NCR Voyix Corp (VYX) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the NCR Corporation Second Quarter Fiscal Year 2022 Earnings Conference. Today's call is being recorded. At this time, I would like to turn the conference over to Mr. Michael Nelson, Treasurer and Head of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 NCR 公司 2022 財年第二季度財報會議。今天的電話正在錄音。此時，我想將會議轉交給財務主管兼投資者關係主管邁克爾尼爾森先生。請繼續，先生。

Good afternoon, and thank you for joining our Second Quarter 2022 Earnings Call. Joining me on the call today are Mike Hayford, CEO; Owen Sullivan, President and COO; and Tim Oliver, CFO. 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.

下午好，感謝您參加我們的 2022 年第二季度財報電話會議。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。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 July 27, 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 7 月 27 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 second quarter 2022 earnings call. I will begin with some of my views on the business, and I'll also provide commentary on our previously announced strategic review process. Tim will review our financial performance, 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 2022 年第二季度財報電話會議。我將從我對業務的一些看法開始，我還將對我們之前宣布的戰略審查流程進行評論。蒂姆將審查我們的財務業績，然後歐文、蒂姆和我將回答您的問題。

The team has done an excellent job executing in a difficult macro environment. Coming off a very difficult first quarter, due to a number of external factors, the team focused on execution in the second quarter, and they delivered. As important, we continue to build strong momentum in the business as we made progress on our strategy to NCR becoming a software-led as a service company with a higher shift to recurring revenue streams.

該團隊在困難的宏觀環境中執行得非常出色。在經歷了非常艱難的第一季度之後，由於一些外部因素，團隊在第二季度專注於執行，並且他們交付了。同樣重要的是，隨著我們在 NCR 成為一家以軟件為主導的服務公司的戰略取得進展，我們將繼續在業務中建立強勁的勢頭，並更高地轉向經常性收入流。

Let's begin on Slide 4 with some highlights from the second quarter. First, we delivered 23% year-over-year total revenue growth on a constant currency basis and 35% recurring revenue growth constant currency in the second quarter. Second, adjusted EBITDA increased 26% on a constant currency basis from the second quarter of 2021. Third, adjusted EBITDA margin expanded to 17%, which represents a 250 basis point increase from the first quarter of 2022. Fourth, we are beginning to see the supply chain impacts easing, meaning the component costs and transportation costs have not worsened in the second quarter. But more importantly, our engineering and procurement teams have adjusted by designing alternative components and certifying more sources to begin reducing the impact. And finally, overall, our teams executed extremely well, and we experienced strong customer demand for solutions across our business segments and continue to successfully transform NCR into a software-led-as-a-service company with higher recurring revenue streams.

讓我們從幻燈片 4 開始，介紹第二季度的一些亮點。首先，我們在第二季度實現了按固定匯率計算的 23% 的總收入同比增長和 35% 的經常性收入增長。其次，從 2021 年第二季度開始，按固定匯率計算，調整後 EBITDA 增長了 26%。第三，調整後 EBITDA 利潤率擴大到 17%，比 2022 年第一季度增長了 250 個基點。第四，我們開始看到供應鏈影響緩和，這意味著第二季度的零部件成本和運輸成本並未惡化。但更重要的是，我們的工程和採購團隊已經通過設計替代組件和認證更多來源進行調整，以開始減少影響。最後，總體而言，我們的團隊執行得非常好，我們的業務部門對解決方案有強烈的客戶需求，並繼續成功地將 NCR 轉變為具有更高經常性收入流的以軟件為主導的服務公司。

Software and services revenue represented 73% of total revenue compared to 69% in the second quarter of 2021. Recurring revenue represented 61% of total revenue up from 55% in the year ago quarter.

軟件和服務收入佔總收入的 73%，而 2021 年第二季度為 69%。經常性收入佔總收入的 61%，高於去年同期的 55%。

Now moving to the business update on Slide 5. We had a strong momentum across our strategic growth platforms, which support our company's transformation. In payments and network, we are making progress across both merchant acquiring and the Allpoint network. We are seeing an accelerating number of merchants sign on for integrated payments with a POS decision. We are also expanding NCR Pay360, which brings more transaction types, including digital currency solutions at NCR endpoints. We are also continuing to see strong Allpoint growth, both in terms of transaction volume and new FI partnerships. Pleased to announce that PNC Bank has partnered with the Allpoint network starting in June, extending surcharge-free ATM access to more than 10 million of their customers.

現在轉到幻燈片 5 上的業務更新。我們的戰略增長平台勢頭強勁，支持我們公司的轉型。在支付和網絡方面，我們在商戶收單和 Allpoint 網絡方面都取得了進展。我們看到越來越多的商家通過 POS 決定簽署集成支付。我們還在擴展 NCR Pay360，它帶來了更多的交易類型，包括 NCR 端點的數字貨幣解決方案。在交易量和新的金融機構合作夥伴關係方面，我們也繼續看到 Allpoint 的強勁增長。很高興地宣布，PNC 銀行已從 6 月開始與 Allpoint 網絡合作，將免費 ATM 訪問擴展到超過 1000 萬客戶。

In digital banking, we continue to have positive momentum. In the second quarter, digital banking had 25 renewals, 5 new logo deals and the continued expansion of Terafina with 4 new clients for our online digital account opening platform.

在數字銀行方面，我們繼續保持積極勢頭。第二季度，數字銀行有 25 次續訂，5 次新標識交易，Terafina 繼續擴張，為我們的在線數字開戶平台增加了 4 個新客戶。

In self-service banking, we continued momentum in our ATM-as-a-Service solution. Interest in our offering is accelerating both in community banks and large FIs globally. In the second quarter, we signed 10 ATM-as-a-Service deals, including Bank of New Zealand, which is embracing NCR's ATM-as-a-Service to run the bank's ATM fleet as part of its digital transformation. NCR will own and operate the bank's offsite ATM fleet and will also run its on-prem fleet of NCR ATMs.

在自助銀行業務方面，我們的 ATM 即服務解決方案繼續保持勢頭。全球社區銀行和大型金融機構對我們產品的興趣正在加速增長。在第二季度，我們簽署了 10 項 ATM 即服務交易，其中包括新西蘭銀行，該銀行正在採用 NCR 的 ATM 即服務來運行該銀行的 ATM 機隊，作為其數字化轉型的一部分。 NCR 將擁有並運營該銀行的場外 ATM 機隊，還將運行其本地 NCR ATM 機隊。

In retail, we continue to gain traction with our NCR Emerald POS software and our NCP, NCR's commerce platform. We have positive momentum in winning the upgrade imperative for retail POS software, including in the second quarter, Stater Brothers market, Southern California's largest privately owned supermarket chain with 171 stores connected to the NCR Commerce platform. Stater Brothers implemented NCR Emerald to connect all technology to run the store. They were able to successfully deploy all new software and hardware to all 171 stores in only 15 weeks.

在零售方面，我們繼續通過我們的 NCR Emerald POS 軟件和 NCP（NCR 的商務平台）獲得牽引力。我們在贏得零售 POS 軟件升級的必要性方面擁有積極的勢頭，包括在第二季度，南加州最大的私營連鎖超市 Stater Brothers 市場，有 171 家商店連接到 NCR Commerce 平台。 Stater Brothers 實施 NCR Emerald 以連接所有技術來運營商店。他們能夠在短短 15 週內成功地將所有新軟件和硬件部署到所有 171 家商店。

In Hospitality, we continue to experience strong demand across our enterprise and SMB customers. In SMB, our Aloha Cloud restaurant platform is a user-focused turnkey solution that helps operations run their restaurant. During the second quarter, we launched an updated Aloha Cloud software and hardware solution and continued to invest in our direct distribution model. Our payment attach rate for Hospitality accelerated during the second quarter as we had a record high number of payment booking sites with over 90% attach rate for new SMB customers.

在酒店業，我們的企業和中小型企業客戶的需求持續強勁。在 SMB 中，我們的 Aloha Cloud 餐廳平台是一個以用戶為中心的交鑰匙解決方案，可幫助運營商運營他們的餐廳。在第二季度，我們推出了更新的 Aloha Cloud 軟件和硬件解決方案，並繼續投資於我們的直銷模式。由於我們的支付預訂網站數量創歷史新高，新 SMB 客戶的附加率超過 90%，我們的款待支付附加率在第二季度加快。

In the enterprise market, we expanded our partnership with Wendy's, connecting them to the NCP, NCR commerce platform, which will enable Wendy's to better manage and use data captured through the NCR Aloha point of sale. We also signed a deal with United Franchise Group to deploy NCR Aloha in all of its locations with a bundled solution, including point-of-sale, secured payment processing, robust data reporting, back-end software solutions and kitchen production solutions.

在企業市場，我們擴大了與 Wendy's 的合作夥伴關係，將他們連接到 NCP、NCR 商務平台，這將使 Wendy's 能夠更好地管理和使用通過 NCR Aloha 銷售點獲取的數據。我們還與 United Franchise Group 簽署了一項協議，通過捆綁解決方案在其所有地點部署 NCR Aloha，包括銷售點、安全支付處理、強大的數據報告、後端軟件解決方案和廚房生產解決方案。

In the second quarter, we continued our evolution to a lean factory model by outsourcing manufacturing. A couple of weeks ago, we transferred our Budapest manufacturing facility to Ennoconn, which will reduce fixed costs and continue to shift to more variable manufacturing cost model. This transition is part of a strategy which we started in 2018. Today, 90% of the SKUs that we used to manufacture will now be outsourced.

在第二季度，我們通過外包製造繼續向精益工廠模式發展。幾週前，我們將布達佩斯的製造工廠轉移到 Ennoconn，這將降低固定成本並繼續轉向更具可變性的製造成本模式。這一轉變是我們從 2018 年開始實施的戰略的一部分。如今，我們過去製造的 90% 的 SKU 現在都將外包。

And finally, I'll provide an update on our Board-led strategic review process. As noted in our February 8 announcement, the Board did not set a time table for the strategic review process. This process continues to be ongoing. We are evaluating strategic alternatives available to NCR in the context of our continued strong performance. The goal of the strategic review process has not changed: to unlock value for NCR shareholders.

最後，我將提供有關我們董事會主導的戰略審查流程的最新信息。正如我們在 2 月 8 日的公告中所指出的，董事會沒有為戰略審查過程設定時間表。這個過程仍在繼續。在我們持續強勁表現的背景下，我們正在評估 NCR 可用的戰略替代方案。戰略審查過程的目標沒有改變：為 NCR 股東釋放價值。

With that, let me pass it over to Tim.

有了這個，讓我把它交給蒂姆。

Thank you, Mike. Last quarter, we spent a significant amount of time describing the long list of exogenous detractors that resulted in financial performance that was well below our expectations. At that time, we estimated not only the impact for the first quarter but then tried to extrapolate the impact for the remainder of 2022.

謝謝你，邁克。上個季度，我們花費了大量時間來描述一長串外來批評者，這些批評者導致財務業績遠低於我們的預期。當時，我們不僅估計了第一季度的影響，還試圖推斷出 2022 年剩餘時間的影響。

We were partially correct. The Omicron wave that disrupted hardware supply chains and suppressed transaction volumes at payments resolved in Q1. We saw both higher transaction volumes and better availability of components, respectively, in Q2. That said, fuel prices are persistently high. Component costs remain too high even if availability is better. Interest rates are higher. Inflation has reached a 40-year high, and the war in Ukraine continues to disrupt and distract our large presence in Eastern Europe. And now you can add the implications of a rapidly strengthening U.S. dollar to the list of challenges.

我們部分正確。破壞硬件供應鏈並抑制支付交易量的 Omicron 浪潮在第一季度得到解決。我們在第二季度分別看到了更高的交易量和更好的組件可用性。也就是說，燃油價格一直居高不下。即使可用性更好，組件成本仍然過高。利率較高。通貨膨脹已達到 40 年來的最高水平，烏克蘭戰爭繼續擾亂和分散我們在東歐的龐大存在。現在，您可以將美元迅速走強的影響添加到挑戰清單中。

Our second quarter results represent very strong execution despite this extremely difficult macroeconomic environment. We generated productivity, closed some of the price cost gaps and delivered the product that had been delayed in Q1. We diligently controlled the things that we could control and readied our businesses for any further shocks.

儘管宏觀經濟環境極其困難，我們的第二季度業績仍表現出非常強勁的執行力。我們提高了生產力，縮小了一些價格成本差距，並交付了在第一季度延遲的產品。我們努力控制我們可以控制的事情，並為我們的業務做好準備，以應對任何進一步的衝擊。

Our team simultaneously executed a recovery plan, accelerated our strategic initiatives and supported the ongoing strategic review process that we launched in February. This was a very busy and successful 90 days. While uncertainty persists, our strong performance in Q2 and the further mitigating actions we plan to take in the second half allow us to leave our outlook for the full year unchanged from that we delivered in April.

我們的團隊同時執行了一項恢復計劃，加快了我們的戰略計劃，並支持我們在 2 月份啟動的正在進行的戰略審查流程。這是一個非常忙碌和成功的 90 天。儘管不確定性依然存在，但我們在第二季度的強勁表現以及我們計劃在下半年採取的進一步緩解措施使我們的全年展望與 4 月份的展望保持不變。

Although some headwinds in Q1 improved, others like interest rates got worse. And we have a new headwind in foreign exchange rates. As is always the case, the outlook we provided in April presumed currency rates at that time. In Q2, foreign currency exchange reduced revenue by $50 million and adjusted EBITDA by roughly $15 million, and we still delivered strong results. We currently expect a similar FX impact going forward. We still believe we can hit the lower end of our guided ranges from April even with these challenges.

儘管第一季度的一些不利因素有所改善，但利率等其他因素卻變得更糟。我們在外匯匯率方面遇到了新的阻力。與往常一樣，我們在 4 月份提供的前景假設當時的貨幣匯率。在第二季度，外匯兌換減少了 5000 萬美元的收入，調整後的 EBITDA 減少了大約 1500 萬美元，我們仍然取得了強勁的業績。我們目前預計未來會有類似的外匯影響。我們仍然相信，即使面臨這些挑戰，我們也可以從 4 月開始達到我們指導範圍的下限。

Let's begin on Slide 6 with a top level overview of our second quarter financial performance. Starting on the top left, we delivered revenue of $2 billion, up $320 million or 23% from the prior year on a constant currency basis. Foreign currency exchange rates had an unfavorable impact of $50 million, split roughly evenly between our self-service banking and retail segments. Recurring revenue was up 35% on a constant currency basis. Adjusting for the partial quarter of Cardtronics last year, revenue was up 4% on a constant currency basis.

讓我們從幻燈片 6 開始，概述我們第二季度的財務業績。從左上角開始，我們實現了 20 億美元的收入，按固定匯率計算，比上一年增加了 3.2 億美元或 23%。外匯匯率對我們的自助銀行業務和零售業務產生了 5000 萬美元的不利影響。按固定匯率計算，經常性收入增長了 35%。對 Cardtronics 去年的部分季度進行調整後，按固定匯率計算，收入增長了 4%。

In the top right, adjusted EBITDA increased $58 million or 26% on a constant currency year-over-year basis to $339 million. Foreign currency exchange rates had an unfavorable impact of roughly $15 million. Adjusted EBITDA margin expanded 20 basis points in the second quarter of 2021 to 17%.

在右上角，按固定匯率計算，調整後的 EBITDA 同比增長 5800 萬美元或 26%，達到 3.39 億美元。外匯匯率產生了大約 1500 萬美元的不利影響。調整後的 EBITDA 利潤率在 2021 年第二季度擴大了 20 個基點，達到 17%。

While we don't typically discuss EBITDA margin sequentially, the outlook we provided in April did describe sequential EBITDA improvements beginning with Q1 levels in each of the remaining 3 quarters of the year of between $50 million and $70 million. In Q2, we improved by almost $70 million over the Q1 level even after a significant currency impact. This allows us to be closer to the $50 million of sequential improvement in Q3 and 4.

雖然我們通常不會按順序討論 EBITDA 利潤率，但我們在 4 月份提供的展望確實描述了從第一季度開始的連續 EBITDA 改善情況，該年剩餘 3 個季度的每個季度都在 5000 萬美元至 7000 萬美元之間。在第二季度，我們比第一季度的水平增加了近 7000 萬美元，即使在受到重大貨幣影響之後。這使我們能夠更接近第三季度和第四季度的 5000 萬美元的連續改進。

In the bottom left, reported non-GAAP EPS was $0.71, up $0.09 or 15% year-over-year. The strength of the U.S. dollar reduced EPS by about $0.07. The non-GAAP tax rate was 21.2% in the quarter and results in an average for the first half of the year of 25%. The rate was driven by stronger earnings as well as the timing of discrete tax items. During the second half of the year, we expect tax rate to be within the range of 27% to 29%.

在左下角，報告的非公認會計原則每股收益為 0.71 美元，同比增長 0.09 美元或 15%。美元走強使每股收益減少了約 0.07 美元。本季度非美國通用會計準則稅率為 21.2%，上半年平均稅率為 25%。該比率是由強勁的收益以及離散稅收項目的時機推動的。下半年，我們預計稅率將在 27% 至 29% 之間。

And finally, free cash flow was flat, which was a solid outcome given the challenges in supply chain that caused both nonlending in revenue recognition and a discretionary investment in working capital. We have invested roughly $250 million in working capital in the first half of this year, much of it in raw inventories and finished goods to insulate our customers from a supply chain disruption. These investments in working capital are expected to support our growth in the back half of the year and will generate cash then.

最後，自由現金流持平，考慮到供應鏈中的挑戰導致收入確認中的非貸款和營運資本的可自由支配投資，這是一個可靠的結果。今年上半年，我們在營運資金上投入了大約 2.5 億美元，其中大部分用於原材料庫存和成品，以使我們的客戶免受供應鏈中斷的影響。預計這些營運資金投資將支持我們在下半年的增長，並將產生現金。

Let's move to Slide 7, starting with the segment. This segment is our payments and networks. Starting on the top left, payments and networks revenue increased $278 million or 515% year-over-year, driven by the acquisition of Cardtronics. On a Cardtronics pro forma basis, revenue increased $35 million or 12% year-over-year driven by LibertyX, growth in the merchant acquiring business and in the Allpoint network.

讓我們移到幻燈片 7，從片段開始。這部分是我們的支付和網絡。從左上角開始，在收購 Cardtronics 的推動下，支付和網絡收入同比增長 2.78 億美元或 515%。在 Cardtronics 的備考基礎上，在 LibertyX、商戶收單業務和 Allpoint 網絡增長的推動下，收入同比增長了 3500 萬美元或 12%。

Payment and network adjusted EBITDA increased 411% year-over-year. On a pro forma basis, adjusted EBITDA declined 9% year-over-year due to a nonrecurring U.K. property tax rebate at the legacy Cardtronics in the prior year and much higher interest rates. You'll recall that interest rates are an operating expense in this business. The cost of cash rental goes through EBITDA as a cost of goods. Adjusted EBITDA margin rate was 29%.

支付和網絡調整後的 EBITDA 同比增長 411%。在備考基礎上，調整後的 EBITDA 同比下降 9%，原因是前一年傳統 Cardtronics 的非經常性英國財產稅退稅以及更高的利率。您會記得利率是這項業務的運營費用。現金租金的成本通過 EBITDA 作為商品成本。調整後的 EBITDA 利潤率為 29%。

The bottom of the slide shows payments and network segment key metrics. On the bottom left, endpoints increased 25% year-over-year. These access points to the Allpoint network and merchant acquiring terminals are increasing as we migrate them to the NCR installed base.

幻燈片底部顯示了支付和網絡段的關鍵指標。在左下角，端點同比增長 25%。隨著我們將 Allpoint 網絡和商戶收單終端的這些接入點遷移到 NCR 安裝群，這些接入點正在增加。

In the sector bottom are transactions, a KPI that illustrates the payments processed across our Allpoint network and our merchant acquiring business. Transactions remained flat year-over-year against a very tough comparison due to the lag of the government's stimulus related activity in the year ago quarter. Transactions increased 8% from the first quarter of 2022 with continued growth in both North America and a rebound in the United Kingdom. And annual recurring revenue in this business increased 11% from the first quarter of 2022.

行業底部是交易，這是一個 KPI，說明了通過我們的 Allpoint 網絡和我們的商戶收單業務處理的付款。由於政府與去年同期的刺激相關活動滯後，交易量與去年同期持平，相比之下非常艱難。交易量較 2022 年第一季度增長 8%，北美地區持續增長，英國出現反彈。該業務的年度經常性收入比 2022 年第一季度增長了 11%。

Turning to Slide 8, which shows our digital banking segment. Digital banking revenue and EBITDA increased 2% year-over-year with an adjusted EBITDA margin rate of 43%. Digital banking's key metrics on the bottom of this slide include registered users, active users and annual recurring revenue. Registered users decreased 3% and active users declined 5% year-over-year. As mentioned during our first quarter earnings call, user counts were impacted by 2 long anticipated customer consolidation deconversions. Neither of these were competitive losses. One customer was acquired and another told us several years ago that they would move to an in-house solution. These deconversions will be more than offset by the onboarding of 2 of last year's major wins, Wintrust, which successfully converted last week; and Associated Bank.

轉到幻燈片 8，它顯示了我們的數字銀行部門。數字銀行收入和 EBITDA 同比增長 2%，調整後的 EBITDA 利潤率為 43%。這張幻燈片底部的數字銀行關鍵指標包括註冊用戶、活躍用戶和年度經常性收入。註冊用戶同比下降 3%，活躍用戶同比下降 5%。正如我們在第一季度財報電話會議中所提到的，用戶數量受到了 2 次長期預期的客戶整合取消轉換的影響。這些都不是競爭性損失。一位客戶被收購，另一位客戶幾年前告訴我們，他們將轉向內部解決方案。這些取消轉換將被去年的兩個主要勝利 Wintrust 的加入所抵消，Wintrust 上周成功轉換；和聯合銀行。

ARR was up 2% year-over-year. We expect the revenue growth in this business to accelerate in the second half of the year and to exit the year at about 10%. Remember that only about 2/3 of the revenue in this business is driven by user counts and that user counts can have a short temporal dislocation from reported revenue. And finally, Terafina continues to grow at more than 60% year-over-year.

ARR 同比增長 2%。我們預計該業務的收入增長將在下半年加速並以 10% 左右的速度退出。請記住，該業務中只有大約 2/3 的收入是由用戶數量驅動的，並且用戶數量可能與報告的收入有短暫的時間錯位。最後，Terafina 繼續以超過 60% 的年增長率增長。

Slide 9 shows our self-service banking segment results. About half of the $50 million of total company currency impact affected this business. Self-service banking revenue was up $34 million or 5% year-over-year and 9% on a constant currency basis. Adjusted EBITDA increased $142 million or 1% year-over-year and 4% on a constant currency basis. The adjusted EBITDA margin rate was 21%. This business continues to mitigate ongoing global supply chain effects of component availability, freight and fuel inflation. The bottom of this slide shows our self-service banking segment's key results.

幻燈片 9 顯示了我們的自助銀行業務部門結果。 5000 萬美元的公司貨幣影響總額中約有一半影響了這項業務。自助銀行業務收入同比增長 3400 萬美元或 5%，按固定匯率計算則增長 9%。調整後的 EBITDA 同比增長 1.42 億美元或 1%，按固定匯率計算增長 4%。調整後的 EBITDA 利潤率為 21%。該業務繼續減輕組件可用性、運費和燃料通脹對全球供應鏈的持續影響。這張幻燈片的底部顯示了我們的自助銀行業務部門的主要成果。

On the left, our software and services revenue mix was flat compared to last year at 67% due to higher ATM hardware sales in the quarter. ATM-as-a-Service units increased 3% year-over-year to almost 4,500 units. We have a very strong backlog of ATM-as-a-Service deals and now expect more than triple the number of units to more than 15,000 machines by year-end. The shift to recurring revenue continues to gain traction with ARR up 3% year-over-year.

在左側，由於本季度 ATM 硬件銷售增加，我們的軟件和服務收入組合與去年持平，為 67%。 ATM 即服務單位同比增長 3%，達到近 4,500 個單位。我們積壓了大量的 ATM 即服務交易，現在預計到年底的機器數量將增加兩倍以上，達到 15,000 多台。向經常性收入的轉變繼續受到關注，ARR 同比增長 3%。

Moving to Slide 10, which shows our retail segment results. This segment absorbed the other half of the $50 million of total currency impact to revenue. Starting on the top left, retail revenue was flat year-over-year and up 4% on a constant currency basis. Order activity in this business remains strong and backlog is high. The composition of our backlog is different from prior periods as we execute our NCR as-a-Service strategy. We are building backlog with multiyear contracts, which will drive future recurring revenue streams.

轉到幻燈片 10，它顯示了我們的零售部門結果。該部分吸收了 5000 萬美元總貨幣對收入的影響的另一半。從左上角開始，零售收入同比持平，按固定匯率計算增長 4%。該業務的訂單活動依然強勁，積壓量很高。在我們執行 NCR 即服務戰略時，我們的積壓工作的構成與之前的時期不同。我們正在積壓多年合同，這將推動未來的經常性收入流。

Retail adjusted EBITDA was down 14% and down 9% on a constant currency basis. This business is still highly impacted by component cost inflation, particularly on POS devices. However, our mitigating actions and better product mix during the quarter drove significant improvement in profitability from the first quarter of 2022 with adjusted EBITDA margin rate up 620 basis points sequentially to 19%.

零售調整後的 EBITDA 下降 14%，按固定匯率計算下降 9%。該業務仍受到組件成本膨脹的嚴重影響，尤其是在 POS 設備上。然而，我們在本季度採取的緩解措施和更好的產品組合推動盈利能力比 2022 年第一季度顯著提高，調整後的 EBITDA 利潤率環比上升 620 個基點至 19%。

The bottom of the slide shows the retail segment key metrics. On the left, platform lanes, a KPI that illustrates the success of our strategy to convert our retail customers to our platform-based subscription model. We increased our number of platform lanes almost 600% compared to the same period a year ago. We see accelerating momentum for the conversion of our traditional lanes to platform lanes and have a substantial lane conversion backlog.

幻燈片底部顯示了零售部門的關鍵指標。左側是平台通道，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。與去年同期相比，我們的站台車道數量增加了近 600%。我們看到將傳統車道轉換為平台車道的勢頭正在加速，並且有大量車道轉換積壓。

In the center bottom, self-checkout revenue increased 1% year-over-year. Keep in mind that installed timing causes a lag in this metric, and we expect growth to accelerate in the second half of the year. Recurring revenue in this business was flat year-over-year and up 4% on a constant currency basis.

在中間底部，自助結賬收入同比增長 1%。請記住，安裝時間會導致該指標滯後，我們預計今年下半年增長將加速。該業務的經常性收入同比持平，按固定匯率計算增長 4%。

Slide 11 shows our Hospitality segment results and illustrates the momentum across this business. We experienced strength in both the enterprise and SMB markets caused by an uptick in new restaurant openings, technology refreshes and acceleration in our payments business. As Mike mentioned, we had a record high number of payments booking sites. Payment attach rate is strong at roughly 90% of sales into new SMB sites. We increased our feet on the street and invested in sales and marketing to catalyze growth, and the strategy is working.

幻燈片 11 顯示了我們的酒店業務部門的結果，並說明了該業務的發展勢頭。由於新餐廳開業的增加、技術更新和支付業務的加速，我們在企業和中小型企業市場都表現出了實力。正如邁克所說，我們的支付預訂網站數量創歷史新高。支付附加率很高，約佔新 SMB 網站銷售額的 90%。我們加大了在街上的腳步，並投資於銷售和營銷以促進增長，該戰略正在奏效。

We are winning new customers and benefiting from competitive takeaways. In the enterprise segment, the receptivity for our payment solution is exceeding our expectations, and demand for our service desk solution is strong. Hospitality revenue increased $23 million or 11% year-over-year as restaurants reopen, rework and expand.

我們正在贏得新客戶並從具有競爭力的外賣中受益。在企業領域，我們的支付解決方案的接受度超出了我們的預期，對我們的服務台解決方案的需求強勁。隨著餐廳重新開業、返工和擴張，酒店業收入同比增長 2300 萬美元或 11%。

Second quarter adjusted EBITDA was up 18% year-over-year, while adjusted EBITDA margin rate was 19%. Hospitality's key metrics on the bottom of this slide includes platform and payment sites and ARR. Platform sites increased 39%. Payment sites increased 139% and ARR was up 15% year-over-year. This business is simultaneously executing extremely well in its strategy as it is also delivering excellent quarterly results.

第二季度調整後 EBITDA 同比增長 18%，而調整後 EBITDA 利潤率為 19%。這張幻燈片底部的酒店業的關鍵指標包括平台和支付網站以及 ARR。平台網站增加了 39%。支付網站同比增長 139%，ARR 同比增長 15%。該業務同時在其戰略中執行得非常好，因為它還提供了出色的季度業績。

On Slide 12, we present free cash flow, net debt and adjusted EBITDA metrics to facilitate leverage calculations. As I previously stated, free cash flow was flat in the quarter. Receivable days outstanding and finished goods inventory both increased. We invested in working capital to support the second half growth. We expect working capital improvements in the back half of the year, particularly around inventories and receivables.

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。正如我之前所說，本季度的自由現金流量持平。應收賬款天數和製成品庫存均增加。我們投資營運資金以支持下半年的增長。我們預計下半年的營運資金將有所改善，尤其是在庫存和應收賬款方面。

This slide also shows our net debt to adjusted EBITDA metric with a leverage ratio of 4.0, down slightly from the prior quarter due to higher profitability. And we ended the second quarter with $398 million of cash and remain well within our debt covenants. Those covenants include a maximum pro forma leverage ratio of 5.25x. We also have significant liquidity with almost $900 million available under our revolving credit facility. We have a strong balance sheet with an average cost of debt of less than 5%, ample liquidity and the financial strength to support our growth strategy.

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，槓桿率為 4.0，由於盈利能力提高，比上一季度略有下降。我們以 3.98 億美元的現金結束了第二季度，並且仍然在我們的債務契約範圍內。這些契約包括最大 5.25 倍的備考槓桿比率。我們還擁有可觀的流動性，在我們的循環信貸額度下可使用近 9 億美元。我們擁有強大的資產負債表，平均債務成本低於 5%，流動性充裕，並且擁有支持我們增長戰略的財務實力。

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, on Slide 13, during our first quarter call, we said we would adjust to the external factors which negatively impacted us in the first quarter. Our team did just that. In an environment which is still challenging, our team performed exceptionally well and delivered a solid quarter.

謝謝，蒂姆。最後，在幻燈片 13 上，在我們的第一季度電話會議上，我們表示我們將調整第一季度對我們產生負面影響的外部因素。我們的團隊就是這樣做的。在仍然充滿挑戰的環境中，我們的團隊表現異常出色，並取得了穩健的季度業績。

As important, we have made significant strategic progress transforming NCR to a software-led-as-a-service company. And while the macro environment remains challenging, we feel good about the underlying business and the operational discipline during the second quarter.

同樣重要的是，我們在將 NCR 轉變為以軟件為主導的服務公司方面取得了重大戰略進展。儘管宏觀環境仍然充滿挑戰，但我們對第二季度的基礎業務和運營紀律感覺良好。

That concludes our prepared remarks for today. With that, we will open the call for questions. Keep in mind, please hold your questions regarding our strategic review as we will not provide further comment on that topic today. 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。請記住，請保留您對我們的戰略審查的問題，因為我們今天不會就該主題提供進一步的評論。接線員，請打開線路。

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

（操作員說明）我們的第一個問題將來自 RBC Capital Markets 的 Dan Perlin。

I just wanted to follow up on the outlook question here. You said you're leaving it unchanged. You feel like you can still hit the low end of the range given the FX headwinds, which look like they're going to get worse for you before they get better over the next couple of quarters. So I just want to make sure we're all kind of level setting. So the revenue numbers that you had put out for the full year were approximately kind of $8 billion. Your adjusted EBITDA was $1.4 billion to $1.5 billion, and then the free cash flow was $400 million to $500 million, I believe, and EPS of $2.07, $2.30.

我只是想在這裡跟進前景問題。你說你保持不變。考慮到外匯逆風，你覺得你仍然可以達到該範圍的低端，在接下來的幾個季度它們變得更好之前，它們看起來對你來說會變得更糟。所以我只是想確保我們都是水平設置。因此，您公佈的全年收入數字約為 80 億美元。您調整後的 EBITDA 為 14 億至 15 億美元，然後我相信自由現金流為 4 億至 5 億美元，每股收益為 2.07 美元，2.30 美元。

So we should be, I guess, teeing it on the lower end of that range, I guess, first of all? And then secondly, there's a pretty significant ramp in the free cash flow in order to achieve that. I'm just wondering if you can walk me through some of the guideposts we should be looking for.

所以我們應該，我猜，首先在那個範圍的低端開球？其次，為了實現這一目標，自由現金流有相當大的增長。我只是想知道您是否可以引導我瀏覽我們應該尋找的一些指南。

Yes, sure. The FX was, this was on Q2, about $50 million on revenue. And to your point, it's going to get worse in the second half of the year if the forward curve is correct. So if forward rates are correct, we've probably got another $170 million of pressure on revenue in the second half alone. I think that translates to about maybe $50 million of pressure on EBITDA in the second half of the year, which would be $0.20 of EPS.

是的，當然。 FX 是，這是在第二季度，收入約為 5000 萬美元。就您而言，如果遠期曲線正確，下半年情況會變得更糟。因此，如果遠期利率是正確的，我們可能僅在下半年就面臨另外 1.7 億美元的收入壓力。我認為這意味著下半年 EBITDA 的壓力可能約為 5000 萬美元，即每股收益 0.20 美元。

So the walk from, let's say, the midpoint of the range down to the lower end of the range is entirely attributable to FX. And -- but as I sit here today, I believe we will be able to get to the lower end of that range.

因此，從範圍的中點到範圍的下端的走動完全歸因於 FX。而且 - 但是當我今天坐在這裡時，我相信我們將能夠達到該範圍的低端。

On free cash flow, if -- I'd be more concerned about cash flow, if I didn't know exactly why we're bouncing off of 0. We know we purposefully and intentionally increased inventory levels by about $150 million, and our receivables are up by $100 million purely because of timing, because of the fact that too much of our hardware is shipping in the last couple of weeks of the quarter. And that has gotten progressively worse as the year played out. The good news is we got the hardware out. The bad news is we got it out way too late to collect the cash. So it will come back. It's just timing. We hope to get more linear as supply chains free up.

關於自由現金流，如果——我會更關心現金流，如果我不確切知道為什麼我們會從 0 反彈。我們知道我們故意和故意將庫存水平增加了大約 1.5 億美元，而我們的應收賬款增加了 1 億美元，純粹是因為時間安排，因為我們的硬件在本季度的最後幾週發貨太多。隨著這一年的結束，這種情況變得越來越糟。好消息是我們得到了硬件。壞消息是我們把它拿出來太晚了，無法收回現金。所以它會回來的。這只是時機。我們希望隨著供應鏈的釋放而變得更加線性。

Okay. That's really helpful. And just a quick follow-up on supply chains. I think, Mike, you were saying it's not gotten worse. It's not necessarily better either, but you come up with more creative solutions, and you've done a job of incrementally expanding sources. I'm just wondering if you could kind of dive into that a little bit more and just give us a picture of what -- kind of what's really playing out in the field.

好的。這真的很有幫助。並且只是對供應鏈的快速跟進。我想，邁克，你是說情況並沒有變得更糟。它也不一定更好，但是您提出了更具創造性的解決方案，並且您已經完成了逐步擴展資源的工作。我只是想知道你是否可以再深入一點，然後給我們一張圖片，看看這個領域真正發生了什麼。

Yes. I mean I think any external factors, meaning some of the prices in the marketplace, haven't necessarily gotten much better. They haven't gotten worse. And then the ability to move either components or finished goods around the world at lower cost, meaning putting on containers and ships versus flying it, is incrementally getting better.

是的。我的意思是我認為任何外部因素，也就是市場上的一些價格，不一定會好很多。他們並沒有變得更糟。然後以更低的成本在世界各地運輸組件或成品的能力，這意味著放置集裝箱和船隻而不是飛行，正在逐漸變得更好。

But I think the big change we called out is in an environment where things have stayed the same, which we think they're going to be for the second half, if not get a little bit better externally. In terms of things that we could control, our engineering team -- and Owen talked about this last quarter call that our engineering team was designing around some of the chips that had dramatically accelerated in cost, so we could find alternative chips and, therefore, find alternative sources. And that did happen in the second quarter. So as we look at the third and fourth quarter, we believe we'll have a positive impact, meaning being lower cost for raw supply because we can source different chips, and we've certified other suppliers. So we have a more optimistic outlook sitting here today than we did 3 months ago.

但我認為我們呼籲的重大變化是在一個事情保持不變的環境中，我們認為他們將在下半年保持這種狀態，如果不是在外部變得更好一點的話。就我們可以控制的事情而言，我們的工程團隊和歐文談到了上個季度的電話會議，我們的工程團隊正在圍繞一些成本大幅加快的芯片進行設計，因此我們可以找到替代芯片，因此，尋找替代來源。這確實發生在第二季度。因此，當我們查看第三和第四季度時，我們相信我們將產生積極影響，這意味著降低原材料供應成本，因為我們可以採購不同的芯片，並且我們已經認證了其他供應商。因此，與 3 個月前相比，我們今天坐在這裡的前景更加樂觀。

And our next question will come from Matt Summerville with D.A. Davidson.

我們的下一個問題將來自馬特薩默維爾和 D.A.戴維森。

I just want to put a little bit of a finer point on where you are with price cost. So can you give us anything to help triangulate on that in terms of maybe how much price cost was a headwind EBITDA margin in Q1 versus how much headwind you saw price cost in Q2 and then what you're expecting for the last half of the year that's kind of baked into the numbers you're speaking to today? And then I have a follow-up.

我只是想更詳細地說明一下您的價格成本。那麼，您能否給我們任何東西來幫助我們進行三角測量這與你今天所說的數字有關嗎？然後我有一個跟進。

Yes. That's a multi-varied equation, right? So let me walk through how we did it last quarter, which was we talked about the impact of the COVID wave, and it abated as we thought that it would. And in fact, we recovered there and got back to some of the revenue that had been missed.

是的。這是一個多元方程，對吧？因此，讓我來看看我們上個季度是如何做到的，我們討論了 COVID 浪潮的影響，並且正如我們認為的那樣，它會減弱。事實上，我們在那裡恢復並恢復了一些已經錯過的收入。

The war in Eastern Europe, there's no change, right? It is what it is. We're out of the country, and so it impacted us on a known basis. The inflation versus price line, as Mike just said, I think components are going to get better in the second half of the year. I think our component costs will be better in the second half of the year because of the hard work that's been done by our sourcing teams.

東歐的戰爭，沒有變化，對吧？就是這樣。我們不在這個國家，所以它在已知的基礎上影響了我們。正如邁克剛才所說，通脹與價格的關係線，我認為組件將在下半年變得更好。我認為由於我們採購團隊的辛勤工作，下半年我們的組件成本會更好。

Freight has not yet come down, and that's an important part of our -- the impact of inflation to us. Freight has not come down. It's a little bit more available. We do expect to see freight ease off late in the year but probably not in Q3. From a fuel perspective, it's hard to know. Fuel prices were higher in Q2 than they were in Q1. It looks like they're now stabilizing and maybe they'll be even a little lower in Q3 than they were in Q2.

運費還沒有降下來，這是我們很重要的一部分——通貨膨脹對我們的影響。運費還沒有下來。它有點多可用。我們確實預計今年晚些時候運費會有所緩解，但可能不會在第三季度。從燃料的角度來看，很難知道。第二季度的燃料價格高於第一季度。看起來他們現在正在穩定下來，也許他們在第三季度甚至會比第二季度低一點。

The biggest change for us is interest rates. Interest rates are probably 100 basis points. The expectation is 100 basis points higher than what we talked 90 days ago. And every 1 percentage point in interest rates cost us about $24 million at EBITDA as the cost of goods in the payments business.

對我們來說最大的變化是利率。利率可能是 100 個基點。預期比我們 90 天前的預期高出 100 個基點。作為支付業務的商品成本，利率每上升 1 個百分點，我們的 EBITDA 成本約為 2400 萬美元。

So I think -- we also talked about trying to have $200 million of cost action and $200 million of pricing actions. I'll tell you that the pricing actions are all in place because of the long lead time on some of our product. So there won't be -- we can't impact that from here. I think whether we get to $200 million now will be heavily dependent upon our ability to convert those price increases, to hold those price increases in the competitive environment. We're doing okay so far.

所以我認為 - 我們還談到了嘗試進行 2 億美元的成本行動和 2 億美元的定價行動。我會告訴你，由於我們的某些產品的交貨時間很長，定價行動都已經到位。所以不會有——我們不能從這裡影響它。我認為我們現在能否達到 2 億美元將在很大程度上取決於我們將這些價格上漲轉化為在競爭環境中保持價格上漲的能力。到目前為止，我們做得很好。

And on the cost side, we're probably halfway to where we need to be, we've got some work to do in the second half of the year, and Owen and I are working on that. I hope that frames it for you anyways.

在成本方面，我們可能已經完成了我們需要的一半，我們在下半年還有一些工作要做，歐文和我正在努力。我希望無論如何都能為你設計框架。

Yes. No, that's very helpful. And then as a follow-up, you may have just answered it, actually, Tim. Payments and network, you saw a nice sequential bump in revenue. EBITDA was pretty flat. Is all of that flattening out in EBITDA then, is that being driven by the cost of cash, so to speak, for that business? Or is there something else going on that's contributing to that?

是的。不，這很有幫助。然後作為後續行動，您實際上可能剛剛回答了這個問題，蒂姆。支付和網絡，您看到了收入的連續增長。 EBITDA 相當平穩。那麼，EBITDA 中的所有這些是否都趨於平緩，是否是由現金成本驅動的，可以這麼說，對於該業務？還是有其他原因導致了這一點？

Yes, there's 3 things going on in there. One, before we acquired Cardtronics, on a pro forma basis, they benefited from an item in the U.K., there was a onetime item associated with a rebate on property tax that have been paid. It came through EBITDA and it's nonrecurring. That -- so that's a temporal issue. It's gone.

是的，裡面發生了 3 件事。第一，在我們收購 Cardtronics 之前，在形式上，他們從英國的一個項目中受益，有一個與已支付的財產稅回扣相關的一次性項目。它來自 EBITDA，並且是非經常性的。那 - 所以這是一個時間問題。沒了。

The other is we did add LibertyX. LibertyX was under -- just under $20 million of revenue in the quarter. LibertyX has no profitability currently. So it's a breakeven business that dilutes margin rate. And then yes, lastly, interest rates are higher. And I think across this year, it's probably going to be in aggregate of $35 million to this business. And so it will -- we're working to mitigate it. Every point really is -- $40 million, if you just do the math, right, a point on $4 billion, but we've got some ways to mitigate some of that both with hedges and with changes in business model.

另一個是我們確實添加了 LibertyX。 LibertyX 本季度的收入不到 2000 萬美元。 LibertyX 目前沒有盈利能力。因此，這是一項稀釋保證金率的盈虧平衡業務。然後是的，最後，利率更高。我認為在今年，這項業務的總收入可能為 3500 萬美元。所以它會 - 我們正在努力減輕它。每一點確實是- 4000 萬美元，如果你只是算一下，對，40 億美元，但我們有一些方法可以通過對沖和商業模式的變化來減輕其中的一些。

So we'll keep working it down. But yes, that will -- when you get to the end of the year, the biggest change in margin rate for this business will be the dilution from the addition of the revenue from LibertyX and interest cost.

所以我們會繼續努力。但是，是的，到年底時，該業務的保證金率最大變化將是來自 LibertyX 的收入和利息成本的增加所造成的稀釋。

Our next question will come from Erik Woodring with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Erik Woodring。

Just to nail down on the outlook, I just want to make sure I'm clear there. So when you talk about kind of the $170 million of incremental FX pressure in the second half, does that imply that revenue should be $170 million lower than about $8 billion? Or are there offsets from better operational performance that would get you back to that, again, $8 billion number? And if so, what would be some of those offsets? And then I just have a follow-up. .

只是為了確定前景，我只是想確保我清楚。因此，當您談到下半年 1.7 億美元的增量外匯壓力時，這是否意味著收入應該比約 80 億美元低 1.7 億美元？或者是否有更好的運營績效可以讓您再次回到 80 億美元的數字？如果是這樣，其中一些偏移量是多少？然後我有一個跟進。 .

Yes. So typically, when we give guidance, we leave ourselves some room. So and I said approximately $8 billion, so you can imagine, I probably had a plan that rolled up to north of that. The forward rates right now suggest $170 million of pressure. If we just simply take the euro, pound, Japanese yen and Canadian dollar and convert back our revenue streams, I don't know whether those will be correct or not, but we'll keep trying to grow. I think there are avenues to get more revenue this year. In our services businesses, in particular, we're continuing to work. So I think $8 billion is a reasonable number. I think our results, as I said here today, will round to $8 billion from one side to the other.

是的。所以通常，當我們提供指導時，我們會給自己留一些空間。所以我說大約 80 億美元，所以你可以想像，我可能有一個計劃在此基礎上進行。目前的遠期利率表明有 1.7 億美元的壓力。如果我們只是簡單地將歐元、英鎊、日元和加元轉換回我們的收入流，我不知道這些是否正確，但我們會繼續努力增長。我認為今年有辦法獲得更多收入。特別是在我們的服務業務中，我們將繼續努力。所以我認為 80 億美元是一個合理的數字。我認為，正如我今天在這裡所說，我們的結果將從一側到另一側接近 80 億美元。

On EBITDA, same. We had a wide range. It's a very wide range. And so I think I can absorb this new hit inside of that guided range. And the same would then translate through down to EPS.

在 EBITDA 上，同樣如此。我們的範圍很廣。這是一個非常廣泛的範圍。所以我認為我可以在那個引導範圍內吸收這個新的打擊。然後同樣會轉化為EPS。

Okay. That's really helpful. And then maybe last quarter, you just talked about backlog up 30% sequentially. Just any way you can help us kind of talk to the size of the growth of backlog or if you saw it decrease because of supply chain improvements. And any kind of qualitative comments that you could talk about on underlying mix, if that's changed at all. That's it for me.

好的。這真的很有幫助。然後可能是上個季度，您剛剛談到積壓訂單連續增長 30%。您可以通過任何方式幫助我們討論積壓的增長規模，或者您是否看到由於供應鏈的改進而有所減少。以及任何類型的定性評論，你可以談論潛在的組合，如果這種情況發生了變化的話。對我來說就是這樣。

Yes, sure. I'll let Owen take that one.

是的，當然。我會讓歐文拿走那個。

Yes, I would say, as we came out of the quarter, we have not seen a change in the sales activity, the funnel activity. And across all of the businesses, order activity was -- carried good momentum coming out of the quarter. So we're continuing to see growth across the hardware, the software. And most importantly, we're seeing it on the as-a-service business in both the ATM-as-a-Service as well as, as Mike talked about in his comments, sites, payments and platform lanes out of hospitality and retail. So obviously, as Tim talked about the outlook, that's predicated on the momentum we're seeing in order activity.

是的，我想說，當我們結束本季度時，我們沒有看到銷售活動，即漏斗活動的變化。在所有業務中，訂單活動從本季度開始表現良好。所以我們繼續看到硬件和軟件的增長。最重要的是，我們在 ATM 即服務的即服務業務中看到了這一點，正如邁克在他的評論中所說的那樣，酒店和零售之外的網站、支付和平台通道.很明顯，正如蒂姆談到前景時，這是基於我們在訂單活動中看到的勢頭。

We'll now take a question from Kartik Mehta with Northcoast Research.

現在，我們將回答來自 Northcoast Research 的 Kartik Mehta 的問題。

Tim, just -- I wanted to make sure on the free cash flow, I understood your comments. I think the range was $400 million to $500 million last quarter when you gave guidance. Do you still feel comfortable on that low end? And you talked about guidance being on the low end around that $400 million. Or will that be difficult because of the inventory you've had to add because of the current environment?

蒂姆，只是 - 我想確保自由現金流，我理解你的意見。當你給出指導時，我認為上個季度的範圍是 4 億美元到 5 億美元。你還在那個低端感到舒服嗎？你談到了 4 億美元左右的低端指導。或者由於當前環境而必須添加庫存，這會很困難嗎？

No, I think -- intend -- we intend to convert that inventory to cash in the latter half of the year. As supply chains start to let up, we won't need as much safety stock. And we won't have as much finished goods sitting around because we're able to get it shipped in the quarter. So I'm not worried about harvesting that. On the receivables side, we know why it's drifted up a bit. We can work it back down. We'll make it a focus and get it down.

不，我認為 - 打算 - 我們打算在下半年將庫存轉換為現金。隨著供應鏈開始鬆動，我們將不需要那麼多安全庫存。而且我們不會有那麼多成品，因為我們能夠在本季度發貨。所以我不擔心收穫。在應收賬款方面，我們知道它為什麼會上升一點。我們可以把它倒過來。我們將把它作為一個焦點並把它記下來。

So that's $250 million of cash that was used in the first half of the year that I think we can harvest in the second half. The remainder of the $400 million will come from higher profitability in the second half of the year versus the first. For the most part, that solves to the low end of the range we just described. If we're able to get further into the range from an EBITDA perspective or to find a little bit more revenue, then we could get closer to the midpoint. But I think $400 million is probably the right place to be for now.

所以這是上半年使用的 2.5 億美元現金，我認為我們可以在下半年收穫。 4 億美元的其餘部分將來自下半年的盈利能力高於上半年。在大多數情況下，這解決了我們剛剛描述的範圍的低端。如果我們能夠從 EBITDA 的角度進一步進入該範圍或找到更多的收入，那麼我們可以更接近中點。但我認為 4 億美元可能是目前的正確位置。

Right. And Mike, you obviously talked about some of the challenges that are happening in Europe, specifically Eastern Europe because of what's going on. I'm wondering, is that leading to any cancellation of orders throughout Europe or even Eastern Europe because of the current environment?

正確的。邁克，你顯然談到了歐洲正在發生的一些挑戰，特別是東歐正在發生的事情。我想知道，由於當前的環境，這是否會導致整個歐洲甚至東歐的訂單取消？

No, Kartik. We had, on the first quarter call, when the war started in the Ukraine, and we had to pull out of Russia, and I think at that point, we probably had a little bit more question around what might happen throughout the rest of Eastern Europe. I think today, it seems to have settled into, unfortunately, kind of a norm, and we haven't seen impacts out of blood over into our businesses in Eastern Europe or in Western Europe. .

不，卡提克。在第一季度的電話會議上，當烏克蘭戰爭開始時，我們不得不撤出俄羅斯，我認為那時，我們可能對東部其他地區可能發生的事情有更多疑問歐洲。我認為今天，不幸的是，它似乎已經成為一種常態，我們還沒有看到血液對我們在東歐或西歐的業務產生影響。 .

And our next question will come from Charles Nabhan with Stephens.

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

Just curious if your ability to manage some of the supply chain headwinds and specifically procure certain chips internally has translated into a competitive advantage or if you see that as a potential tailwind in the second half of the year. .

只是好奇你管理一些供應鏈逆風和專門在內部採購某些芯片的能力是否已經轉化為競爭優勢，或者你是否認為這是下半年的潛在順風。 .

Yes. I mean, I think the ability to react, whether it's the team on the supply chain side that did a really awesome job in the second quarter, continuing to find components and then certify new supply sources or the engineering team, which also did -- has been doing a great job literally for the last year, continuing to design around challenges, whether it's ability to get shipped or whether it's the price. So I think we feel really good about our ability to react.

是的。我的意思是，我認為反應能力，無論是供應鏈方面的團隊在第二季度做得非常出色，繼續尋找組件然後認證新的供應源，還是工程團隊也做到了——從字面上看，去年一直做得很好，繼續圍繞挑戰進行設計，無論是出貨能力還是價格。所以我認為我們對自己的反應能力感覺非常好。

Owen talked last quarter about just the timing. So in the first quarter, we didn't have the timing to be able to do that. We were able to do that in the second quarter. So we believe, as Tim talked about, coming into the third and fourth quarter, that will be a pickup or a benefit for us in terms of our cost pressure.

歐文上個季度談到了時機。所以在第一季度，我們沒有時間做到這一點。我們能夠在第二季度做到這一點。因此，正如蒂姆所說，進入第三和第四季度，我們相信，就我們的成本壓力而言，這對我們來說將是一個好轉或好處。

Competitively, I think in the 3 verticals we compete in, right now, we feel as good as we've ever felt. We have products that are competing. I think in the hardware space, whether it's the ATM market, the ITO market, whether it's SCO, whether it's POS, we think we're out there competing very well, and we've been able to work some of the costs down to working the supply chain and working through some of the other engineering activities.

在競爭方面，我認為在我們競爭的 3 個垂直領域中，我們現在感覺和以往一樣好。我們有競爭產品。我認為在硬件領域，無論是 ATM 市場、ITO 市場，還是 SCO，無論是 POS，我們認為我們的競爭非常好，我們已經能夠將一些成本降低到處理供應鏈並完成其他一些工程活動。

So whether that translates into more rev, Tim talked about, as we look at the outlook, we'll continue to chase opportunities for revenue, but we feel really good about where we sit right now.

因此，無論這是否會轉化為更高的轉速，蒂姆談到，當我們展望前景時，我們將繼續追逐收入機會，但我們對目前所處的位置感覺非常好。

Yes. I think the only additive comment I would make is to -- when Tim talked about our investment into working capital. We have heard consistently from our customers that we have been a very dependable provider. And we have not -- we got asked a lot in the first quarter about missed shipments or project delays due to the supply chain, et cetera. The one thing, and I'll give huge props to, as Mike just did, the entire organization, we did not miss a customer commitment and haven't in the whole first half of the year. And that ends up being a competitive advantage without a doubt.

是的。我認為我唯一要補充的評論是——當蒂姆談到我們對營運資金的投資時。我們一直從客戶那裡聽說我們是一個非常可靠的供應商。而且我們還沒有 - 我們在第一季度被問到很多關於由於供應鍊等原因導致的發貨或項目延誤的問題。有一件事，我會像邁克剛才所做的那樣，為整個組織提供巨大的支持，我們沒有錯過客戶承諾，而且在整個上半年都沒有。毫無疑問，這最終會成為一種競爭優勢。

So it's taken some investment. You saw some of the costs that we incurred in the first quarter. But if you're a long-term player, those investments are appreciated by the market and by our customers, and we're hearing that. So we feel really good about where the teams left us.

所以需要一些投資。您看到了我們在第一季度產生的一些成本。但是，如果您是長期參與者，那麼這些投資會受到市場和我們的客戶的讚賞，我們聽到了這一點。所以我們對團隊離開我們的地方感覺非常好。

Got it. And as a follow-up, I had a question about the cadence of free cash flows for the back half of the year. And I apologize if I missed it. I know, historically, the fourth quarter has been the high for the year on free cash flow. But obviously, there's some abnormalities this year. So any color you could provide on the cadence for the back half of the year would be helpful.

知道了。作為後續行動，我有一個關於今年下半年自由現金流節奏的問題。如果我錯過了，我深表歉意。我知道，從歷史上看，第四季度一直是全年自由現金流的最高點。但顯然，今年出現了一些異常情況。因此，您可以在下半年的節奏中提供任何顏色都會有所幫助。

Yes. Hard to predict. I do think our fourth quarter will be a very strong quarter. I think the third quarter will be solid. So -- but I would have a fourth quarter that is greater than the third.

是的。很難預測。我確實認為我們的第四季度將是一個非常強勁的季度。我認為第三季度會很穩定。所以 - 但我會有一個大於第三季度的第四季度。

(Operator Instructions) We'll now go to Paul Chung with JPMorgan.

（操作員說明）我們現在將與摩根大通一起前往 Paul Chung。

So just a follow-up on cash flow on that last point. So are the shifts in the kind of second half resulting in kind of higher AR balance kind of regarding your service contracts, given some macro headwinds? Are we reverting back to that second half seasonal cash flow again? Or is this temporary? And how is the kind of pricing environment and competition evolving here? And I have a follow-up.

因此，只是對最後一點的現金流進行跟進。那麼，考慮到一些宏觀逆風，下半年的變化是否會導致關於您的服務合同的 AR 餘額更高？我們是否會再次回到下半年的季節性現金流？還是這是暫時的？這裡的定價環境和競爭是如何演變的？我有一個後續行動。

So I'll defer on pricing and competition to Owen. On the first one, cash flow generated in the last month of the year is no way to live. We worked incredibly hard to get back to the point where cash flow was more linear, and we've been unable to keep up that trend in an environment where way too much of our revenue comes very late in the quarter because we just can't get the parts to get them out the door, and that's really where most of the issues in the hardware side.

因此，我將把定價和競爭問題交給歐文。在第一個方面，今年最後一個月產生的現金流是無法生存的。我們非常努力地回到現金流更加線性的地步，但我們無法在本季度後期收入太多的環境中跟上這一趨勢，因為我們無法做到把零件拿出來，這確實是硬件方面的大多數問題。

A lot of the recovery coming out of the pandemic in 2022 has been hardware and so on POS. So that's been a struggle. I don't want to live this way much longer. I think supply chains are easing. I suspect that we will get back on a better cadence of more linear free cash flow generation as we get into 2023. But at this point, I've only got a half now to generate the cash you need to generate, and we will do it.

2022 年大流行帶來的許多複蘇都是硬件等 POS。所以這是一場鬥爭。我不想再這樣活下去了。我認為供應鏈正在放鬆。我懷疑，隨著我們進入 2023 年，我們將回到更線性的自由現金流產生的更好節奏。但在這一點上，我現在只有一半來產生你需要產生的現金，我們會做到的它。

Yes. And on the pricing, I think my comments in the first quarter was that for those of us who have lived in hyperinflationary times in the past, which not a lot of us have, catching that falling knife was tough. And so we saw the impact in the first quarter of not getting there. The team across all 3 -- all the industry groups have made adjustments to pricing, both permanent pricing and temporal pricing. We believe that the pricing is reflective of the reality that we're all dealing with, and our customers have accepted that. .

是的。關於定價，我認為我在第一季度的評論是，對於我們這些過去生活在惡性通貨膨脹時期的人來說，我們中的很多人都沒有，抓住那把落下的刀很難。因此，我們在第一季度看到了沒有達到目標的影響。所有 3 個團隊——所有行業組都對定價進行了調整，包括永久定價和臨時定價。我們相信定價反映了我們都在處理的現實，我們的客戶已經接受了這一點。 .

There have been some temporary charges that we've put through on freight and on fuel. That will be temporal, and our customers understand that. We have not seen those price increases create a competitive disadvantage. In fact, to the contrary, to my comments a few minutes ago, our customers have been very appreciative of our ability to deliver despite all of the supply chain disruption. So we think that the pricing will hold. It is competitive. And where it's been temporal, we'll adjust accordingly.

我們對運費和燃料徵收了一些臨時費用。這將是暫時的，我們的客戶理解這一點。我們還沒有看到這些價格上漲造成競爭劣勢。事實上，與我幾分鐘前的評論相反，儘管供應鏈中斷，我們的客戶仍然非常欣賞我們的交付能力。因此，我們認為定價將保持不變。這是有競爭力的。如果它是暫時的，我們會相應地進行調整。

Let me just add to that. So when it comes to pricing in the marketplace and competing, we -- NCR is in a much, much better place than many of our competitors. We're in a much better place with our products. And as importantly, as we sit here today, we're in a much better place financially in terms of our revenue, our earnings and our cash flow than a lot of the folks that we've been competing against the last number of years, literally in all 3 lines of business.

讓我補充一下。因此，在市場定價和競爭方面，我們 - NCR 比我們的許多競爭對手處於一個非常非常好的位置。我們的產品處於一個更好的位置。同樣重要的是，當我們今天坐在這裡時，就我們的收入、收益和現金流而言，我們的財務狀況比過去幾年我們一直在與之競爭的許多人要好得多，從字面上看，在所有 3 個業務領域。

So we'll continue to operate the business with discipline. We'll continue to operate the business to generate revenue and earnings and cash flow, and we will come out better in this environment than a lot of our competitors.

因此，我們將繼續有紀律地經營業務。我們將繼續經營業務以產生收入、收益和現金流，在這種環境下，我們將比我們的許多競爭對手錶現得更好。

And then can you just talk about your backlog for self-checkout? You mentioned some increased conversion kind of later this year. Which verticals are you seeing demand? Are these -- are you seeing competitive wins, kind of new deployments? And then how should we think about kind of visibility for next year after strong growth throughout the pandemic? How do those trend?

然後你能談談你的自助結賬積壓嗎？你提到了今年晚些時候一些增加的轉換類型。您看到了哪些垂直領域的需求？這些 - 你是否看到了競爭勝利，一種新的部署？然後，在整個大流行期間強勁增長之後，我們應該如何考慮明年的知名度？那些趨勢如何？

Yes. So I would say from a self-checkout, we are still very bullish about the self-checkout marketplace. If you look at first to second quarter, you saw what is not atypical, which is some lumpiness in terms of order activity. So we were up roughly 15% quarter-to-quarter on our self-checkout. Our outlook for the year is still that we will grow in the mid-single-digit range. I think we just had published the RVR report for -- through '21. And once again, we were the chip share leader across the globe. We still hold a huge market share position.

是的。所以我想說，從自助結賬來看，我們仍然非常看好自助結賬市場。如果您查看第一季度到第二季度，您會看到非典型的情況，即訂單活動方面的一些波動。因此，我們的自助結賬服務季度環比增長了大約 15%。我們對今年的展望仍然是我們將在中個位數範圍內增長。我想我們剛剛發布了 21 年的 RVR 報告。我們再次成為全球芯片份額的領導者。我們仍然擁有巨大的市場份額。

And what encourages us are new segments that are opening up. The -- and I think I mentioned this in the past. The specialty retail environment like Bed Bath & Beyond just has embraced the self-checkout. The convenience, fuel and retail sector is really receptive and in fact, looking at. And as labor continues to be a challenge, we think the self-checkout is going to play very strongly.

鼓勵我們的是正在開放的新細分市場。 - 我想我過去曾提到過這一點。 Bed Bath＆Beyond等專業零售環境剛剛接受了自助結賬。便利、燃料和零售部門真的很容易接受，事實上，正在關注。由於勞動力仍然是一個挑戰，我們認為自助結賬將發揮非常重要的作用。

So we look at the balance of the year and feel good about our outlook from a year ago for '22. And there's nothing that would suggest going into '23 that it should slow down.

因此，我們查看了今年的餘額，並對一年前對 22 年的展望感到滿意。沒有任何跡象表明進入 23 年它應該放慢速度。

Great. And then last question. Any just general update on kind of regional bank demand across ATMs and digital banking services would be helpful. Are you seeing any customers tightening budgets here given some macro headwinds? Just any comments on the macro here for regional banks.

偉大的。然後最後一個問題。任何關於 ATM 和數字銀行服務的區域銀行需求的一般更新都會有所幫助。鑑於一些宏觀逆風，您是否看到這裡有任何客戶收緊預算？這裡只是針對區域銀行對宏觀的任何評論。

Yes. We haven't really seen banks change their buying behaviors. At this point, I think the banks have the benefit of a little spread right now. And then I think the banks are starting to look forward in trying to estimate, like everybody else is, what will be the impacts on the economy and whether it will hit their balance sheet. Digital banking, anything related to self-service, anything related to efficiency, anything related to cost savings, which is effectively what we do in banking, continue to be things and areas that our customers are looking for.

是的。我們還沒有真正看到銀行改變他們的購買行為。在這一點上，我認為銀行現在有一點點差的好處。然後我認為銀行開始期待像其他人一樣試圖估計對經濟的影響以及它是否會影響他們的資產負債表。數字銀行，任何與自助服務相關的事物，任何與效率相關的事物，任何與成本節約相關的事物，這實際上就是我們在銀行業所做的事情，仍然是我們的客戶正在尋找的事物和領域。

The other comment I would make on the banks and the ATM is if capital is an issue, what we're seeing from many of our customers is their embrace of the ATM as a service. And that clearly allows them to continue to build out their physical distribution with ATMs and ITMs without outlying capital.

我對銀行和 ATM 的另一個評論是，如果資金是一個問題，我們從許多客戶那裡看到的是他們對 ATM 即服務的接受。這顯然使他們能夠繼續使用 ATM 和 ITM 構建其物理分佈，而無需外圍資本。

So if that is an issue, we're already seeing customers really embrace the idea of the ATM-as-a-service offering across the globe. All the regions now, we're having really good activity, a number of closures that Mike talked about. And the backlog for that -- or the pipeline for that business is growing in the double-digit range. So we feel really good that we have an offering that would address any conservatism on the part of the bank.

因此，如果這是一個問題，我們已經看到客戶真正接受了全球範圍內的 ATM 即服務產品的想法。現在所有地區，我們的活動都非常好，邁克談到了一些關閉。並且該業務的積壓 - 或該業務的管道正在以兩位數的速度增長。因此，我們感到非常高興，我們提供的產品可以解決銀行方面的任何保守主義。

And we'll take a follow-up question from Dan Perlin with RBC Capital Markets.

我們將回答 Dan Perlin 與 RBC 資本市場的後續問題。

Just a quick follow-up on digital banking. Did you say the exit rate, i.e., maybe the fourth quarter rate would be 10% is what you had embedded in guidance? Or are you suggesting that for the full year? I just want to make sure I was clear on that.

只是對數字銀行的快速跟進。你有沒有說退出率，即第四季度的利率可能是 10%，是你在指導中嵌入的？還是您建議全年都這樣做？我只是想確保我清楚這一點。

I think there was a -- we had 2 big accounts coming on. One of them is coming on a couple of months later than we would have thought. So we're going to exit the year at 10%. I think the full year rate is likely to be very high single digits. But remember that it's not just accounts that drive growth. We've got some deals out there for CSP that could push us north of 10% for the full year. So I think there's a chance we hit 10% for the full year. We will certainly exit the year at a 10% run rate.

我認為有一個 - 我們有兩個大客戶。其中一個比我們想像的晚了幾個月。因此，我們將以 10% 的利率退出這一年。我認為全年的增長率可能非常高個位數。但請記住，推動增長的不僅僅是賬戶。我們已經為 CSP 達成了一些交易，這些交易可能會將我們全年推高 10% 以上。所以我認為我們有可能全年達到 10%。我們肯定會以 10% 的運行率退出這一年。

And there are no further questions at this time. So I'll turn things back over to Mike Hayford for any additional or closing remarks.

目前沒有進一步的問題。因此，如果有任何補充或結束語，我會將事情轉回給 Mike Hayford。

Thanks. During the second quarter, we continued to be impacted by a number of the external factors that we saw in the first quarter. In spite of that, even in this environment, our team at NCR really delivered a great financial quarter. They continue to build and deliver on our strategic initiatives through our product platforms. And as always, we believe we deliver the best care to our customers in the industry.

謝謝。在第二季度，我們繼續受到我們在第一季度看到的一些外部因素的影響。儘管如此，即使在這種環境下，我們 NCR 的團隊也確實交付了一個出色的財務季度。他們繼續通過我們的產品平台構建和交付我們的戰略計劃。與往常一樣，我們相信我們為行業內的客戶提供最好的服務。

The result of the second quarter -- the strong performance we delivered in the second quarter is what gives us confidence that we can continue to execute in this environment during 2022. Thank you so much for joining us today. We will see you next quarter.

第二季度的結果——我們在第二季度的強勁表現讓我們有信心在 2022 年繼續在這種環境下執行。非常感謝您今天加入我們。我們下個季度見。

And that does conclude today's conference call. Once again, thanks, everyone, for joining us. You may now disconnect.

這確實結束了今天的電話會議。再次感謝大家加入我們。您現在可以斷開連接。