NCR Voyix Corp (VYX) 2022 Q3 法說會逐字稿

Good day, and welcome to the NCR Corporation Third 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 財年第三季度收益電話會議。今天的會議正在錄製中。

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.

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 third quarter 2022 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 2022 年第三季度財報電話會議。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 October 25, 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 10 月 25 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其 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 third quarter 2022 earnings call. I will begin with some of my views on the business and I will also provide an update on our previously announced intention to separate NCR into 2 public companies. 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 年第三季度財報電話會議。我將從我對業務的一些看法開始，我還將提供我們之前宣布的將 NCR 分成 2 家上市公司的打算的最新情況。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。

Let's begin on Slide 4 with highlights. In the third quarter, NCR delivered strong performance that included solid top line revenue growth and significant margin expansion. The NCR team executed very well in a difficult macro environment. Additionally, NCR made significant progress against our strategic initiatives with strong execution across all of our KPIs.

讓我們從幻燈片 4 的亮點開始。在第三季度，NCR 實現了強勁的業績，包括穩健的收入增長和顯著的利潤率擴張。 NCR 團隊在困難的宏觀環境中表現出色。此外，NCR 在我們的戰略計劃方面取得了重大進展，在我們所有的 KPI 中都有強大的執行力。

We continue to build positive momentum in the business as we make progress on our strategy to NCR becoming a software-led as-a-service company with higher recurring revenue streams. First, we delivered 8% year-over-year total revenue growth on a constant currency basis and 7% recurring revenue growth also on a constant currency basis in the third quarter. Second, adjusted EBITDA increased 15% on a constant currency basis from the third quarter of 2021. And finally, adjusted EBITDA margin expanded to 19.3%, which represents a 230 basis point increase from the second quarter of 2022.

隨著我們在 NCR 戰略上取得進展，我們將繼續在業務中建立積極的勢頭，使其成為一家以軟件為主導的即服務公司，並擁有更高的經常性收入流。首先，我們在固定貨幣基礎上實現了 8% 的總收入同比增長，在第三季度以固定貨幣基礎實現了 7% 的經常性收入增長。其次，按固定匯率計算，調整後的 EBITDA 從 2021 年第三季度開始增長了 15%。最後，調整後的 EBITDA 利潤率擴大到 19.3%，比 2022 年第二季度增加了 230 個基點。

Now moving to the business update on Slide 5. We had strong momentum across our strategic growth platforms, which support our company's transformation. In retail, we continue to deliver on our strategy to be the retail platform company of choice.

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。在零售方面，我們繼續實施成為首選零售平台公司的戰略。

During the third quarter, we expanded our partnership with a large CFR chain of over 950 convenience stores and gas stations. They extended their use of the NCR commerce platform and converted to a software subscription, adding 5,000 platform lanes. This allowed them to unify the online ordering capabilities with in-store made-to-order food capabilities via the NCR Commerce platform.

在第三季度，我們擴大了與擁有 950 多家便利店和加油站的大型 CFR 連鎖店的合作夥伴關係。他們擴展了對 NCR 商務平台的使用並轉換為軟件訂閱，增加了 5,000 個平台通道。這使他們能夠通過 NCR Commerce 平台將在線訂購功能與店內定制食品功能相結合。

In self-checkout, RBR named NCR, the global market leader for self-checkout for the 19th consecutive year. In the third quarter, we continued to see our customers refresh and extend self-checkout usage to help them mitigate costs.

在自助結賬方面，RBR 連續第 19 年將 NCR 評為全球自助結賬市場領導者。在第三季度，我們繼續看到我們的客戶更新並擴大自助結賬的使用範圍，以幫助他們降低成本。

In hospitality, we continue to experience strong demand across our enterprise and SMB customers. In SMB, our payment attach rate for new customers remains 90% driving a record high number of payment booking sites. We also expanded our relationship with Buffalo Wild Wings, which added NCR's tablet offering along with subscription software to their restaurants to help improve guest and team member experience that will enable them to serve more tables, increase speed of service and improve order accuracy.

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，我們對新客戶的支付附加率保持在 90%，推動支付預訂網站的數量創歷史新高。我們還擴大了與 Buffalo Wild Wings 的關係，後者將 NCR 的平板電腦產品與訂閱軟件一起添加到他們的餐廳，以幫助改善客人和團隊成員的體驗，使他們能夠為更多餐桌提供服務，提高服務速度並提高訂單準確性。

In Digital Banking, we continue to have positive momentum. In the third quarter, Digital Banking had 20 renewals, 5 new logo deals and continued the expansion of our online digital account opening platform. Terrafina, which we acquired in 2021 to extend our account-opening capabilities, experienced the largest quarter in its history.

在數字銀行方面，我們繼續保持積極勢頭。第三季度，數字銀行續約 20 筆，新標識交易 5 筆，並繼續擴展我們的在線數字開戶平台。我們於 2021 年收購 Terrafina 以擴展我們的開戶能力，該公司經歷了其歷史上最大的一個季度。

In the third quarter, we also converted 2 large regional banks, Wintrust Bank of Chicago area and Wisconsin-based Associated Bank, to our digital banking platform. These 2 conversions added almost 1 million new digital banking accounts. We also had success with our digital-first retail banking solution, where we integrated a financial institution's retail channels using our CSP or channel services platform.

在第三季度，我們還將芝加哥地區的 Wintrust 銀行和威斯康星州的聯合銀行這兩家大型區域銀行轉換為我們的數字銀行平台。這 2 次轉換增加了近 100 萬個新的數字銀行賬戶。我們的數字優先零售銀行解決方案也取得了成功，我們使用我們的 CSP 或渠道服務平台整合了金融機構的零售渠道。

During the third quarter, Citibank selected NCR's CSP teller solution to replace their legacy branch teller software. NCR has now 2 of the top 5 banks in the U.S. on our CSP teller platform. In Payments and Network, we are making progress across both merchant acquiring and the Allpoint network. We are continuing to have success with our integrated payments offering for our hospitality customers, including 90% of our new SMB clients selecting NCR's payment solution.

在第三季度，花旗銀行選擇了 NCR 的 CSP 櫃員解決方案來替換其傳統的分行櫃員軟件。 NCR 現在在我們的 CSP 櫃員平台上擁有美國前 5 家銀行中的 2 家。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。我們為酒店客戶提供的集成支付服務繼續取得成功，包括我們 90% 的新 SMB 客戶選擇 NCR 的支付解決方案。

The Allpoint network continued its strong growth by delivering everyday banking transactions, including cash deposits at the financial kiosk to more financial institutions and cardholders than ever before. In the third quarter, Allpoint extended its partnership with a top-10 retail bank, enabling that bank to offer fee-free access to cash and cash deposits.

Allpoint 網絡通過提供日常銀行交易（包括在金融亭向更多金融機構和持卡人提供現金存款）繼續其強勁增長。在第三季度，Allpoint 擴大了與排名前 10 位的零售銀行的合作夥伴關係，使該銀行能夠免費提供現金和現金存款。

In self-service banking, we continued momentum in our ATM as a Service solution. Interest in our offering is accelerating from both community banks and large FIs globally. In the third quarter, we signed 18 ATM as a Service deals. The ability of NCR to provide the scale and capability to provide a full stack integrated ATM as a Service offering when bundled with the Allpoint network, this has given us a unique solution in the marketplace.

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。在第三季度，我們簽署了 18 項 ATM 即服務交易。 NCR 在與 Allpoint 網絡捆綁時提供規模和能力以提供全棧集成 ATM 即服務產品，這為我們提供了市場上獨特的解決方案。

And lastly, we will give you more details today on our plans to separate NCR into 2 public companies. First, I'm going to have Tim cover our financial results, and then Tim and I will provide an update on those separation activities. Tim?

最後，我們今天將向您詳細介紹我們將 NCR 拆分為 2 家上市公司的計劃。首先，我將讓蒂姆介紹我們的財務業績，然後蒂姆和我將提供有關這些離職活動的最新信息。蒂姆？

Thank you, Mike, and happy birthday. Our third quarter results represent strong performance in the face of continued macroeconomic impacts of persistently high inflation, rapidly increasing interest rates and a historically strong U.S. dollar. Our global team is weathering this economic and geopolitical chaos by focusing on the things we can control. Our team's ability to simultaneously deliver solid financial results and make strategic progress is commendable and the sustained commitment to our customers and to each other is laudable.

謝謝你，邁克，生日快樂。面對持續高通脹、快速上升的利率和歷史上強勢的美元帶來的持續宏觀經濟影響，我們的第三季度業績表現強勁。我們的全球團隊正在通過專注於我們可以控制的事情來度過這場經濟和地緣政治的混亂。我們的團隊能夠同時提供穩健的財務業績並取得戰略進展，這是值得稱讚的，對我們的客戶和彼此的持續承諾是值得稱讚的。

So let's begin on Slide 6 with a top level overview of our third quarter financial performance. Starting on the top left, revenue was $1.97 billion, up $71 million. Revenue was up 8% from the prior year, and recurring revenue was up 7% when adjusted for constant currency. The very strong U.S. dollar had an unfavorable impact of $78 million primarily within our retail and self-service banking segments.

因此，讓我們從幻燈片 6 開始，概述我們第三季度的財務業績。從左上角開始，收入為 19.7 億美元，增加了 7100 萬美元。收入較上年增長 8%，經固定匯率調整後的經常性收入增長 7%。非常強勢的美元對我們的零售和自助銀行業務部門產生了 7800 萬美元的不利影響。

In the top right, adjusted EBITDA increased $28 million year-over-year to $380 million or 15% on a constant currency basis. Foreign currency exchange rates had an unfavorable impact of $22 million. Adjusted EBITDA margin expanded 80 basis points from the third quarter of 2021 to 19.3%. While EBITDA margin sequential comparisons are not always illustrative, the outlook we provided back in April after a very challenging first quarter, described a recovery with sequential EBITDA improvements of $50 million to $70 million for each of the remaining 3 quarters of the year.

在右上角，調整後的 EBITDA 同比增長 2800 萬美元，達到 3.8 億美元，按固定匯率計算增長 15%。外匯匯率產生了 2200 萬美元的不利影響。調整後的 EBITDA 利潤率從 2021 年第三季度增長 80 個基點至 19.3%。雖然 EBITDA 利潤率連續比較並不總是說明性的，但我們在經歷了非常具有挑戰性的第一季度後於 4 月提供的前景描述了復甦，今年剩餘 3 個季度每個季度的 EBITDA 連續改善 5,000 萬美元至 7,000 萬美元。

On a currency-adjusted basis, our financial performance in the last 2 quarters achieved the high end of that range. The pricing and cost actions that we described in April are delivering the accretion to profitability that we targeted and needed. In the bottom left, reported non-GAAP EPS was $0.80, up $0.11 or 16% year-over-year.

在貨幣調整的基礎上，我們在過去兩個季度的財務表現達到了該範圍的高端。我們在 4 月描述的定價和成本行動正在實現我們的目標和需要的盈利能力的增長。在左下角，報告的非公認會計原則每股收益為 0.80 美元，同比增長 0.11 美元或 16%。

The strength of the U.S. dollar reduced EPS by about $0.12. Adjusting for that, EPS was up 40% year-over-year. The non-GAAP tax rate was 31% versus 29% in the prior year, and we expect the full year tax rate to be within the range of 27% to 29%.

美元走強使每股收益減少了約 0.12 美元。對此進行調整後，每股收益同比增長 40%。非美國通用會計準則稅率為 31%，而上年為 29%，我們預計全年稅率將在 27% 至 29% 之間。

And finally, free cash flow was a modest use of $28 million. Free cash flow continues to be impacted by 2 issues. First, supply chain challenges, though now starting to abate, are still causing both nonlinear revenue generation and an investment in working capital. And second, the impact of our labor cost reductions and employee benefit and incentive programs impact the P&L before they are evident in cash flow. Both of these effects are timing issues that we should be able to harvest over the next couple of quarters. I'll provide more detail on cash flow on Slide 12.

最後，自由現金流是 2800 萬美元的適度使用。自由現金流繼續受到兩個問題的影響。首先，供應鏈挑戰雖然現在開始減弱，但仍然導致非線性收入產生和營運資本投資。其次，我們的勞動力成本降低和員工福利和激勵計劃的影響會在損益表在現金流中顯現出來之前對其產生影響。這兩種影響都是時間問題，我們應該能夠在接下來的幾個季度中收穫。我將在幻燈片 12 上提供有關現金流的更多詳細信息。

Moving to Slide 7, which shows our retail segment results. Starting on the top left, Retail revenue was up $34 million or 6% year-over-year as reported and up 12% on a constant currency basis. Retail adjusted EBITDA was up 23% year-over-year and up 35% on a constant currency basis. Component cost inflation, particularly on POS devices, was successfully mitigated by cost reduction actions, better pricing and a better product mix during the quarter. Adjusted EBITDA margin rate expanded 380 basis points sequentially and 310 basis points year-over-year to 22%.

轉到幻燈片 7，它顯示了我們的零售部門結果。從左上角開始，據報導，零售收入同比增長 3400 萬美元或 6%，按固定匯率計算增長 12%。零售調整後的 EBITDA 同比增長 23%，按固定匯率計算增長 35%。組件成本上漲，特別是在 POS 設備上，通過本季度的成本削減行動、更好的定價和更好的產品組合成功地得到緩解。調整後的 EBITDA 利潤率環比增長 380 個基點，同比增長 310 個基點至 22%。

The bottom of the slide shows retail segment key performance indicators. On the left are 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 by more than 200% compared to the same period a year ago. The platform lane increase is driven by 3 rollouts at major convenience and fuel customers.

幻燈片底部顯示了零售部門的關鍵績效指標。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 200% 以上。平台車道的增加是由主要便利和燃料客戶的 3 次推出推動的。

We see accelerating momentum for the conversion of our traditional lanes to platform lanes and have a substantial lane conversion backlog. In the center bottom is our self-checkout revenue. Self-checkout revenue increased 16% year-over-year. Remember that the sawtooth pattern and overall growth trend in SCO is caused by the timing of large orders by major retailers. Labor shortages and wage pressures continue to accelerate the need for self-checkout.

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。中間底部是我們的自助結賬收入。自助結賬收入同比增長 16%。請記住，SCO 的鋸齒模式和整體增長趨勢是由主要零售商的大訂單時機造成的。勞動力短缺和工資壓力繼續加速自助結賬的需求。

ARR growth was driven by higher platform revenues, partially offset by the impact of currency translation.

ARR 增長是由較高的平台收入推動的，但部分被貨幣換算的影響所抵消。

Slide 8 shows our Hospitality segment results and depicts momentum across this business. Hospitality revenue increased $14 million or 6% year-over-year and 8% adjusting for currency as restaurants reopen, rework and expand. Our enterprise business was up 5% driven by new store openings and technology refreshes, and our SMB business was up 11%, driven by the success of our relaunched Aloha cloud platform.

幻燈片 8 顯示了我們的酒店業務部門的結果，並描繪了該業務的發展勢頭。隨著餐廳重新開業、返工和擴張，酒店收入同比增長 1400 萬美元或 6%，並根據貨幣調整 8%。在新店開業和技術更新的推動下，我們的企業業務增長了 5%，在我們重新啟動的 Aloha 雲平台的成功推動下，我們的 SMB 業務增長了 11%。

Third quarter adjusted EBITDA was up 16% year-over-year, and adjusted EBITDA margin rate was 21%. A richer revenue mix with more payments and platform sales and improving indirect cost absorption drove profitability improvements.

第三季度調整後 EBITDA 同比增長 16%，調整後 EBITDA 利潤率為 21%。更豐富的收入組合、更多的支付和平台銷售以及改善的間接成本吸收推動了盈利能力的提高。

Hospitality's key metrics on the bottom of this slide include platform sites, payment sites and ARR. Platform sites increased 32%, payment sites increased 111% and ARR was up 8% year-over-year, another very strong quarter for hospitality.

這張幻燈片底部的酒店業的關鍵指標包括平台網站、支付網站和 ARR。平台網站增長 32%，支付網站增長 111%，ARR 同比增長 8%，這是酒店業另一個非常強勁的季度。

Turning to Slide 9, which shows our Digital Banking segment. Digital Banking revenue increased $9 million or 7% and driven by increasing user counts, a CSP win at Citibank and continued success at Terrafina, which continues to grow at almost a 50% rate. EBITDA increased 15% year-over-year with an adjusted EBITDA margin rate increasing to 44%.

轉到幻燈片 9，它顯示了我們的數字銀行部分。數字銀行業務收入增長了 900 萬美元或 7%，這得益於用戶數量的增加、花旗銀行的 CSP 勝利以及 Terrafina 的持續成功，後者繼續以近 50% 的速度增長。 EBITDA 同比增長 15%，調整後的 EBITDA 利潤率增至 44%。

Digital Banking's key metrics on the bottom of this slide include registered users, active users and annual recurring revenue. Both registered and active users have recovered to levels similar to those we posted about a year ago. As we mentioned last quarter, 2 long anticipated customer consolidation de-conversions rolled off more quickly than 2 of last year's major wins at Wintrust and Associated Bank rolled on. For the year, we expect active users to be up in high single digits and ARR was up 3% year-over-year.

這張幻燈片底部的數字銀行的關鍵指標包括註冊用戶、活躍用戶和年度經常性收入。註冊用戶和活躍用戶都恢復到與我們大約一年前發布的水平相似的水平。正如我們上個季度所提到的，與去年 Wintrust 和 Associated Bank 的 2 次重大勝利相比，2 次期待已久的客戶整合取消轉換的下降速度更快。今年，我們預計活躍用戶將以高個位數增長，ARR 同比增長 3%。

Move to Slide 10. This is our Payments and Network segment. Starting at the top left, Payments and Network revenue increased $32 million or 11% year-over-year and 14% when adjusted for FX rates. More endpoints generating more and higher-value transactions is driving this growth.

轉到幻燈片 10。這是我們的支付和網絡部分。從左上角開始，支付和網絡收入同比增長 3200 萬美元或 11%，經匯率調整後增長 14%。更多端點產生更多和更高價值的交易正在推動這種增長。

Payments and Networks adjusted EBITDA increased 3% year-over-year and 7% when adjusting for FX. Beneficial revenue mix and cost leverage were offset by a significant increase in our cost to rent cash for ATM fleet, which is directly tied to interest rates. The cost of cash rental goes through EBITDA is at cost of goods. Adjusted EBITDA margin rate was 34%, down from the prior year due to those higher cash rental costs.

支付和網絡調整後的 EBITDA 同比增長 3%，調整外匯後增長 7%。有利的收入組合和成本槓桿被我們為 ATM 機隊租用現金的成本顯著增加所抵消，這與利率直接相關。現金租賃的成本通過 EBITDA 計算為商品成本。由於現金租金成本較高，調整後的 EBITDA 利潤率為 34%，低於上年。

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

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

In the center-bottom are transactions, a KPI that illustrates the payments process across the Allpoint network and our merchant acquiring networks. Transactions were up 2% year-over-year. And annual recurring revenue in this business increased 11% from the third quarter of 2021.

中間底部是交易，這是一個 KPI，說明了 Allpoint 網絡和我們的商戶收單網絡的支付流程。交易量同比增長 2%。該業務的年度經常性收入比 2021 年第三季度增長了 11%。

Slide 11 shows our self-service banking segment results. Self-service banking revenue was flat year-over-year as reported and up 6% on a constant currency basis. Adjusted EBITDA declined 3% year-over-year and was up 1% on a constant currency basis. Adjusted EBITDA margin rate was 23%.

幻燈片 11 顯示了我們的自助銀行業務部門結果。據報告，自助銀行業務收入同比持平，按固定匯率計算增長 6%。調整後的 EBITDA 同比下降 3%，按固定匯率計算增長 1%。調整後的 EBITDA 利潤率為 23%。

The bottom of the slide shows our self-service banking segment key metrics. On the left, our software and services revenue mix was flat compared to last year at 69% due to higher ATM hardware sales in this quarter. ATM as a Service units increased 185% year-over-year to almost 12,500 units. We experienced significant growth in India with 7,800 units added and incremental growth in the U.S. We have a strong backlog of ATM as a Service deals and now expect to end the year with over 15,000 machines under contract. This shift to recurring revenue continues to gain traction with AR up 4% year-over-year.

幻燈片底部顯示了我們的自助銀行業務部門的關鍵指標。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 69%。 ATM 即服務單位同比增長 185%，達到近 12,500 個單位。我們在印度經歷了顯著增長，增加了 7,800 台，在美國實現了增量增長。我們有大量積壓的 ATM 即服務交易，現在預計到年底將有超過 15,000 台機器簽訂合同。這種向經常性收入的轉變繼續受到關注，AR 同比增長 4%。

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 a use of $28 million in the quarter. For all the reasons I discussed upfront, working capital has been a challenge. Days sales outstanding has increased 11 days versus the beginning of the year. Inventory days has increased another 4 days. And the net impact of nearly 7 days to the cash cycle has caused a timing impact of more than $150 million through the first 3 quarters of this year.

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，自由現金流在本季度使用了 2800 萬美元。出於我前面討論的所有原因，營運資金一直是一個挑戰。與年初相比，未結銷售天數增加了 11 天。庫存天數又增加了 4 天。近 7 天對現金周期的淨影響在今年前 3 個季度造成了超過 1.5 億美元的時間影響。

We also reduced payables in Q3 by nearly $80 million. In order to ensure improvement, I'm standing back up our cash control tower initiative that we used in 2020 to harvest most of this cash in Q4.

我們還將第三季度的應付賬款減少了近 8000 萬美元。為了確保改進，我支持我們在 2020 年使用的現金控制塔計劃，以在第四季度收穫大部分現金。

The combination of working capital improvements, higher profitability and the lapse of the timing issue and compensation and benefits, we now anticipate $400 million of cash generation in the next 2 quarters with more than half of that occurring in Q4. To say it differently, working capital improvements will drive Q4 free cash flow, while compensation and benefits timing issues should resolve in Q1 of next year and provide a strong start to full year free cash flow in 2023.

營運資金的改善、更高的盈利能力以及時間問題以及薪酬和福利的失效，我們現在預計未來兩個季度將產生 4 億美元的現金，其中一半以上發生在第四季度。換句話說，營運資金的改善將推動第四季度的自由現金流，而薪酬和福利時間問題應該在明年第一季度得到解決，並為 2023 年全年的自由現金流提供一個強勁的開端。

This slide also shows our net debt to adjusted EBITDA metric with a leverage ratio of 3.9x, down slightly from the prior quarter due to higher profitability. We remain well within our debt covenants.

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 3.9 倍，由於盈利能力提高，比上一季度略有下降。我們仍然遵守我們的債務契約。

And finally, before I hand it back to Mike, some thoughts on guidance for Q4. We provided guided ranges back in April as follows: approximately $8 billion of revenue; $1.4 billion to $1.5 billion of adjusted EBITDA and $2.70 to $3.20 of EPS. Since that guidance was provided, the anticipated impact of all of the exogenous shocks, including war, component cost, freight, fuel, other inflation, interest rates and now currency has more than doubled from our April estimate of $150 million. That said, adjusting for relief from the currency impact that could not have been anticipated at the time, we believe that our adjusted results still fall well within those ranges. More specific to Q4, we expect to deliver a fourth quarter that is very similar to Q3 from both a revenue and profit perspective accompanied by significant improvement in free cash flow.

最後，在我把它交給邁克之前，關於第四季度指導的一些想法。我們在 4 月份提供的指導範圍如下：大約 80 億美元的收入；調整後的 EBITDA 為 14 億至 15 億美元，每股收益為 2.70 至 3.20 美元。自提供該指導以來，所有外部衝擊的預期影響，包括戰爭、零部件成本、運費、燃料、其他通貨膨脹、利率和現在的貨幣，比我們 4 月份估計的 1.5 億美元增加了一倍多。也就是說，為了緩解當時無法預料的貨幣影響，我們認為我們的調整後結果仍然很好地落在這些範圍內。更具體到第四季度，我們預計第四季度的收入和利潤都與第三季度非常相似，同時自由現金流顯著改善。

Thank you. And Mike, back to you.

謝謝你。邁克，回到你身邊。

Thanks, Tim. As I referenced earlier, starting on Slide 13, Tim and I will provide an update on our separation activities that we previously announced a month ago. Let me provide an update on our thoughts on separating NCR into 2 public companies starting on Slide 13.

謝謝，蒂姆。正如我之前提到的，從幻燈片 13 開始，蒂姆和我將提供我們一個月前宣布的分離活動的最新信息。讓我提供關於我們從幻燈片 13 開始將 NCR 分為 2 家上市公司的想法的最新信息。

On Slide 13, you can see the current 5 reporting segments at NCR. Going forward, as we separate out our ATM business into a separate stand-alone company, we have worked with our advisers and Board on a plan taking into consideration a number of factors that you can see on this slide. As we work through the alternatives for how to affect the separation, we believe the best path forward would be a tax-free spin-off of the ATM business into a separate public company via distribution of ATM SpinCo shares to existing NCR shareholders.

在幻燈片 13 上，您可以看到 NCR 當前的 5 個報告部分。展望未來，隨著我們將 ATM 業務分離為一家獨立的獨立公司，我們與顧問和董事會合作制定了一項計劃，考慮了您在這張幻燈片中可以看到的許多因素。在我們研究如何影響分離的替代方案時，我們認為最好的前進道路是通過將 ATM SpinCo 股票分配給現有的 NCR 股東，將 ATM 業務免稅分拆成一家獨立的上市公司。

Remember, the timing is expected to be at the end of 2023. By that time, we would expect to have generated cash flow over the next 4 to 5 quarters to reduce leverage. We also believe that we could execute our spin in a manner which could also provide deleveraging if the debt markets were still difficult at that time.

請記住，時間預計在 2023 年底。到那時，我們預計將在未來 4 到 5 個季度產生現金流以降低杠桿率。我們還相信，如果當時債務市場仍然困難，我們可以以一種也可以提供去槓桿化的方式執行我們的旋轉。

Going to Slide 14. This illustrates the separation of NCR's existing self-service banking business segment and Payments and Network segment to form a new entity via distribution of shares to existing shareholders. Tim will cover more details in his section, but let me share a few thoughts on the steps we have taken to prepare us for this action. NCR has made significant strides over the past 5 years to transform our company into a customer-first software-led as a services company. The actions we have taken to align our organization around customers and markets will help us move into 2 organizations.

轉到幻燈片 14。這說明了 NCR 現有的自助銀行業務部門與支付和網絡部門的分離，以通過向現有股東分配股份來形成一個新實體。蒂姆將在他的部分中介紹更多細節，但讓我分享一些關於我們為準備這項行動而採取的步驟的想法。 NCR 在過去 5 年中取得了長足的進步，將我們的公司轉變為以客戶至上的軟件為主導的服務公司。我們為圍繞客戶和市場調整組織而採取的行動將幫助我們進入兩個組織。

NCR RemainCo will include our retail hospitality, digital banking and merchant services businesses. RemainCo is transforming to a software-led growth company. These businesses operate in markets where we expect to see continued spending on technology to run the store, run the restaurant and deliver digital-first banking solutions. We believe NCR RemainCo will continue to be a strong competitor for those upgrade imperatives.

NCR RemainCo 將包括我們的零售酒店、數字銀行和商戶服務業務。 RemainCo 正在轉型為一家以軟件為主導的成長型公司。這些企業在我們預計會繼續在技術上投入資金以經營商店、經營餐廳和提供數字優先銀行解決方案的市場開展業務。我們相信 NCR RemainCo 將繼續成為這些升級需求的強大競爭對手。

ATM SpinCo, which is our ATM business, includes the majority of our Payments and Network business aside from the Merchant Services and all of self-service banking. SpinCo is expected to be a stable recurring revenue business with solid cash flow generation that can allow us to deliver cash back to shareholders through a dividend payment.

ATM SpinCo 是我們的 ATM 業務，除了商戶服務和所有自助銀行業務外，還包括我們的大部分支付和網絡業務。 SpinCo 預計將是一個穩定的經常性收入業務，產生穩定的現金流，可以讓我們通過股息支付將現金返還給股東。

In terms of leadership at each company, we have a deep bench of experienced leaders at NCR. We are working through the organizational structures. However, we intend to look internally for the management teams that will lead each company.

在每家公司的領導力方面，我們在 NCR 擁有一批經驗豐富的領導者。我們正在通過組織結構進行工作。但是，我們打算在內部尋找將領導每家公司的管理團隊。

We believe that this approach is the best path to unlock shareholder value, but should alternative options become available in the future that could deliver superior value, such as a whole or partial company sale of NCR, the board remains open to considering alternative scenarios.

我們認為，這種方法是釋放股東價值的最佳途徑，但如果未來出現可以提供卓越價值的替代方案，例如全部或部分公司出售 NCR，董事會仍對考慮替代方案持開放態度。

Now I'll pass it back to Tim to review the financial projections and capital structures of each of these companies.

現在我將把它傳回給蒂姆，以審查這些公司的財務預測和資本結構。

All right. So picking up on Slide 15. Here, we show the size and scale of each of the 2 resulting businesses on a last 12-month basis and then an allocation of our 5-year strategic growth rates that we described in our Investor Day presentation back in December of '21.

好的。因此，請從幻燈片 15 開始。在這裡，我們展示了過去 12 個月中兩家由此產生的業務的規模和規模，然後是我們在投資者日演示文稿中描述的 5 年戰略增長率的分配21 年 12 月。

This chart is a good jumping-off point for modeling the 2 independent businesses. The top of the page recast the results from the last 12 months into NCR RemainCo and ATM SpinCo. These 2 businesses have similar revenue bases with higher margin rates and less capital intensity at ATM SpinCo and lower margin rates and more capital intensity at NCR RemainCo.

該圖表是對 2 個獨立企業進行建模的一個很好的起點。頁面頂部將過去 12 個月的結果重鑄為 NCR RemainCo 和 ATM SpinCo。這兩家業務的收入基礎相似，ATM SpinCo 的利潤率更高，資本密集度更低，而 NCR RemainCo 的利潤率更低，資本密集度更高。

On the bottom of the page, we described the expected contribution of each of these 2 businesses to the future performance using our 5-year growth targets. NCR RemainCo is expected to grow at or slightly above the high end of the 6- to 9-point range. While ATM SpinCo will be at or slightly below the low end of this range. These longer-term growth rates will not be linear as the ramp of as-a-service revenue in both of these businesses could outpace our current expectations.

在頁面底部，我們使用我們的 5 年增長目標描述了這兩項業務對未來業績的預期貢獻。 NCR RemainCo 預計將增長至或略高於 6 至 9 點範圍的高端。而 ATM SpinCo 將處於或略低於該範圍的低端。這些長期增長率將不是線性的，因為這兩項業務的即服務收入增長可能超過我們目前的預期。

We expect both businesses to grow EBITDA more quickly than revenue. And by default then we expect margin rates for both to accrete up. NCR RemainCo starts with lower margins than the average and should be able to generate more substantial improvements to margin. At ATM SpinCo, they already have high margins and are expected to post more modest expansion. And finally, we expect lower cash conversion at NCR RemainCo as we invest for higher growth, while cash conversion at ATM SpinCo should be strong and predictable.

我們預計這兩項業務的 EBITDA 增長速度將快於收入增長。默認情況下，我們預計兩者的保證金率都會增加。 NCR RemainCo 開始時的利潤率低於平均水平，應該能夠對利潤率產生更大的改善。在 ATM SpinCo，它們的利潤率已經很高，預計將實現更溫和的擴張。最後，我們預計 NCR RemainCo 的現金轉換率會降低，因為我們投資於更高的增長，而 ATM SpinCo 的現金轉換率應該是強勁且可預測的。

And turning to Slide 16. Here, we remind you of NCR's current capital structure and then qualitatively rework it and so that the deck stack can be more appropriate to the capital structures for each of NCR RemainCo and ATM SpinCo at the time of separation. All of this analysis assumes that interest rates will be similar to those predicted by the forward curve, but that markets will be more receptive to financing when we execute the transaction.

轉到幻燈片 16。在這裡，我們提醒您 NCR 當前的資本結構，然後對其進行定性改造，以便在分離時，甲板堆棧可以更適合 NCR RemainCo 和 ATM SpinCo 的資本結構。所有這些分析都假設利率將與遠期曲線預測的利率相似，但當我們執行交易時市場將更容易接受融資。

First, at Remainco. We intend to retain more than 2/3 of our existing unsecured debt by keeping leverage lower at RemainCo. We would then fill out the rest of the debt stack by amending our existing secured debt. This minimizes debt breakage cost reduces issuance costs and allows us to continue to work with our terrific and current banking group.

首先，在 Remainco。我們打算通過降低 RemainCo 的槓桿率來保留我們現有無擔保債務的 2/3 以上。然後，我們將通過修改我們現有的擔保債務來填補剩餘的債務。這最大限度地降低了債務破碎成本，降低了發行成本，並使我們能夠繼續與我們出色的現有銀行集團合作。

At RemainCo, we are targeting a net debt leverage ratio of between 3 and 3.4x based on the first full year post spin pro forma numbers. Lower leverage will allow this business to continue to invest more aggressively in strategic growth.

在 RemainCo，我們的目標是淨債務槓桿率在 3 到 3.4 倍之間，這是基於第一個全年發布後的備考數據。較低的槓桿率將使該業務能夠繼續更積極地投資於戰略增長。

And then at ATM SpinCo, we expect a larger proportion of the debt to be new secured bank debt then augmented by a not less than 7-year senior note at the time of the spin to conform with tax requirements in a spin transaction.

然後在 ATM SpinCo，我們預計更大比例的債務將是新的有擔保銀行債務，然後在分拆時增加不少於 7 年的優先票據，以符合分拆交易中的稅收要求。

The U.S. pension plan will also likely go with SpinCo and may require partial funding of our underfunded position. The full amount of that underfunded position is already considered in our modeling. At ATM SpinCo, we are targeting a net debt leverage ratio between 3.4 and 3.8x based on the first full year post spin pro forma numbers. We expect this business to be less capital-intensive, require less investment for growth and to be a dividend payer.

美國養老金計劃也可能會與 SpinCo 合作，並可能需要為我們資金不足的頭寸提供部分資金。我們的模型已經考慮了資金不足的全部頭寸。在 ATM SpinCo，我們的目標是淨債務槓桿率在 3.4 到 3.8 倍之間，基於第一個全年的旋轉後備考數據。我們預計該業務的資本密集度較低，增長所需的投資較少，並成為股息支付者。

And finally, on the bottom-right in green, we anticipate generating $500 million to $800 million of free cash flow between now and the separation that can be deployed to reduce overall leverage going into the split.

最後，在右下角的綠色部分，我們預計從現在到分拆之間將產生 5 億至 8 億美元的自由現金流，可用於降低分拆時的整體槓桿率。

With that, Mike, back to you.

有了這個，邁克，回到你身邊。

All right. Thanks, again, Tim. Moving to Slide 17 with the looking-forward conclusion. In closing, our priorities for the rest of the year are very clear. First, in a macro environment, which we still believe is challenging, our team will continue to execute at a high level and build on the strong performance we delivered in the third quarter.

好的。再次感謝蒂姆。帶著前瞻性的結論轉到幻燈片 17。最後，我們今年剩餘時間的優先事項非常明確。首先，在我們仍然認為具有挑戰性的宏觀環境中，我們的團隊將繼續保持高水平的執行力，並在我們在第三季度取得的強勁業績的基礎上再接再厲。

Second, we have made significant progress transforming NCR to a software-led as a services company. Our strategic KPIs are trending in the right direction, and we will continue to build on positive momentum in the business. Maybe said a different way, these first 2 bullets are stating that our team is winning, and we expect to continue to win in the marketplace.

其次，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進展。我們的戰略 KPI 正朝著正確的方向發展，我們將繼續在業務的積極勢頭上再接再厲。也許換一種說法，前 2 個項目符號表明我們的團隊正在獲勝，我們希望繼續在市場上獲勝。

Third, we are focused on improving our cost structure. As Tim mentioned, we have identified efficiency cost actions to streamline our costs. Fourth, we expect to close out the year with a strong cash flow generation, as Tim referenced.

第三，我們專注於改善我們的成本結構。正如蒂姆所提到的，我們已經確定了效率成本措施來簡化我們的成本。第四，正如蒂姆所說，我們預計今年將以強勁的現金流結束。

And fifth, we expect -- with the expected strong cash flow, we will continue to allocate capital to the highest-return opportunities. We will balance the desire to delever with the opportunity to repurchase shares at attractive levels. As a reminder, we have a previously-authorized share repurchase program that we can tap.

第五，我們預計——憑藉預期的強勁現金流，我們將繼續將資金分配給回報率最高的機會。我們將平衡去槓桿的願望和以有吸引力的水平回購股票的機會。提醒一下，我們有一個可以利用的先前授權的股票回購計劃。

And finally, we are focused on separating NCR into 2 public companies. We are working through the legal and organizational structures and expect to be in a position to execute the separation by the end of 2023.

最後，我們專注於將 NCR 拆分為 2 家上市公司。我們正在通過法律和組織結構進行工作，並希望能夠在 2023 年底之前執行分離。

That concludes our prepared remarks for today. With that, we will open the call for questions. 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。接線員，請打開線路。

(Operator Instructions) And at this time, we will go first to Matt Summerville with D.A. Davidson.

（操作員說明）此時，我們將首先與 D.A. 前往 Matt Summerville。戴維森。

A couple of questions. First, just to close the loop on the guidance. You'd indicated on the July call that you're comfortable at the low end of the range. You were obviously implying something for the full year around $1.375 billion, plus or minus, I haven't done the exact math yet. But Tim, I want to be certain, are the 2 biggest deltas from July to now, the cost of cash as it pertains to the payments and network business and the drop-through in incremental FX headwind from revenue to EBITDA. Would those be the 2 biggest delta buckets, if you will?

幾個問題。首先，只是在引導上閉環。您在 7 月的電話會議上表示您對范圍的低端感到滿意。你顯然是在暗示全年大約 13.75 億美元，正負，我還沒有計算出確切的數字。但我想確定的是，蒂姆是從 7 月到現在的兩個最大增量，即與支付和網絡業務有關的現金成本，以及從收入到 EBITDA 的增量外匯逆風的下降。如果你願意，那會是兩個最大的三角洲桶嗎？

Yes. So on the interest side, we expected back then to have about $25 million of pressure across the year. It turned out to be closer to $80 million. So we've had $80 million of pressure on interest rates that go through the P&L through EBITDA at the payments business, much higher than we anticipated that absorbed a lot of the range, if you will, the $1.4 billion to $1.5 billion.

是的。因此，在利息方面，我們當時預計全年將承受約 2500 萬美元的壓力。結果接近8000萬美元。因此，我們在支付業務中通過 EBITDA 通過 P&L 承受了 8000 萬美元的利率壓力，這比我們預期的要高得多，如果你願意的話，它會吸收 14 億美元到 15 億美元的大部分範圍。

On the currency side, currency has gotten an awful lot worse in the latter half of the year. We now think that the full year impact of the currency will be $260-plus million on revenue and almost $70 million on EBITDA. And in fact, it's going to be $115 million on cash flow. So currency has become a big issue we could not have anticipated back then.

在貨幣方面，貨幣在今年下半年變得非常糟糕。我們現在認為該貨幣對全年收入的影響將超過 2.6 億美元，對 EBITDA 的影響將接近 7000 萬美元。事實上，現金流量將達到 1.15 億美元。因此，貨幣已成為我們當時無法預料的大問題。

I think if you project forward Q3 and duplicated in Q4. And you give me a relief for the FX numbers I just described, we'll be safely in the middle of the range on EPS and on revenue and on EBITDA. So I think that guidance was reasonably well thought out. I think it was reasonably well executed against. We've taken out more cost than we thought we needed to, to scramble back and cover some of the escalation and interest expense that you described. Also inflation got a little bit worse. So yes, I hope that helps.

我想如果你預測第三季度並在第四季度重複。你讓我對我剛剛描述的外匯數字感到寬慰，我們將安全地處於每股收益、收入和 EBITDA 範圍的中間。所以我認為這個指導是經過深思熟慮的。我認為它執行得相當好。我們已經花費了比我們認為需要的更多的成本，以搶回並支付您描述的一些升級和利息費用。通貨膨脹也變得更糟了。所以是的，我希望這會有所幫助。

But Matt, let me -- this is Mike. Just let me clarify your statement. So the range we gave $1.4 billion to $1.5 billion. And when we give ranges of outlook, it always sans FX. I think most companies do the same. So within that range of $1.4 billion to $1.5 billion, excluding FX, we're clearly within that range for the full year.

但是馬特，讓我 - 這是邁克。讓我澄清一下你的說法。所以我們給出的範圍是 14 億到 15 億美元。當我們給出前景範圍時，它總是沒有 FX。我認為大多數公司都是這樣做的。因此，在 14 億至 15 億美元的範圍內，不包括外匯，我們全年顯然處於該範圍內。

Got it. And then just as a follow-up, those leverage projections for Remain and SpinCos, how is that treating the $500 million to $800 million of free cash flow you anticipate generating between now and when you affect that transaction?

知道了。然後作為後續，對 Remain 和 SpinCos 的槓桿預測，如何處理您預計從現在到您影響該交易時產生的 5 億至 8 億美元的自由現金流？

Yes, it presumes that about $400 million to $500 million of that gets applied to reduce indebtedness prior to execution of the deal.

是的，它假定其中約 4 億至 5 億美元用於在交易執行前減少債務。

And then would it be fair to assume to the extent you overachieve on the low end of that range, maybe closer to $700 million, $800 million, would you plan on using any overachievement for further debt paydown or share buyback at $20, let's say?

然後假設您在該範圍的低端取得超額成就是否公平，可能接近 7 億美元，8 億美元，您是否計劃使用任何超額成就進一步償還債務或以 20 美元回購股票？

So I think our shares are a very good value right now. And I would hope that once we start proving out that we can generate free cash flow in the next quarter that we can get to work in buying back some shares.

所以我認為我們的股票現在非常有價值。我希望一旦我們開始證明我們可以在下一季度產生自由現金流，我們就可以開始回購一些股票。

And we'll go to our next question from Paul Chung with JPMorgan.

我們將轉到摩根大通的 Paul Chung 提出的下一個問題。

So just on the Spin, what's been the feedback from your customers kind of across the segments? And then also internally, how are teams kind of reacting to the uncertainty here? How are you keeping employees engaged and kind of retention levels high?

那麼就在 Spin 上，您的客戶在各個細分市場中的反饋是什麼？然後在內部，團隊對這裡的不確定性有何反應？您如何保持員工的敬業度和較高的保留水平？

Yes, this is Mike. Let me start with the customer side. And I guess about a month ago, we made the announcement. So I probably talk directly to a few dozen C-level executives. I know Owen has done many as well. And I think without an exception, the conversation has been very productive.

是的，這是邁克。讓我從客戶端開始。我想大約一個月前，我們宣布了這一消息。所以我可能會直接與幾十個 C 級高管交談。我知道歐文也做了很多。我認為無一例外，這次談話非常富有成效。

When you walk through led us to this point in terms of our feeling that we're undervalued in the marketplace and that having, if you look in [conglomerate] there's multiple businesses underneath the umbrella wasn't doing us any favors.

當您走過時，我們認為我們在市場上被低估了，並且如果您查看 [企業集團] 保護傘下的多家企業並沒有給我們帶來任何好處。

So as we've done that, I literally have done that across this country. I've done over Europe, as I met with the clients in Europe. They all get it. They all also look at our business and say, look, I'm a retail POS buyer or I buy hospitality or I buy banking services derived by ATMs. And I haven't had a single one with a single concern.

因此，當我們這樣做時，我確實在整個國家都這樣做了。當我與歐洲的客戶會面時，我已經完成了歐洲的工作。他們都明白了。他們也都在看我們的業務，然後說，看，我是零售 POS 買家，或者我購買酒店服務，或者我購買由 ATM 提供的銀行服務。而且我還沒有一個有一個問題的人。

On the employee side, it's business as usual managing through change, manage through not only difficult 2022 but also getting ready for a spin transaction at the end of '23. We do every other week calls with all of our employees around the globe. We just got on the road and did 6 in-person town halls, including Belgrade, Dundee, London, Atlanta, Dallas and got in front of people, and I'll tell you the same reaction by the customers when we sit down and have a conversation about what we're doing and why we're doing it. The feedback from our employees has been just as positive as it has been from our customers.

在員工方面，通過變革管理一切照舊，不僅要度過艱難的 2022 年，還要為 23 年底的旋轉交易做好準備。我們每隔一周與全球所有員工進行一次電話會議。我們剛上路，做了 6 個面對面的市政廳，包括貝爾格萊德、鄧迪、倫敦、亞特蘭大、達拉斯，並在人們面前，當我們坐下來時，我會告訴你同樣的反應。關於我們在做什麼以及我們為什麼這樣做的對話。我們員工的反饋與客戶的反饋一樣積極。

Our employees all want to know what it means to them and what's going to happen over the next year, but they totally get it. And again, let's go back to customers. I'll just pass it over to Owen. I haven't had anybody concerned whatsoever from a customer perspective.

我們的員工都想知道這對他們意味著什麼以及明年會發生什麼，但他們完全明白。再一次，讓我們回到客戶身上。我會把它交給歐文。從客戶的角度來看，我沒有任何人擔心。

I would agree with that, like Mike, a lot of conversations. It's more curiosity once we explained that this is about our frustration of seeing value creation being appreciated in the market, and it's not about the performance of the business or any other underlying issues. Customers are very quick to acknowledge that.

我會同意這一點，就像邁克一樣，有很多對話。一旦我們解釋說這是因為我們看到價值創造在市場上受到讚賞而感到沮喪，而不是與業務績效或任何其他潛在問題無關，那就更加好奇了。客戶很快就承認了這一點。

They tell us that through conversations. We just had our latest NPS scores. They came up 10% up year-over-year. So we continue to have really, really strong feedback from the market. And at the end of the day, if we're not distracting internally and creating issues with the customers, that's all they care about right now.

他們通過對話告訴我們這一點。我們剛剛獲得了最新的 NPS 分數。他們同比增長 10%。因此，我們繼續從市場獲得非常非常強烈的反饋。歸根結底，如果我們不分散內部注意力並與客戶製造問題，那這就是他們現在所關心的。

And to Mike's point, I think our people are very curious as to why we were doing this. We've talked extensively to them. I think there's more uncertainty from our employees about the general economy and the implications of that than there are to where we're going with our 2 companies.

就邁克而言，我認為我們的員工非常好奇我們為什麼要這樣做。我們與他們進行了廣泛的交談。我認為我們的員工對整體經濟及其影響的不確定性比我們與兩家公司的發展方向要多。

As we've talked in the past, the majority of our people are already aligned within the businesses that we're separating into. So if you're a developer or a support person in banking or in retail, that's where you're going to be post the spin. So I think they're anxious more about the overall economic conditions, and we continue to talk to them about what we're going to do with the business. and are alleviating quickly some of those concerns.

正如我們過去所說，我們的大多數員工已經與我們要分離的業務保持一致。因此，如果您是銀行或零售業的開發人員或支持人員，那麼您將在此發布旋轉。所以我認為他們更擔心整體經濟狀況，我們繼續與他們討論我們將如何處理業務。並且正在迅速緩解其中的一些擔憂。

And then a follow-up on digital banking, a nice rebound here in registered and active users. You mentioned the Wintrust and other regional banks. Was this kind of a competitive win? And talk about differentiation, how the firm is winning deals? And then how do we think about user growth in the near term here?

然後是數字銀行的後續行動，註冊用戶和活躍用戶的反彈很好。您提到了 Wintrust 和其他地區銀行。這是一場競爭性的勝利嗎？談談差異化，公司如何贏得交易？那麼我們如何看待短期內的用戶增長？

Yes. So Wintrust Bank is a Chicago-based bank and then Associated Bank, which is Wisconsin-based bank and both of those are, one's $40 billion in asset size, one's $50 billion. It's very large regional banks. And again, collectively, they brought down almost 1 million accounts.

是的。因此，Wintrust 銀行是一家總部位於芝加哥的銀行，然後是一家位於威斯康星州的聯合銀行，這兩家銀行的資產規模分別為 400 億美元和 500 億美元。這是非常大的區域性銀行。再一次，他們共同關閉了近 100 萬個賬戶。

Now we've talked about that literally over the last, I think, 6 months that we've signed them. It takes a little time to bring them on board. Those conversions are -- shout out to the team, those conversions on flawless. And when I say the team, we just got down meeting with the executives of both of those organizations that was the joint effort between the NCR team as well as team from those banks.

現在我們已經從字面上討論了這個問題，我想，在我們簽下他們的 6 個月裡。帶他們上船需要一點時間。這些轉換是——向團隊大喊，那些轉換完美無瑕。當我說團隊時，我們剛剛與這兩個組織的高管會面，這是 NCR 團隊和這些銀行團隊的共同努力。

So those accounts came on board throughout the third quarter. So you saw the comps, the revenue will be coming on board fully in the fourth quarter. And as you -- we talked about double-digit top line growth, you'd expect to see the same with the account growth. So going forward, you should expect to see that really going forward.

因此，這些賬戶在整個第三季度都出現了。所以你看到了比較，收入將在第四季度完全到位。正如你——我們談到了兩位數的收入增長，你會期望看到同樣的賬戶增長。因此，展望未來，您應該期望看到真正的發展。

We talked about that in our last year's Investor Day, where we said digital banking, the team has done a phenomenal job of bringing that back to be very competitive. Those were both competitive wins in that $25 billion above marketplace. We have taken more than our lion's share of victories out there, and we expect to continue to do so.

我們在去年的投資者日上談到了這一點，我們說數字銀行，團隊做了出色的工作，使它恢復了非常有競爭力。在超過 250 億美元的市場中，這些都是競爭性的勝利。我們已經取得了超過我們最大份額的勝利，我們希望繼續這樣做。

Yes. The only other comment I'll add on to that is our entire strategy on all the businesses, all the industry is the land and expand. So the wins of the digital banking and those customers is leading to really strong growth in our Terrafina business. Mike commented in his opening comments about the performance of our channel services platform. Those institutions we just talked about are embracing that, and will add that to the portfolio of NCR offering.

是的。我要補充的唯一其他評論是我們對所有業務的整個戰略，所有行業都是土地和擴張。因此，數字銀行和這些客戶的勝利正在為我們的 Terrafina 業務帶來真正的強勁增長。邁克在他的開場評論中評論了我們渠道服務平台的表現。我們剛剛談到的那些機構正在接受這一點，並將將其添加到 NCR 產品組合中。

So we're seeing great land and expand coming as a result of really strong conversions. The other comment I'd make is, as we talk to the digital banking team and we look out to the fourth quarter, we're looking at perhaps the largest order quarter we've had since, well, actually, it will be in the history of the firm. So we're really bullish. Those will take some time. Those will convert through the first half of next year. But the momentum in that business is really strong.

因此，由於真正強大的轉換，我們看到了巨大的土地和擴張。我要說的另一條評論是，當我們與數字銀行團隊交談並展望第四季度時，我們可能正在關注自那以來最大的訂單季度，實際上，它將在公司的歷史。所以我們真的很看好。這些將需要一些時間。這些將在明年上半年轉換。但該業務的勢頭非常強勁。

And we'll move on to our next question from Kartik Mehta of Northcoast Research.

我們將繼續討論北海岸研究的 Kartik Mehta 提出的下一個問題。

Mike, maybe thoughts on shared services or the service business since retail and ATM, I'm not sure how much they're sharing and how you intend to deal with some of the shared services for those 2 businesses.

Mike，也許是對共享服務或自零售和 ATM 以來的服務業務的想法，我不確定他們共享了多少，以及您打算如何處理這兩個業務的一些共享服務。

Yes, Kartik, that's a great question. So as we look at where we stand today on work to go to get to the end of job next year, with the spin the go-to-market side that on -- ones I've been working on literally for the last 4 years is really aligned vertically within our lines of business, whether it's retail, hospitality or banking. So most of that work is already done.

是的，Kartik，這是一個很好的問題。因此，當我們看看我們今天在工作中的立場以完成明年的工作時，隨著進入市場方面的發展——我在過去 4 年一直在努力的方向在我們的業務範圍內，無論是零售業、酒店業還是銀行業務，都確實是垂直對齊的。所以大部分工作已經完成。

We have remaining shared services, which are feet on the street to do the break fix or do the service and support for hospitality, retail and for banking, and then we've got some -- obviously, some corporate functions.

我們還有剩餘的共享服務，它們可以在街上進行休息修復或為酒店、零售和銀行提供服務和支持，然後我們還有一些——顯然，一些公司職能。

So on the shared services itself, the teams have put in systems and automation and actually, a lot of those get deployed out of centralized sites. In those centralized sites like Belgrade, they already focus on either retail or they focus on the banking business.

因此，在共享服務本身上，團隊已經投入了系統和自動化，實際上，其中很多都是從集中式站點部署的。在像貝爾格萊德這樣的集中式站點中，他們已經專注於零售或銀行業務。

In the field, we have resources that are dedicated to either, for example, fixing ATMs on a full-time basis as a specialist or fixing SCO self-checkout devices on a full-time basis as a specialist. And then we have some generalists who are certified to do both. So our team has gone through and identified where we'd have to make separations, how we would then handle, whether it's through services agreements from one group to the other or whether in most cases, we have enough scale and mass in the geographic area just to have the generals break into the specialty area.

在現場，我們有專門的資源，例如，作為專家全職修理 ATM 或作為專家全職修理 SCO 自助結賬設備。然後我們有一些通才被證明可以做到這兩點。因此，我們的團隊已經完成並確定了我們必須在哪裡進行分離，我們將如何處理，無論是通過從一組到另一組的服務協議，還是在大多數情況下，我們在地理區域內有足夠的規模和質量只是為了讓將軍們闖入專業領域。

So we think we have a pretty good handle on that. We think we have a pretty good sense of what that means in terms of separating those out and where we -- where we'll have some. We recognize there will be some dis-synergies, but we think that will be quite kept to a minimum.

所以我們認為我們對此有很好的處理。我們認為我們非常清楚這意味著將它們分開以及我們在哪裡 - 我們將在哪裡擁有一些。我們認識到會有一些不協同效應，但我們認為這將保持在最低限度。

And then, Tim, maybe just thoughts on dis-synergies, the dollar dis-synergies that you think spinning out the 2 companies will create. Obviously, I think the slide you showed just showed EBITDA for both companies and separated by segment. I'm wondering maybe your thoughts on just dis-synergies?

然後，蒂姆，也許只是對不協同效應的想法，你認為拆分這兩家公司會產生的美元不協同效應。顯然，我認為您展示的幻燈片只是顯示了兩家公司的 EBITDA，並按細分市場分開。我想知道也許你對反協同的想法？

Yes. So we think it's going to be between $80 million and $100 million of incremental expense to stand up 2 independent companies. I think $30 million to $40 million of that is just direct public company costs and the rest would be duplication of other parts of the organization.

是的。因此，我們認為建立 2 家獨立公司需要 8000 萬到 1 億美元的增量開支。我認為其中 3000 萬到 4000 萬美元只是直接的上市公司成本，其餘的將是組織其他部分的重複。

Over the next year, probably the next 6 months, we're targeting some pretty significant cost actions inside the organization to more than offset that $80 million to $100 million. I think we'll have actions in place that are probably twofold that to help us cover that and be ready.

在接下來的一年中，可能是接下來的 6 個月，我們的目標是在組織內部採取一些非常重要的成本行動，以抵消 8000 萬至 1 億美元以上的成本。我認為我們將採取可能是雙重的行動來幫助我們解決這一問題並做好準備。

So in the model that's described on here in the assumptions and the leverage calculations, we've presumed that we get that cost out and that we're able to cover that incremental expense.

因此，在此處在假設和槓桿計算中描述的模型中，我們假設我們已經消除了該成本，並且我們能夠支付該增量費用。

Tim, you said that doubled. Would you anticipate taking out more than the $80 million to $100 million. So could you actually with other EBITDA than expected?

蒂姆，你說那翻了一番。您是否預計會花費超過 8000 萬至 1 億美元。那麼，您實際上可以使用超出預期的其他 EBITDA 嗎？

Yes. I think there are 2 separate topics, right? One is getting ready to split. And in fact, as you described, there will be dis-synergies associated with that. As you know, we went through some cost and pricing actions during the course of 2022 that allowed us to scramble back to a decent performance for the full year.

是的。我認為有兩個不同的主題，對吧？一個是準備分裂。事實上，正如你所描述的，將會有與之相關的協同效應。如您所知，我們在 2022 年期間採取了一些成本和定價措施，使我們能夠在全年恢復到不錯的表現。

As we enter 2023, we expect another difficult year, and we're getting ready for that. Owen and his team have pulled together some production actions both those associated labor and others associated with component costs and with freight to help us be productive -- generate productivity going into 2023. Those actions are north of $200 million, and would more than offset the pressure from $80 million to $100 million for the spin.

隨著我們進入 2023 年，我們預計又是艱難的一年，我們正在為此做好準備。歐文和他的團隊已經整合了一些生產行動，包括與勞動力相關的以及與零部件成本和運費相關的其他行動，以幫助我們提高生產力——到 2023 年創造生產力。這些行動超過 2 億美元，將超過抵消旋轉的壓力從 8000 萬美元到 1 億美元。

We'll go to our next question from Ian Zaffino of Oppenheimer.

我們將回答奧本海默的伊恩扎菲諾的下一個問題。

Just one more question on leverage of the SpinCo, RemainCo. How exactly are you arriving at those leverage rates? Why is that the best?

還有一個關於 SpinCo 槓桿的問題，RemainCo。您究竟是如何得出這些槓桿率的？為什麼那是最好的？

And then maybe on the RemainCo, what's the opportunity for M&A, especially vis-a-vis the leverage that you're thinking of spinning it out with? So are we expecting more organic growth or M&A growth in that area? Just a little color there would be great.

然後也許在 RemainCo 上，併購的機會是什麼，尤其是相對於您正在考慮將其分拆的槓桿作用？那麼，我們是否期望該領域有更多的有機增長或併購增長？只要有一點顏色就會很棒。

Yes. So on a leverage perspective, we think that the ATM SpinCo can tolerate more leverage, and we believe that it generates a very predictable cash flow stream. And so it's an obvious dividend payer, and it can carry a little more leverage because it's not as capital-intensive.

是的。因此，從槓桿的角度來看，我們認為 ATM SpinCo 可以容忍更多的槓桿，我們相信它會產生非常可預測的現金流。所以它是一個明顯的股息支付者，它可以帶來更多的槓桿作用，因為它不是資本密集型的。

From a RemainCo perspective, we need to keep our leverage under our covenants or existing covenants for the 2/3 of the long-term debt that we want to keep in place. That's 3.7%. We also want to leave ourselves room to continue to invest for growth in this segment. So we think the right leverage here is to be lower than at ATM SpinCo. They're both, as you can tell, they're both wide ranges. We don't know exactly where we'll fall out in either of these 2 businesses. But that was the thought process. And on the tax -- on the...

從 RemainCo 的角度來看，對於我們想要保留的 2/3 長期債務，我們需要在我們的契約或現有契約下保持我們的槓桿作用。那是 3.7%。我們還希望為自己留出空間，繼續投資於該領域的增長。因此，我們認為此處的正確槓桿率應低於 ATM SpinCo。正如你所知道的，它們都是范圍廣泛的。我們不確切知道我們將在這兩個業務中的任何一個中失敗。但這就是思考過程。關於稅收——關於...

M&A, let me just address the opportunities for M&A or inorganic growth on the RemainCo. So if you look at RemainCo, it's retail POS, it's hospitality POS and it's the digital banking. We think all 3 of those areas are growth opportunities in the marketplace.

併購，讓我來談談 RemainCo 的併購或無機增長的機會。所以如果你看看 RemainCo，它是零售 POS，它是酒店 POS，它是數字銀行。我們認為這三個領域都是市場的增長機會。

We think the spending will continue as -- particularly on the POS side as people have an upgrade imperative, but we've already talked about digital banking being an area that we see financial institutions on the retail side, we focus on the retail side, financial institutions, integrating their channel strategies and our products are very well suited to do that.

我們認為支出將繼續 - 特別是在 POS 方面，因為人們有升級的必要性，但我們已經談到數字銀行是我們看到金融機構在零售方面的一個領域，我們專注於零售方面，金融機構，整合他們的渠道戰略和我們的產品非常適合這樣做。

We have seen, on an inorganic basis over the last 4 years, we've been very successful. We just talked about Terrafina, which is kind of opening for digital banking. D3, which is a product that was successful in winning Associated Bank and Wintrust Bank, we've had great success in retail with a company that does virtualization called Zynstra, we brought a company called Freshop, which does the front-end glass, which allows you to do integrated order entry of your mobile device into the grocery POS.

我們已經看到，在過去的 4 年裡，在無機的基礎上，我們非常成功。我們剛剛談到了 Terrafina，這是對數字銀行的一種開放。 D3 是一款成功贏得 Associated Bank 和 Wintrust Bank 的產品，我們在零售領域與一家名為 Zynstra 的虛擬化公司取得了巨大的成功，我們帶來了一家名為 Freshop 的公司，它做前端玻璃，它允許您將移動設備的集成訂單輸入到雜貨店 POS。

So we've had a lot of success of acquiring inorganic products to integrate with our platforms and then upsell, cross-sell. We think going into '23, a lot of those companies that maybe are underscaled that have had some success building product, but haven't gotten to a point where they're actually generating earnings or cash flow might be more attractive opportunities for us going forward. So we think RemainCo will have opportunities to grow organically as well as inorganic opportunities.

因此，我們在收購無機產品以與我們的平台集成，然後進行追加銷售、交叉銷售方面取得了很大成功。我們認為進入 23 年，許多可能規模過小的公司在構建產品方面取得了一些成功，但還沒有達到實際產生收益或現金流的程度，這對我們來說可能是更具吸引力的機會向前。因此，我們認為 RemainCo 將有機會有機增長，也有無機增長機會。

Okay. And maybe just a little bit of a follow-up there. I mean, I guess that was sort of my point that I do think there's all these organic opportunities or inorganic opportunities RemainCo. So should the difference in the leverage ratios between 2 companies be actually larger than that, meaning RemainCo should take maybe less leverage and then SpinCo should take on more leverage?

好的。也許只是一點點後續行動。我的意思是，我想這就是我的觀點，我確實認為 RemainCo 存在所有這些有機機會或無機機會。那麼，兩家公司之間的槓桿率差異是否應該實際上更大，這意味著 RemainCo 應該採用更少的槓桿，然後 SpinCo 應該採用更多的槓桿？

Yes. I mean, we could turn it in its way. I think it becomes an equation of how much leverage we want to put on SpinCo as we get closer to a date where we look at the marketplace, we've got to build a new balance sheet for SpinCo. I think we'd look at that. I don't think we would overlever either company. We want both companies to have opportunities to succeed.

是的。我的意思是，我們可以改變它的方式。我認為隨著我們越來越接近關注市場的日期，我們希望對 SpinCo 施加多少槓桿，這變成了一個方程式，我們必須為 SpinCo 建立一個新的資產負債表。我想我們會看看那個。我認為我們不會過度槓桿化任何一家公司。我們希望兩家公司都有成功的機會。

And so I think we get your point. I think the other thing to keep in mind, when we have a RemainCo, which is in higher growth businesses, we would hope to establish a currency using equity to be able to go out and do deals that today we simply can't do.

所以我想我們明白你的意思。我認為要記住的另一件事是，當我們擁有一家從事高增長業務的 RemainCo 時，我們希望使用股權建立一種貨幣，以便能夠走出去進行今天我們根本無法進行的交易。

So I think getting that balance right, which company gets how much debt, we'll keep that in mind. But the goal a SpinCo to be stable, steady cash-generating to return some of that cash to shareholders via dividend and then remain co to be able to participate in growth organically and inorganically.

所以我認為平衡正確，哪家公司有多少債務，我們會記住這一點。但剝離公司的目標是穩定、穩定地產生現金，通過股息將部分現金返還給股東，然後繼續保持合作，以有機地和無機地參與增長。

And we'll go next to Erik Woodring with Morgan Stanley.

我們將與摩根士丹利一起去埃里克伍德林旁邊。

Maybe, Mike, if I start with you, I guess, we're hearing some mixed commentary from our coverage in terms of the impact of macro uncertainty. And so -- can you maybe just elaborate on what you're hearing from customers in terms of time to close deals, any downsizing or pushing out of deals? Is there any caution at all? And maybe if you could kind of detail that by end market or vertical if there is any difference that would be super helpful. And then I have a follow-up.

也許，邁克，如果我從你開始，我猜，我們從我們的報導中聽到了一些關於宏觀不確定性影響的混合評論。所以——你能否詳細說明你從客戶那裡聽到的關於完成交易的時間、縮小規模或推遲交易的情況？有什麼注意事項嗎？如果您可以詳細說明終端市場或垂直市場是否有任何差異，那將是非常有幫助的。然後我有一個跟進。

Yes. Let me start, and then I'll have Owen add some color. So as we look at fourth quarter, we haven't seen that yet. And as you look at our numbers that we actually gave at the end of the first quarter outlook for the full year, we're hitting those numbers.

是的。讓我開始，然後我會讓歐文添加一些顏色。因此，當我們查看第四季度時，我們還沒有看到這一點。當您查看我們在第一季度末全年展望時實際給出的數字時，我們正在達到這些數字。

So we haven't seen a diminution in orders. Owen talked about digital banking having had extremely strong orders. I'd say our SCO business remains strong. Our hospitality business has had a very strong year, continues to remain strong through the fourth quarter. So if you look at it through the end of 2022, we haven't seen that.

所以我們沒有看到訂單減少。歐文談到數字銀行的訂單非常強勁。我想說我們的 SCO 業務依然強勁。我們的酒店業務經歷了非常強勁的一年，在第四季度繼續保持強勁。因此，如果您在 2022 年底之前查看它，我們還沒有看到這一點。

I think we talked to customers the same conversation in the public media and the macro trends, people are concerned. We just haven't seen red flags. We haven't seen things pop up that would tell us that our customers are going to slow down ordering heading into '23 at this stage. I think we're cautious like everybody else, looking at the future. But we just haven't seen that hit our order book as of yet.

我認為我們在公共媒體和宏觀趨勢中與客戶進行了相同的對話，人們對此感到擔憂。我們只是沒有看到危險信號。我們還沒有看到突然出現的事情會告訴我們，我們的客戶將在現階段進入 23 年時減慢訂購速度。我認為我們和其他人一樣謹慎，著眼於未來。但到目前為止，我們還沒有看到我們的訂單。

I don't know, Owen, you want to add to that?

我不知道，歐文，你想補充一下嗎？

Yes. I would say that from a backlog standpoint, there has not been material pushing out of projects or of implementations. Certainly, there's a lot of chatter about what next year will bring. And I think people have raised the flags. The counter to that is labor continues probably the most pressing issue that our customers are talking about. And we sit in a pretty good spot with the technology that we can bring to the table for all 3 of our industry groups as we address technology to offset both labor cost and the labor in the mix, if you will.

是的。我想說的是，從積壓的角度來看，沒有實質性的項目或實施推出。當然，有很多關於明年會帶來什麼的討論。我認為人們已經舉起了旗幟。與之相反的是，勞動力可能仍然是我們的客戶談論的最緊迫的問題。我們的技術非常好，我們可以為所有 3 個行業組提供技術，因為我們處理技術以抵消勞動力成本和混合勞動力，如果你願意的話。

I know as we've talked to the major retailers, self-checkout and the supporting systems, software, et cetera, is an investment that they're willing to make and we see that across the board. So as of right now, we're just not seeing delays or a pause in terms of project activity, albeit they are anxious like most of us are as to what '23 will bring. That's why we're taking a pretty aggressive approach on the costs that Tim addressed. We're doing that in anticipation. And if it turns out to be an overreaction, then we'll get the benefit of it. But right now, markets and order activities are not waning.

我知道，當我們與主要零售商交談時，自助結賬和支持系統、軟件等是他們願意進行的投資，我們全面看到了這一點。因此，到目前為止，我們只是沒有看到項目活動出現延遲或暫停，儘管他們像我們大多數人一樣對 23 年會帶來什麼感到焦慮。這就是為什麼我們對蒂姆解決的成本採取非常積極的方法。我們這樣做是出於預期。如果結果證明是過度反應，那麼我們將從中受益。但目前，市場和訂單活動並未減弱。

Okay. That is really, really helpful. I guess maybe, Tim, just to circle back to the 2022 guide. I just want to make sure when you're talking about assuming 4Q looks similar to 3Q from a revenue and margin perspective, was that referencing sequential change or on an absolute dollar and percentage basis. And then maybe just, again, the second part would that be, can you again just detail -- again, you mentioned the FX headwinds and the rental cost headwinds, what are the offsets that you're flowing through to arrive back at this kind of guidance that you've guided to today?

好的。這真的，真的很有幫助。蒂姆，我想也許只是為了回到 2022 年指南。我只是想確定，當您從收入和利潤率的角度假設第 4 季度與第 3 季度相似時，是指連續變化還是以絕對美元和百分比為基礎。然後也許只是，再次，第二部分是，你能再詳細說明一下 - 再次，你提到了外匯逆風和租金成本逆風，你要通過哪些抵消來回到這種情況您今天指導的指導？

Yes, sure. So sequentially, similar, meaning not growth rates, but in absolute values. When we post those, it will be about a 3% to 4% growth rate year-over-year on revenue and about a 12% to 13% growth rate on EBITDA. So I feel okay about that performance. The -- back to your question on currency, we now expect looking at FX rates today, currency to impact revenue by $262 million to impact EBITDA by $67 million, and to impacts free cash flow by almost $115 million.

是的，當然。因此，按順序排列，類似的意思不是增長率，而是絕對值。當我們發布這些數據時，收入的同比增長率約為 3% 至 4%，EBITDA 的增長率約為 12% 至 13%。所以我對那場演出感覺還行。 - 回到你關於貨幣的問題，我們現在預計今天的外匯匯率，貨幣將影響收入 2.62 億美元，影響 EBITDA 6700 萬美元，並影響近 1.15 億美元的自由現金流。

So when I talk about being in our side of our range of $1.4 billion to $1.5 billion on EBITDA or approximately $8 billion on revenue. I think you can see with relief, if you just do the math, I described, Q3 to Q4, you add up where we are this year, you add back those FX effects where we're well within those ranges trending toward the midpoint of some of them.

因此，當我談到我們的 EBITDA 為 14 億美元至 15 億美元或收入約為 80 億美元時，我們就站在我們這邊。我認為你可以放心地看到，如果你只是做數學，我描述過，Q3 到 Q4，你加起來我們今年的位置，你加回那些我們完全處於趨向於中點的範圍內的 FX 效果他們中有一些。

And we'll go next to Matthew Roswell of RBC.

我們將在 RBC 的 Matthew Roswell 旁邊。

Yes. A quick question on the expectation for free cash flow to come back. Is that solely timing differentials? Or is there anything in there with either the macro environment getting better and/or you're all doing some sort of cost reduction, et cetera?

是的。關於自由現金流回歸的預期的快速問題。這僅僅是時間差異嗎？還是宏觀環境變得更好和/或你們都在做某種降低成本等方面的事情？

Yes. So I think nothing special has to happen. It doesn't presume any change in the quality of our earnings. It doesn't change very remarkable increase in profitability. In fact, we've just described profitability in the fourth quarter, very similar to the third.

是的。所以我認為沒有什麼特別的事情發生。它不假定我們的收入質量有任何變化。它不會改變盈利能力的非常顯著的增長。事實上，我們剛剛描述了第四季度的盈利能力，與第三季度非常相似。

We've got $180 million of working capital use of cash this year. There was a year in which I thought we'd hold working capital relatively flat, $157 million used in AR and over -- and nearly $75 million of use in inventory. Those folks who own those efforts to collect that cash tell me they can get that back. And so I expect to get at least $150 million of free cash flow out of working capital in the fourth quarter.

今年我們有 1.8 億美元的營運資金使用現金。有一年，我認為我們的營運資金相對持平，1.57 億美元用於 AR 及以上——近 7500 萬美元用於庫存。那些努力收集現金的人告訴我，他們可以拿回這筆錢。因此，我預計第四季度至少可以從營運資金中獲得 1.5 億美元的自由現金流。

We'll also generate other cash in the quarter, I think we'll be north of $200 million is my best guess. That means there's still another couple of hundred million dollars of cash that should have been generated this year that will likely harvest in Q1 of next year. There is -- whether it be incentive compensation programs or the way we funded our 401(k) or some other labor reduction, including severance that gets paid a salary continuation, the P&L benefit of some of those things predates our ability to see it through cash flow. And I expect a lift of $150 million to $200 million of cash flow in Q1 just from those effects.

我們還將在本季度產生其他現金，我認為我們將超過 2 億美元是我的最佳猜測。這意味著本應在今年產生的另外幾億美元現金可能會在明年第一季度收穫。有——無論是激勵性補償計劃，還是我們資助 401(k) 或其他一些勞動力減少的方式，包括獲得持續支付工資的遣散費，其中一些事情的損益收益早於我們看透它的能力現金周轉。我預計第一季度的現金流將增加 1.5 億美元至 2 億美元，僅來自這些影響。

And for our last question, we will go to a follow-up from Matt Summerville with D.A. Davidson.

對於我們的最後一個問題，我們將跟進 Matt Summerville 與 D.A.戴維森。

Just 2 quick ones. R&D expense looked like it declined materially year-on-year and quarter-on-quarter to an adjusted $21 million. Am I looking at that correctly? Is that the right figure? And if so, from a run rate of 50-, 60-ish, how does that happen?

只有2個快速的。研發費用看起來同比和環比大幅下降至調整後的 2100 萬美元。我看對了嗎？這是正確的數字嗎？如果是這樣，從 50 到 60 的運行率，這是怎麼發生的？

I don't think that's -- so CapEx in the quarter was...

我不認為那是 - 所以本季度的資本支出是......

R&D, R&D.

研發，研發。

Matt, I'll have to get back to you. I don't have that one in front of me.

馬特，我必須回复你。我面前沒有那個。

Yes, Matt. So I would say from a investment in software development and harder development, which we do a lot of, we haven't changed that at all. So quarter-to-quarter, quarter to quarter, we haven't changed that. So if there's maybe a categorization of CapEx from R&D versus to spend in a product, it's not a business action.

是的，馬特。所以我想說，從我們做很多的軟件開發和更難的開發的投資來看，我們根本沒有改變這一點。因此，每季度，每季度，我們都沒有改變這一點。因此，如果可能將資本支出從研發與產品支出進行分類，這不是商業行為。

So in fact, I'm looking at it now. The total spend, cash spend, on R&D is relatively flat. The cap rate has changed. So the cap rate was higher, meaning that more of that spend went to CapEx than OpEx.

所以事實上，我現在正在看它。研發的總支出（現金支出）相對持平。上限利率發生了變化。所以上限率更高，這意味著更多的支出用於資本支出而不是運營支出。

Okay. Is that sustainable going forward?

好的。這是否可持續發展？

I'd say that it was -- the cap rate was understated in the first half of this year. We also changed the profile of the projects that we prioritize to make sure that they were capitalizable meaning that they had future period revenue associated with them. So I'd argue we're getting more bang for our buck out of CapEx and our cap rate should be reasonably close to the average of Qs 2 and 3.

我想說的是——今年上半年的上限利率被低估了。我們還更改了我們優先考慮的項目的概況，以確保它們是可資本化的，這意味著它們具有與之相關的未來期間收入。因此，我認為我們從資本支出中獲得了更多收益，我們的上限率應該相當接近 Qs 2 和 Qs 3 的平均值。

Okay. And then as my final follow-up, product gross profit margin looked to be flat quarter-on-quarter. I guess that surprises me a little bit. So can you talk about the puts and takes there on the roughly 12% product gross margin?

好的。然後作為我最後的跟進，產品毛利率看起來與上一季度持平。我想這讓我有點吃驚。那麼你能談談大約 12% 的產品毛利率的看跌期權嗎？

And if you're getting more pricing, while that's not getting better mix seemed to be okay. I mean, your SCO volumes look good in retail. So help me understand what's going on with product gross margins.

如果你得到更多的定價，雖然沒有得到更好的組合似乎沒問題。我的意思是，你的 SCO 卷在零售方面看起來不錯。因此，請幫助我了解產品毛利率的情況。

Yes. I think you're just seeing the big cost pressure we've seen all year long go through gross margin, and we're trying to offset it with indirect costs. So we've been chasing indirect costs all year long to offset pressure on the direct side. Obviously, that doesn't come through gross margin. In some instances it will, if it's direct, if it's in the business itself. But for the most part, all the cost efforts we've taken thus far this year were the things we could control more easily, which is our indirect cost.

是的。我認為你只是看到我們全年看到的巨大成本壓力通過毛利率，我們正試圖用間接成本來抵消它。因此，我們整年都在追逐間接成本，以抵消直接方面的壓力。顯然，這不是通過毛利率來實現的。在某些情況下，如果它是直接的，如果它在企業本身中，它會。但在很大程度上，我們今年迄今為止所做的所有成本努力都是我們可以更容易控制的事情，這就是我們的間接成本。

I think you'll see that switch next year. I think next year, we'll start to see the sub-supply chain relief next year. We've done about as much work as we can do in the indirect cost, still some on putting organize the 2 new organizations together. I think we can collapse some cost out there. But ultimately, I think the story of 2023 is going to be direct cost management.

我想你明年會看到這種轉變。我認為明年，我們將開始看到明年子供應鏈的緩解。我們已經在間接成本方面做了盡可能多的工作，還有一些是將兩個新組織組織在一起的工作。我認為我們可以降低一些成本。但最終，我認為 2023 年的故事將是直接成本管理。

And at this time, I would now like to turn the call back to Mike Hayford, CEO, for closing comments.

在這個時候，我現在想把電話轉回給首席執行官邁克·海福德（Mike Hayford），以發表結束評論。

Thanks. The NCR team delivered an outstanding quarter this quarter. We had 8% revenue growth and 15% EBITDA growth, both on a constant currency basis. But more importantly, we continued our strategic transformation to a software-led as-a-service company, improving our strategic KPIs across all 5 business segments. Our success is driven by the efforts of every NCR team member to take care of our customers each and every day and as I travel around the globe to Belgrade, Dundee, Prague, London, Dallas, Cebu, Tokyo, Sao Paulo, Chennai, Mumbai and many others, including Atlanta, I see what makes NCR so special, it's our employees each and every day.

謝謝。 NCR 團隊本季度表現出色。我們有 8% 的收入增長和 15% 的 EBITDA 增長，均以固定貨幣計算。但更重要的是，我們繼續向以軟件為主導的即服務公司的戰略轉型，提高了我們在所有 5 個業務部門的戰略 KPI。我們的成功是由每位 NCR 團隊成員每天為照顧我們的客戶所做的努力所推動的和許多其他人，包括亞特蘭大，我看到是什麼讓 NCR 如此特別，每天都是我們的員工。

I want to close with a thank you to all of our employees who make NCR work and delivered a wonderful quarter, and thank you all for joining us. We'll see you next time.

最後，我要感謝我們所有的員工，他們讓 NCR 工作並創造了一個美好的季度，並感謝大家加入我們。我們下次再見。

And that does conclude today's call. Thank you for your participation. You may now disconnect.

這確實結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。