of time, that user base. So when users were growing more quickly than revenue, we had to explain it the other direction, now the shoe is on the other foot. But I think as the year plays out, you'll see overall full year growth in users and revenue to be pretty similar back to the double-digit level.

邁克，我們經常描述這個指標是不完美的，對吧？它只描述了與用戶數量相關的數字銀行收入的大約 2/3，而且它們是不同步的，收入在任何一個時期都不會模仿該用戶群。因此，當用戶增長速度超過收入增長速度時，我們不得不換個方向解釋，現在鞋子就在另一隻腳上。但我認為隨著這一年的結束，你會看到用戶和收入的整體全年增長非常接近兩位數的水平。

Got you. And then switching to retail. Self-checkout has been pretty steady. How do we think about the trend in '22 demand trends, backlog, competitive environment, anything there?

得到你。然後轉向零售。自助結賬一直很穩定。我們如何看待 22 年需求趨勢、積壓、競爭環境等方面的趨勢？

Yes. This is Owen. I would say that the same enthusiasm we came into '21 with, we come into '22 with for retail and especially self-checkout. What we're seeing based on pressure on labor, that is only driving the need and the opportunity for us to bring more self-checkout solutions to the table. We're seeing it expand beyond the traditional large box retailer into the specialty areas. We mentioned Bed Bath & Beyond. That's a great example of moving into the specialty retail. And we're also seeing the self-checkout solutions really gain traction in the convenience fuel and retail space. So we think the market is expanding. We think our software and hardware solutions are really well positioned. And the backlog that Tim talked about earlier is reflected in that for retail as we come into '22.

是的。這是歐文。我想說的是，我們帶著同樣的熱情進入 21 世紀，我們帶著同樣的熱情進入 22 世紀零售，尤其是自助結賬。我們所看到的基於勞動力壓力的情況，這只會推動我們提供更多自助結賬解決方案的需求和機會。我們看到它從傳統的大盒子零售商擴展到專業領域。我們提到了 Bed Bath & Beyond。這是進入專業零售的一個很好的例子。我們還看到自助結賬解決方案在便利燃料和零售領域真正獲得了吸引力。所以我們認為市場正在擴大。我們認為我們的軟件和硬件解決方案非常適合。蒂姆之前談到的積壓工作反映在我們進入 22 年時的零售業。

That does conclude today's question-and-answer session. I'd like to turn the conference back over to Mr. Mike Hayford for any additional or closing remarks.

今天的問答環節到此結束。我想將會議轉回給 Mike Hayford 先生，以獲得任何補充或結束語。

All right. Thank you. So in closing, just a couple of quick comments. First, we had a great 2021. We did not anticipate the kind of impact that we actually incurred due to COVID. We didn't anticipate the kind of issues with the supply chain. Our team around the globe did a phenomenal job of working through those things and still delivering an extremely strong 2021.

好的。謝謝你。最後，簡單說幾句。首先，我們有一個偉大的 2021 年。我們沒有預料到由於 COVID 實際產生的影響。我們沒有預料到供應鏈會出現這種問題。我們在全球的團隊在解決這些問題方面做得非常出色，並且仍然創造了極其強勁的 2021 年。

As we head into 2022, we're very optimistic about the future for our company, as we see growth start to accelerate, as we see success in our products in 2022 and beyond. We're excited about the strategic outlook of where we positioned our products and where we are headed with our software platforms.

隨著我們進入 2022 年，我們對公司的未來非常樂觀，因為我們看到增長開始加速，因為我們看到我們的產品在 2022 年及以後取得成功。我們對產品定位和軟件平台發展方向的戰略前景感到興奮。

And then lastly, on -- as it relates to our strategic process that we are undertaking, we simply don't believe the value of our company is currently reflected in the price of our stock. If you look at the last 3 years, we've delivered on our financials every quarter. We laid out some long-term goals 3 years ago, 80/60/20, and we are going to meet those goals ahead of time. At the same time, we've continued to shift our company to a software platform company and deliver platforms in banking, the CSP in digital banking and then in the retail and hospitality side, the NCR Commerce platform, and we're seeing great success in the marketplace. We have improved our market perception, of our product quality, of our product delivery, of our service and our strategic plan across all of our businesses.

最後，關於我們正在進行的戰略過程，我們根本不相信我們公司的價值目前反映在我們的股票價格中。如果您查看過去 3 年，我們每個季度都會提供財務報告。我們在 3 年前製定了一些長期目標，即 80/60/20，我們將提前實現這些目標。與此同時，我們繼續將我們的公司轉變為一家軟件平台公司，並提供銀行平台、數字銀行的 CSP 以及零售和酒店方面的 NCR Commerce 平台，我們看到了巨大的成功在市場上。我們在所有業務中提高了市場認知度、產品質量、產品交付、服務和戰略計劃。

So in closing, I want to again thank our team, our CEs in the field continue to work every day, supporting our stores, our restaurants and our banks. Our teams and the plants continue to deliver and build and our teams continue in a very difficult environment, working from their homes, working from the office when they can to deliver for our clients. It is these team members, 35,000 around the globe that put us in this very strong position to be able to look at strategic alternatives to unlock our value and those are the steps we are undertaking starting today.

最後，我想再次感謝我們的團隊，我們在現場的 CE 每天都在繼續工作，為我們的商店、餐館和銀行提供支持。我們的團隊和工廠繼續交付和建造，我們的團隊繼續在非常困難的環境中工作，在他們可以為我們的客戶交付的情況下在家工作，在辦公室工作。正是這些遍布全球的 35,000 名團隊成員使我們處於非常有利的地位，能夠尋找戰略替代方案來釋放我們的價值，而這些正是我們從今天開始採取的步驟。

With that, I want to thank everybody for joining us for our call today.

有了這個，我要感謝大家今天加入我們的電話會議。

Thank you. That does conclude today's conference. Thank you all for your participation, and you may now disconnect.

謝謝你。今天的會議到此結束。感謝大家的參與，您現在可以斷開連接了。