NCR Voyix Corp (VYX) 2022 Q4 法說會逐字稿

Good day, and welcome to the NCR Corporation Fourth Quarter Fiscal Year 2022 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎來到 NCR Corporation 2022 財年第四季度收益電話會議。今天的會議正在錄製中。

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

現在，我想將會議轉交給財務主管和投資者關係部邁克爾尼爾森先生。請繼續，先生。

Good afternoon, and thank you for joining our fourth quarter and full year 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，感謝您參加我們的第四季度和 2022 年全年收益電話會議。今天和我一起參加電話會議的是首席執行官 Mike Hayford；總裁兼首席運營官 Owen Sullivan；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 are 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.

在我們開始之前，讓我提醒您，我們的介紹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，這些風險和不確定性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有所描述，包括我們的年度報告。

On today's call, we will also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials, the press release dated February 7, 2023, 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 GAAP 財務措施。這些非 GAAP 措施在演示材料、日期為 2023 年 2 月 7 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。本次通話的重播將於今天晚些時候在我們的網站 ncr.com 上提供。

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. 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 then review our financial performance and provide an outlook for 2023. And then Owen, Tim and I will take your questions.

謝謝，邁克爾。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 拆分為 2 家上市公司的最新消息。然後蒂姆將審查我們的財務業績並提供 2023 年的展望。然後歐文、蒂姆和我將回答你的問題。

Let's begin on Slide 4 with some highlights from this past year. We closed out 2022 with strong demand and positive momentum in the business. Maybe a different way to say this is across all 5 of our business segments, our products are winning in the marketplace. We continue to make significant progress against our strategic initiatives to advance our strategy of becoming a software-led as-a-service company with higher recurring revenue streams.

讓我們從幻燈片 4 開始，介紹去年的一些亮點。我們以強勁的需求和積極的業務勢頭結束了 2022 年。也許換一種說法是，在我們的所有 5 個業務部門中，我們的產品都在市場上取勝。我們繼續在我們的戰略計劃方面取得重大進展，以推進我們的戰略，成為一家以軟件為主導的服務公司，擁有更高的經常性收入流。

A key part of our strategy is to run the store, run the restaurant and run self-directed banking. It is contingent on our ability to cross-sell and upsell additional services to our clients. To do so, we have a maniacal focus on customer satisfaction, which we measure as Net Promoter Score, or NPS.

我們戰略的一個關鍵部分是經營商店、經營餐廳和經營自主銀行業務。這取決於我們向客戶交叉銷售和追加銷售附加服務的能力。為此，我們非常關注客戶滿意度，我們將其衡量為淨推薦值或 NPS。

When we initiated the strategy in 2018, our NPS was 14, which is not very good. Each year, we continue to improve. We went the following year to an 18 on our NPS score, then to a 36, then to a 48. And in 2022, I'm proud to say we improved to 52. So in 4 years, we improved our Net Promoter Score from 14 to 52. That's quite a significant improvement. We now have happy customers, which is a key to executing our strategy and transforming NCR into a software-led as-a-service company.

2018年我們啟動這個策略的時候，我們的NPS是14，不是很好。每一年，我們都在不斷進步。第二年，我們的 NPS 得分達到 18，然後達到 36，然後達到 48。到 2022 年，我很自豪地說我們提高到了 52。所以在 4 年內，我們的淨推薦值從14 到 52。這是一個相當顯著的改進。我們現在擁有滿意的客戶，這是執行我們的戰略並將 NCR 轉變為以軟件為主導的即服務公司的關鍵。

In 2022, NCR delivered 13% total revenue growth, recurring revenue growth of 20% and adjusted EBITDA growth of 16%, all on a constant currency basis. These are strong results, particularly given the extraordinary macroeconomic and geopolitical challenges that we navigated throughout the year.

2022 年，NCR 實現了 13% 的總收入增長、20% 的經常性收入增長和 16% 的調整後 EBITDA 增長，均按固定匯率計算。這些都是很好的結果，特別是考慮到我們全年應對的非同尋常的宏觀經濟和地緣政治挑戰。

Now moving to Slide 5. I thought it would be helpful to put our strong execution in perspective relative to the external macro headwinds we endured. Keep in mind, the headwinds in 2022 were almost all external uncontrollable impacts. Our revenues on a constant currency basis held up very well and our teams did a great job addressing the cost impacts over the last 3 quarters of 2022.

現在轉到幻燈片 5。我認為，相對於我們所承受的外部宏觀逆風，將我們強大的執行力放在正確的位置會有所幫助。請記住，2022 年的逆風幾乎都是外部無法控制的影響。我們按固定匯率計算的收入保持得很好，我們的團隊在解決 2022 年最後 3 個季度的成本影響方面做得很好。

First, we began the year with continued pandemic, this time the Omicron strain. For example, our NCR office is shut down in January and February of last year. Unfortunately, we were not alone. In countries we operate, most businesses were shut down as well, which impacted our transaction volumes.

首先，我們以持續的大流行開始了這一年，這次是 Omicron 毒株。例如，我們的 NCR 辦公室在去年 1 月和 2 月關閉。不幸的是，我們並不孤單。在我們經營的國家，大多數企業也被關閉，這影響了我們的交易量。

Second, a war in the Ukraine impacted our business in the region, and we suspended sales in Russia and exited that country.

其次，烏克蘭的戰爭影響了我們在該地區的業務，我們暫停了在俄羅斯的銷售並退出了該國。

Third, supply chain disruptions resulted in significantly higher component and transportation costs, which adversely impacted our margins, particularly in the first quarter of 2022. While the supply chain impacts are easing, costs remain elevated. Nonetheless, our engineering and procurement teams have adjusted by designing alternative components and certifying more sources to reduce the impact.

第三，供應鏈中斷導致零部件和運輸成本顯著增加，這對我們的利潤率產生了不利影響，尤其是在 2022 年第一季度。雖然供應鏈的影響正在緩解，但成本仍然很高。儘管如此，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來進行調整，以減少影響。

Fourth, inflation reached the highest levels in over 40 years. In addition to higher component and transportation costs, fuel costs increased and wage inflation escalated.

第四，通貨膨脹達到40多年來的最高水平。除了更高的組件和運輸成本外，燃料成本增加，工資上漲加劇。

And fifth, interest rates accelerated one of the fastest rates in history.

第五，利率加速成為歷史上最快的利率之一。

Finally, in the second half of 2022, foreign exchange rates represented an incremental headwind. For the full year, the stronger U.S. dollar reduced revenue growth by 300 basis points and adjusted EBITDA by 600 basis points. Despite all these external headwinds, NCR executed very well against our strategic initiatives with strong growth across our KPIs.

最後，在 2022 年下半年，外匯匯率代表了越來越大的逆風。全年來看，美元走強使收入增長減少了 300 個基點，調整後的 EBITDA 減少了 600 個基點。儘管存在所有這些外部不利因素，NCR 還是很好地執行了我們的戰略計劃，我們的 KPI 實現了強勁增長。

Although some of the headwinds we faced in 2022 are beginning to abate other headwinds like interest and inflation still persist. Looking into 2023, market expectations suggest at least a moderate recession in the U.S. and abroad. In anticipation of potential global slowdown, NCR has taken additional cost actions in the fourth quarter that we are expected to drive incremental savings in 2023.

儘管我們在 2022 年面臨的一些不利因素開始減弱，但利率和通貨膨脹等其他不利因素仍然存在。展望 2023 年，市場預期表明美國和國外至少會出現溫和衰退。預計全球經濟可能放緩，NCR 在第四季度採取了額外的成本行動，我們預計將在 2023 年推動增量節省。

Throughout 2022, we had to take many actions to offset these headwinds. Some of those were temporal in nature. Others are permanent cost savings as we head into 2023. During 2022, we were able to reduce our headcount with attrition. Heading into 2023, we needed to reduce our cost even further. The total impact was to reduce our staffing levels by approximately 7%. Tim will provide some more details in his section later.

整個 2022 年，我們不得不採取許多行動來抵消這些不利因素。其中一些本質上是暫時的。隨著我們進入 2023 年，其他一些是永久性的成本節約。在 2022 年期間，我們能夠通過自然減員來減少員工人數。進入 2023 年，我們需要進一步降低成本。總的影響是我們的員工人數減少了大約 7%。 Tim 稍後將在他的部分中提供更多詳細信息。

Now moving to the business update on Slide 6. We have strong momentum across all 5 of our business segments. In retail, we continue to deliver on our strategy to be the retail platform company of choice.

現在轉到幻燈片 6 的業務更新。我們在所有 5 個業務部門都有強勁的勢頭。在零售方面，我們繼續實施我們的戰略，成為首選的零售平台公司。

The consulting from RBR named NCR the #1 global point-of-sale software vendor for the fifth year in a row. We were also recognized by RBR as the global leader for self-checkout for the 19th consecutive year.

RBR 的諮詢服務連續第五年將 NCR 評為全球第一大銷售點軟件供應商。我們還連續 19 年被 RBR 評為全球自助結賬領導者。

During the fourth quarter, Love's Travel Stop and Country stores extended its partnership with NCR and is connecting over 3,000 lanes to the NCR Commerce platform to enhance the omni-channel experience to their customers. We continue to have positive momentum in winning upgrade imperative for retail point-of-sale software.

在第四季度，Love's Travel Stop and Country 商店擴大了與 NCR 的合作夥伴關係，並將 3,000 多條車道連接到 NCR Commerce 平台，以增強其客戶的全渠道體驗。我們在贏得零售銷售點軟件的升級勢在必行方面繼續保持積極勢頭。

Quick Trip, a regional convenience store chain with over 800 stores across the Midwest, turn to NCR support their mobile ordering strategy and enhance the customer experience. In self-checkout, we continue to see strong demand across our grocery and big-box retailers as well as the expansion into new verticals such as convenience and fuel in department and specialty retail. Our customers are embracing self-checkout usage to help them mitigate increased labor costs.

Quick Trip 是一家在中西部擁有 800 多家門店的區域連鎖便利店，它求助於 NCR 支持其移動訂購策略並提升客戶體驗。在自助結賬方面，我們繼續看到雜貨店和大型零售商的強勁需求，以及向新垂直領域的擴張，例如百貨和專業零售的便利和燃料。我們的客戶正在接受自助結賬，以幫助他們減輕增加的勞動力成本。

In hospitality, we continue to experience strong demand across our enterprise and SMB customers. Chuck E. Cheese, a 20-year customer of NCR, committed to a new 5-year agreement to partner with NCR to deepen integrations through NCR's platform, which enabled Chuck E. Cheese to enhance its ability to serve their customers through digital channels.

在酒店業，我們的企業和 SMB 客戶繼續感受到強勁的需求。 Chuck E. Cheese 是 NCR 已有 20 年的客戶，它承諾與 NCR 達成一項為期 5 年的新協議，以通過 NCR 的平台加深集成，這使 Chuck E. Cheese 能夠增強其通過數字渠道為客戶提供服務的能力。

Hot Valley, a 7-year customer of NCR is revamping their kitchen deploying Aloha integrated tablets alongside Aloha Kitchen to improve operational efficiencies in handling online orders.

NCR 已有 7 年曆史的客戶 Hot Valley 正在改造他們的廚房，在 Aloha Kitchen 旁邊部署 Aloha 集成平板電腦，以提高處理在線訂單的運營效率。

We also continue to gain traction with our integrated payments offering for our hospitality customers. In the fourth quarter, Chicken Salad Chick, a 226 site operator shows NCR as its merchant payment processor for all existing and future locations.

我們還繼續為我們的酒店客戶提供綜合支付服務。在第四季度，擁有 226 個站點的運營商 Chicken Salad Chick 將 NCR 作為其所有現有和未來站點的商戶支付處理器。

In digital banking, we continue to have positive momentum. In the fourth quarter, digital banking activity was strong with 40 renewals, which represented 1 of the largest renewal quarters in the company's history. During the fourth quarter, we also had 10 new logo deals, which are all competitive wins.

在數字銀行方面，我們繼續保持積極勢頭。第四季度，數字銀行活動表現強勁，有 40 次續訂，是公司歷史上最大的續訂季度之一。第四季度，我們還有 10 筆新標識交易，都是競爭性的勝利。

For the full year 2022, it was a strong year for digital banking as we converted 2 large regional banks, Wintrust Bank and Associated Bank, to our digital banking platform. These 2 conversions added almost 1 million new digital banking accounts.

對於 2022 年全年，這是數字銀行業務表現強勁的一年，因為我們將 2 家大型地區性銀行（Wintrust 銀行和聯合銀行）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。

We also had success with NCR's DFB by our digital-first banking solution for retail banking, where we integrate a financial institution retail channels using our CSP or channel services platform. NCR signed 2 of the top 5 banks in the U.S. on our DFB CSP teller platform during 2022.

我們還通過我們的零售銀行數字優先銀行解決方案在 NCR 的 DFB 方面取得了成功，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。 2022 年，NCR 在我們的 DFB CSP 櫃員平台上與美國前 5 大銀行中的 2 家簽約。

In Payments and Network, we are making progress against both merchant acquiring and the Allpoint network. We are continuing to have success with our integrated payment offering for our hospitality customers, including roughly 90% of our new SMB clients selecting NCR's payment solution.

在支付和網絡方面，我們在商家收單和 Allpoint 網絡方面都取得了進展。我們在為酒店客戶提供集成支付服務方面繼續取得成功，其中大約 90% 的新 SMB 客戶選擇了 NCR 的支付解決方案。

The Allpoint network continued its strong growth by delivering transactions to more financial institutions and cardholders than ever before. In the fourth quarter, NCR expanded a long-term agreement with Walgreens, making NCR the exclusive provider of ATM services across the majority of Walgreens stores.

Allpoint 網絡通過向比以往更多的金融機構和持卡人提供交易服務繼續保持強勁增長。第四季度，NCR 擴大了與 Walgreens 的長期協議，使 NCR 成為大多數 Walgreens 門店的 ATM 服務的獨家供應商。

In 2022, P&C Bank partnered with the Allpoint network extending surcharge free ATM access to more than 10 million of their customers. We now have over 70 million cards on the Allpoint network. We also extended our Allpoint network with key merchant partners, most notably Circle K, 1 of the largest convenience store brands in the U.S., which activated NCR's Allpoint network on more than 4,400 Circle K stores across 30 states.

2022 年，P&C Bank 與 Allpoint 網絡合作，為超過 1000 萬客戶提供免費 ATM 服務。我們現在在 Allpoint 網絡上擁有超過 7000 萬張卡片。我們還擴展了與主要商家合作夥伴的 Allpoint 網絡，最著名的是美國最大的便利店品牌之一 Circle K，它在 30 個州的 4,400 多家 Circle K 商店激活了 NCR 的 Allpoint 網絡。

In self-service banking, we continue the momentum in our ATM as a Service solution. Interest in our offering is accelerating from both community banks and large FIs globally. In the fourth quarter, we signed 10 ATM as a Service deals, including Santander U.K. Santander extended its longstanding partnership with NCR, selecting NCR ATM as a service to transform, connect and run its self-service banking network of more than 1,700 ATMs across the U.K.

在自助銀行業務方面，我們繼續保持 ATM 即服務解決方案的發展勢頭。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。第四季度，我們簽署了 10 項 ATM 即服務協議，其中包括英國桑坦德銀行。桑坦德銀行擴展了與 NCR 的長期合作夥伴關係，選擇 NCR ATM 即服務來改造、連接和運行其在英國擁有 1,700 多台 ATM 的自助銀行網絡。英國。

The bank is shifting the operational management of a self-service channel, including software, transaction processing, cash management, ATM monitoring, help desk and hardware maintenance to NCR. During 2022, we signed 46 ATM as a service deals, including Bank of New Zealand and Bank of Baroda, which is 1 of the India's largest retail banks. NCR's ability to provide the scale and capabilities of a full stack integrated ATM as a Service offering when bundled with the Allpoint network has given us a unique solution in the marketplace.

該銀行正在將自助服務渠道的運營管理（包括軟件、交易處理、現金管理、ATM 監控、服務台和硬件維護）轉移到 NCR。 2022 年期間，我們簽署了 46 筆 ATM 即服務協議，其中包括新西蘭銀行和巴羅達銀行，後者是印度最大的零售銀行之一。當與 Allpoint 網絡捆綁時，NCR 能夠提供全棧集成 ATM 即服務產品的規模和功能，這為我們提供了市場上獨一無二的解決方案。

And lastly, we are on track to separate NCR into 2 public companies by the end of 2023. Following Tim's comments on our financial results, I will provide an update on the separation activities.

最後，我們有望在 2023 年底之前將 NCR 拆分為 2 家上市公司。根據蒂姆對我們財務業績的評論，我將提供拆分活動的最新情況。

With that, let me pass it over to Tim.

有了這個，讓我把它傳遞給蒂姆。

Thanks, Mike, and thanks to all of you for joining us today. As Mike described, our solid fourth quarter completes a year described by a determined effort to drive sequential quarterly improvement after a very difficult start to the year while confronting a litany of external challenges.

謝謝邁克，也感謝大家今天加入我們。正如 Mike 所描述的那樣，我們穩健的第四季度結束了一年，在今年開局非常艱難，同時面臨一連串的外部挑戰後，我們決心努力推動連續的季度改進。

Last April, during our first quarter 2022 earnings call, we described unexpected impacts from the Omicron COVID wave to the then new war in Russia, extraordinary supply chain costs due to scarcity and modestly higher interest rates that totaled about $75 million of negative impact on Q1 EBITDA.

去年 4 月，在我們 2022 年第一季度的財報電話會議上，我們描述了從 Omicron COVID 浪潮到當時的俄羅斯新戰爭的意外影響、由於稀缺導致的異常供應鏈成本以及利率略高，對第一季度的負面影響總計約 7500 萬美元EBITDA。

At the time, we forecasted that these issues would have an additional $75 million of impact over the remainder of the year for a total of $150 million. That forecast accurately predicted the eventual full year impact of our exit from Russia and the COVID wave, but could not then anticipate worsening supply chain challenges and component availability, historically rapid interest rate increases, a 40-year high inflation and dramatic strengthening of the U.S. dollar.

當時，我們預測這些問題將在今年剩餘時間內額外產生 7500 萬美元的影響，總計 1.5 億美元。該預測準確地預測了我們退出俄羅斯和 COVID 浪潮對全年的最終影響，但無法預測供應鏈挑戰和組件可用性的惡化、歷史上快速的利率增長、40 年來的高通脹和美國的急劇增強美元。

In aggregate, those extrinsic factors eventually impacted EBITDA by almost $500 million. In response, cost productivity and pricing actions that were launched in March were expanded and enhanced to insulate the P&L against further deterioration in macroeconomic factors. And allowed EBITDA margin rates to expand to 19% in the second half of the year, up 450 basis points from the difficult start in Q1.

總的來說，這些外部因素最終對 EBITDA 產生了近 5 億美元的影響。作為回應，3 月份啟動的成本生產率和定價行動得到了擴大和加強，以保護損益免受宏觀經濟因素進一步惡化的影響。並使 EBITDA 利潤率在下半年擴大至 19%，比第一季度的艱難開局提高了 450 個基點。

Even more impressive than the success of the tactical grind that preserves the P&L through cost control and incremental productivity with our team's ability to simultaneously drive strategic KPIs above our stretch targets. We exited 2022 with significant momentum across our platform and as-a-service offerings.

比通過成本控制和提高生產力來保持損益的戰術研究的成功更令人印象深刻，我們的團隊有能力同時推動戰略 KPI 超過我們的延伸目標。到 2022 年，我們的平台和即服務產品勢頭強勁。

I'll start on Slide 7 with a top level overview of our fourth quarter financial performance. As we guided back in October, the fourth quarter reported results were very similar to those in Q3. Starting on the top left. Revenue was $2 billion, down 1% year-over-year as reported and up 2% on a constant currency basis. Recurring revenue was up 3% year-over-year and up 7% when adjusted for FX.

我將從幻燈片 7 開始，對我們第四季度的財務業績進行頂級概述。正如我們在 10 月份指導的那樣，第四季度報告的結果與第三季度的結果非常相似。從左上角開始。收入為 20 億美元，同比報告下降 1%，按固定匯率計算增長 2%。經常性收入同比增長 3%，經匯率調整後增長 7%。

We continue to have success transitioning from onetime perpetual sales into multiyear subscription-based revenue streams. The nature of these contracts shifted roughly $83 million of high profit revenue that would previously have been recognized upfront to recurring revenue. The very strong U.S. dollar had an unfavorable impact of $72 million primarily within our retail and self-service banking segments.

我們繼續成功地從一次性永久銷售轉變為基於訂閱的多年收入流。這些合同的性質將大約 8300 萬美元的高利潤收入轉移到經常性收入中，這些收入以前會預先確認。非常堅挺的美元主要在我們的零售和自助銀行業務部門產生了 7200 萬美元的不利影響。

On the top right, adjusted EBITDA increased $27 million year-over-year to $380 million, up 8% year-over-year as reported and up 14% on a constant currency basis. Foreign currency exchange rates had an unfavorable impact of $20 million. Adjusted EBITDA margin expanded 150 basis points from the fourth quarter of 2021 to 18.9%.

在右上角，調整後的 EBITDA 同比增長 2700 萬美元至 3.8 億美元，同比報告增長 8%，按固定匯率計算增長 14%。外幣匯率產生了 2000 萬美元的不利影響。調整後的 EBITDA 利潤率比 2021 年第四季度擴大了 150 個基點，達到 18.9%。

In the bottom left, reported non-GAAP EPS was $0.79, up $0.03 or 4% year-over-year as reported and up 8% on a constant currency basis. The strength of the U.S. dollar reduced EPS by about $0.03. The non-GAAP tax rate was 29.9% versus 26% in the prior year, and that impacted EPS by about $0.05.

在左下角，報告的非 GAAP 每股收益為 0.79 美元，同比增長 0.03 美元或 4%，按固定匯率計算增長 8%。美元走強使每股收益減少約 0.03 美元。非 GAAP 稅率為 29.9%，而上一年為 26%，這對每股收益的影響約為 0.05 美元。

And finally, free cash flow was $202 million due to the predicted improvements in working capital, which had up until then been a persistent use of cash for the first 3 quarters of the year. I'll have more on cash flow and leverage later.

最後，自由現金流為 2.02 億美元，這是由於營運資本的預期改善，而在此之前，營運資本在今年前 3 個季度一直在持續使用現金。我稍後會有更多關於現金流和槓桿的信息。

Slide 8 shows our financial highlights for the full year. Revenue was $7.8 billion, up 10% year-over-year and up 13% on a constant currency basis, driven by strong progress across our strategic growth platforms. Remember that 2022 benefited from the full year of legacy Cardtronics results, which was acquired in June of 2021. Normalizing for the inclusion of Cardtronics, revenue was up 6% on a constant currency basis.

幻燈片 8 顯示了我們全年的財務亮點。收入為 78 億美元，同比增長 10%，按固定匯率計算增長 13%，這得益於我們戰略增長平台的強勁進展。請記住，2022 年受益於 2021 年 6 月收購的 Cardtronics 的全年業績。將 Cardtronics 納入正常化後，收入按固定匯率計算增長了 6%。

The very strong U.S. dollar had an unfavorable impact of $231 million on reported revenue, primarily within our self-service banking and retail segments. Adjusted for the impact of FX, all 5 of our reported segments contributed to our growth.

非常堅挺的美元對報告的收入產生了 2.31 億美元的不利影響，主要是在我們的自助銀行和零售部門。根據外彙的影響進行調整後，我們報告的所有 5 個部門都為我們的增長做出了貢獻。

Recurring revenue again outpaced total revenue growth, up 16% year-over-year and up 20% when adjusted for FX and now makes up 62% of revenue. For the full year, impact of shift to recurring revenue reduced revenue by $210 million, also primarily in our self-service banking and Retail segments.

經常性收入再次超過總收入增長，同比增長 16%，經匯率調整後增長 20%，目前佔收入的 62%。全年，向經常性收入轉變的影響使收入減少了 2.1 億美元，這也主要發生在我們的自助銀行和零售部門。

In the top right, adjusted EBITDA was $1.4 billion, up 10% year-over-year as reported and up 16% on a constant currency basis. FX had an unfavorable impact of $60 million. Adjusted EBITDA margin rate was 17.5%, remarkably, up slightly year-over-year.

在右上角，調整後的 EBITDA 為 14 億美元，同比報告增長 10%，按固定匯率計算增長 16%。外匯產生了 6000 萬美元的不利影響。調整後的 EBITDA 利潤率為 17.5%，同比略有上升。

On the bottom left, non-GAAP EPS for the full year was $2.62, up 2% year-over-year and up 12% on a constant currency basis from the year ago 2021. Higher interest costs, higher tax rate and a higher share count together caused EPS to grow less quickly than EBITDA.

在左下角，全年非美國通用會計準則每股收益為 2.62 美元，同比增長 2%，按固定匯率計算比 2021 年增長 12%。更高的利息成本、更高的稅率和更高的份額一起計算導致 EPS 的增長速度低於 EBITDA。

And we generated $164 million of free cash flow for the year. More than all of that was generated in the fourth quarter. Supply chain challenges though now abating caused both nonlinear revenue generation and a purposeful investment in working capital to assure availability of parts for both OEM and repairs.

我們當年產生了 1.64 億美元的自由現金流。超過所有這些是在第四季度產生的。供應鏈挑戰雖然現在有所緩解，但導致非線性收入產生和有目的的營運資金投資，以確保 OEM 和維修零件的可用性。

And the impact of our labor cost reductions and changes in employee benefit programs impacted the P&L before they were evident in cash flow. Both of these effects are timing issues that we've benefited from in Q4 and will continue to harvest in Q1. I'll provide more detail on cash flow on Slide 14.

我們的勞動力成本降低和員工福利計劃變化的影響在現金流中體現出來之前就影響了損益表。這兩種影響都是我們在第四季度從中受益並將在第一季度繼續收穫的時間問題。我將在幻燈片 14 上提供有關現金流量的更多詳細信息。

Moving to Slide 9, which shows our Retail segment results. Starting in the top left, retail full year revenue was up 5% on a constant currency basis. Fourth quarter revenue was down 5% year-over-year and down slightly adjusted for FX on lower hardware sales.

轉到幻燈片 9，它顯示了我們的零售部門結果。從左上角開始，按固定匯率計算，全年零售收入增長了 5%。第四季度收入同比下降 5%，並因硬件銷售下降而對外匯略有調整。

Retail full year adjusted EBITDA was down 6% year-over-year and was flat on a constant currency basis. Full year adjusted EBITDA margin rate contracted 140 basis points, 18.4%. The full year EBITDA rate was particularly impacted by component cost inflation on POS devices during the first half of the year. Fourth quarter adjusted EBITDA declined 3% year-over-year and was up 2% adjusted for currency.

零售業全年調整後 EBITDA 同比下降 6%，按固定匯率計算持平。全年調整後的 EBITDA 利潤率收縮 140 個基點，為 18.4%。全年 EBITDA 率尤其受到上半年 POS 設備組件成本上漲的影響。第四季度調整後的 EBITDA 同比下降 3%，按貨幣調整後增長 2%。

While the comparisons are difficult because of the slow start in Q1, retail exited the year with margin rates north of 20%, a recovery of almost 800 basis points from Q1 levels. And fourth quarter adjusted EBITDA margin rate expanded 60 basis points over the prior year. We continue to have success transitioning our retail business from onetime perpetual sales into multiyear subscription-based revenue streams.

雖然由於第一季度起步緩慢而難以進行比較，但今年零售業利潤率超過 20%，較第一季度水平回升近 800 個基點。第四季度調整後的 EBITDA 利潤率比去年同期擴大了 60 個基點。我們繼續成功地將我們的零售業務從一次性永久銷售轉變為基於訂閱的多年收入流。

The strategic deals that Mike mentioned were key wins in 2022. The nature of these contracts shifted roughly $45 million of very high profit revenue that would previously have occurred upfront to recurring revenue that will be recognized over the next 4 to 7 years. Most of this shift occurred in the second half of the year, including $25 million in Q4 alone. The bottom of the slide shows retail segment key strategic performance indicators.

邁克提到的戰略交易是 2022 年的關鍵勝利。這些合同的性質將大約 4500 萬美元的非常高的利潤收入轉移到之前發生的經常性收入，這些收入將在未來 4 到 7 年內確認。這種轉變大部分發生在今年下半年，僅第四季度就有 2500 萬美元。幻燈片底部顯示了零售部門的關鍵戰略績效指標。

On the left, our 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%. The platform lane increase was driven by rollouts at major convenience of fuel customers. While platform lanes currently only represent less than 4% of our total lanes, we are seeing accelerating momentum for conversion of our traditional lanes have a substantial lane conversion backlog.

在左邊，我們的站台車道。一個 KPI，說明我們將零售客戶轉換為基於平台的訂閱模型的戰略的成功。我們將站台車道的數量增加了 200% 以上。平台車道的增加是由為燃料客戶提供主要便利的推出所推動的。雖然平台車道目前僅占我們總車道的不到 4%，但我們看到傳統車道轉換的加速勢頭有大量車道轉換積壓。

In the center bottom is our self-checkout revenue. Self-checkout revenue for the full year increased 3% year-over-year. And ARR increased 1% year-over-year on higher ARPU generated by those new platform lanes. Similar to the impact on revenue, currency rates did reduce all of our ARR calculations. And in this business by about 5 full points of growth.

中間底部是我們的自助結賬收入。全年自助結賬收入同比增長 3%。由於這些新平台通道產生的更高 ARPU，ARR 同比增長 1%。與對收入的影響類似，匯率確實降低了我們所有的 ARR 計算。並且在這項業務中獲得了大約 5 個完整點的增長。

Slide 10 shows our Hospitality segment results and illustrates momentum across this business. For the full year, hospitality revenue increased $77 million or 10% adjusting for currency. Our enterprise business was up 8%, driven by new store openings, technology refreshes and services growth.

幻燈片 10 顯示了我們的酒店部門業績，並說明了該業務的發展勢頭。全年，酒店收入增加了 7700 萬美元，按匯率調整後增長 10%。在新店開張、技術更新和服務增長的推動下，我們的企業業務增長了 8%。

Our SMB business was driven up by 13% by the success of our platform products and payments. Fourth quarter revenue increased $8 million or 3% year-over-year as reported and 5% adjusting for currency.

由於平台產品和支付的成功，我們的 SMB 業務增長了 13%。據報告，第四季度收入同比增長 800 萬美元或 3%，按匯率調整後增長 5%。

Full year adjusted EBITDA was up 22%. Adjusted EBITDA margin rate for the full year expanded 210 basis points to 21%. A richer revenue mix with more payments and platform sales and improving indirect cost absorption drove profitability improvements.

全年調整後的 EBITDA 增長了 22%。全年調整後的 EBITDA 利潤率擴大 210 個基點至 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。

Fourth quarter adjusted EBITDA was up 38% year-over-year. Adjusted EBITDA margin rate expanded 570 basis points to 23%. Better mix of software and services combined with strong cost productivity drove better margin rates. Hospitality's key strategic metrics are on the bottom of this slide and include platform sites, payment sites and ARR.

第四季度調整後的 EBITDA 同比增長 38%。調整後的 EBITDA 利潤率擴大 570 個基點至 23%。更好的軟件和服務組合加上強大的成本生產率推動了更高的利潤率。酒店業的關鍵戰略指標位於這張幻燈片的底部，包括平台網站、支付網站和 ARR。

For the full year, platform sites increased 20%. Payment sites increased 64% and ARR was up 6% year-over-year on the higher ARPU at both new platform and new payment sites. We continue to see strategic momentum in this business as enterprise clients shift to the platform and add services and SMB clients attach payments.

全年，平台網站增長了 20%。由於新平台和新支付網站的 ARPU 較高，支付網站增長了 64%，ARR 同比增長 6%。隨著企業客戶轉向平台並添加服務以及 SMB 客戶附加付款，我們繼續看到該業務的戰略勢頭。

Turning to Slide 11, which shows our Digital Banking segment. Full year digital banking revenue increased $30 million or 6% year-over-year, driven by client wins, strong renewal momentum and cross-sell success at Terafina and channel service platform. Fourth quarter revenue increased $6 million or 5% year-over-year. Full year adjusted EBITDA was up 6% year-over-year with an adjusted EBITDA margin rate increasing to 42%. A richer revenue mix and improving indirect cost absorption drove profitability improvements. Fourth quarter adjusted EBITDA was up 4% year-over-year with an adjusted EBITDA margin rate of 39%.

轉到幻燈片 11，其中顯示了我們的數字銀行業務部分。受客戶贏得、強勁的續約勢頭以及 Terafina 和渠道服務平台的交叉銷售成功的推動，全年數字銀行收入同比增長 3000 萬美元或 6%。第四季度收入同比增長 600 萬美元或 5%。全年調整後的 EBITDA 同比增長 6%，調整後的 EBITDA 利潤率增至 42%。更豐富的收入組合和改善的間接成本吸收推動了盈利能力的提高。第四季度調整後的 EBITDA 同比增長 4%，調整後的 EBITDA 利潤率為 39%。

Digital Banking's key strategic metrics in the bottom of this slide include registered users, active users and annual recurring revenue. Both registered and active users, which drive about 2/3 of the revenue in this business increased 5% year-over-year, having outgrown 2 consolidation-driven de-conversions that impacted results in midyear 2022, and ARR was up 3% year-over-year.

這張幻燈片底部的數字銀行的關鍵戰略指標包括註冊用戶、活躍用戶和年度經常性收入。推動該業務約 2/3 收入的註冊用戶和活躍用戶同比增長 5%，超過了影響 2022 年年中業績的 2 次整合驅動的反轉化，ARR 同比增長 3% -超過一年。

Let's move to Slide 12. This is our Payments and Network segment. Starting at the top left, Payments and Network revenue for the full year increased $611 million or 91%, and 96% when adjusted for FX rates. Most of the effect of the addition of the full year of legacy Cardtronics results occurred in this segment. Normalizing for the inclusion of Cardtronics, revenue was up 12% on a constant currency basis.

讓我們轉到幻燈片 12。這是我們的支付和網絡部分。從左上角開始，全年的支付和網絡收入增加了 6.11 億美元或 91%，按匯率調整後增加了 96%。新增 Cardtronics 全年業績的大部分影響都發生在這一領域。將 Cardtronics 納入正常化後，按固定匯率計算，收入增長了 12%。

Fourth quarter revenue increased $24 million or 8% year-over-year and 11% adjusted for FX. Full year payments and network adjusted EBITDA increased 70% year-over-year and 76% when adjusted for FX.

第四季度收入同比增長 2400 萬美元或 8%，經匯率調整後增長 11%。全年支付和網絡調整後的 EBITDA 同比增長 70%，經外匯調整後增長 76%。

While the inclusion of full year Cardtronics results, strong revenue mix and cost productivity all benefited comparative profitability, short-term interest rates that are a primary driver of our cash rental costs significantly impacted 2022 results and will further impact 2023 results.

雖然包括 Cardtronics 全年業績、強勁的收入組合和成本生產率都有益於相對盈利能力，但作為我們現金租金成本主要驅動因素的短期利率顯著影響了 2022 年的業績，並將進一步影響 2023 年的業績。

The cost of renting cash in our ATM fleet goes through EBITDA's cost of goods, and would have reduced EBITDA by approximately $50 million in 2022 and an incremental $95 million in 2023. That said, the combination of our hedging program, operational optimization and price protections will result in a net effective interest rates of $40 million in 2022 and another $45 million in 2023.

在我們的 ATM 機隊中租用現金的成本通過 EBITDA 的商品成本，並且會在 2022 年將 EBITDA 減少約 5000 萬美元，並在 2023 年增加 9500 萬美元。也就是說，我們的對沖計劃、運營優化和價格保護相結合將導致 2022 年淨實際利率為 4000 萬美元，2023 年再為 4500 萬美元。

Adjusted EBITDA margin rate was 32% for the full year. Fourth quarter adjusted EBITDA declined 9% year-over-year and 5% when adjusted for FX. Adjusted EBITDA margin rate contracted 550 basis points in the fourth quarter to 30%, down from the prior year, primarily due to those higher cash rental costs. The bottom of this slide shows payments and network key strategic metrics.

全年調整後的 EBITDA 利潤率為 32%。第四季度調整後的 EBITDA 同比下降 9%，經匯率調整後下降 5%。調整後的 EBITDA 利潤率在第四季度收縮 550 個基點至 30%，低於去年同期，這主要是由於現金租金成本較高。這張幻燈片的底部顯示了支付和網絡關鍵戰略指標。

On the bottom left, endpoints increased 24% year-over-year. These access points to the Allpoint network and merchant acquiring terminals are expanding as we migrate them to our NCR installed base.

在左下方，端點同比增長 24%。隨著我們將它們遷移到我們的 NCR 安裝基礎，這些 Allpoint 網絡和商戶收單終端的接入點正在擴展。

In the center bottom, our transactions, the KPI that illustrates the payments processed across our Allpoint network, and our merchant acquiring networks. Transactions were up 27% for the full year. Annual recurring revenue in this business increased 8% year-over-year.

在中心底部，我們的交易、KPI 說明了在我們的 Allpoint 網絡和我們的商家收單網絡中處理的付款。全年交易量增長了 27%。該業務的年度經常性收入同比增長 8%。

Slide 13 shows our self-service banking segment results. Self-service banking full year revenue was flat year-over-year as reported and up 4% on a constant currency basis. Fourth quarter revenue was down 2% as reported and up 2% on a constant currency basis. We continue to have success transitioning our self-service banking business from onetime perpetual sales into multiyear subscription-based revenue streams.

幻燈片 13 顯示了我們的自助銀行業務部門的業績。據報告，自助銀行全年收入同比持平，按固定匯率計算增長 4%。報告的第四季度收入下降 2%，按固定匯率計算增長 2%。我們繼續成功地將我們的自助銀行業務從一次性永久銷售轉變為基於訂閱的多年收入流。

In the fourth quarter, we shifted roughly $37 million of high profit revenue that would previously have occurred upfront as software licenses to recurring revenue. For the full year, the impact of the shift to recurring revenue for self-service banking was $100 million. We expect this effect to be closer to $150 million in 2023 as our ATM as a Service business accelerates. This future impact will defer less profit per dollar of revenue as the ATM hardware has lower margins than the accompanying software.

在第四季度，我們將大約 3700 萬美元的高利潤收入轉移到了經常性收入中，這些收入以前是作為軟件許可預先支付的。全年，自助銀行業務向經常性收入轉變的影響為 1 億美元。隨著我們的 ATM 即服務業務加速發展，我們預計到 2023 年這種影響將接近 1.5 億美元。由於 ATM 硬件的利潤率低於隨附軟件，因此這種未來影響將減少每美元收入的利潤。

Full year adjusted EBITDA declined 3% year-over-year and was up 1% on a constant currency basis. Adjusted EBITDA in the fourth quarter increased 9% year-over-year and was up 13% on an FX consistent basis. Full year adjusted EBITDA margin rate was 22% and the fourth quarter rate was 23%. Very strong cost productivity was able to overcome significant cost pressures, particularly in the first half of the year.

全年調整後的 EBITDA 同比下降 3%，按固定匯率計算增長 1%。第四季度調整後的 EBITDA 同比增長 9%，與匯率一致的基礎上增長 13%。全年調整後的 EBITDA 利潤率為 22%，第四季度為 23%。非常強大的成本生產率能夠克服巨大的成本壓力，尤其是在上半年。

The bottom of the slide shows self-service banking segment key strategic metrics. On the left, our software and services revenue mix was similar to last year at 68%. ATM as a Service units increased 226% year-over-year to over 14,000 units. We experienced significant growth in India and incremental growth in the United States. The shift to recurring revenue continues to gain traction with ARR up 4% year-over-year. Slide 14 describes free cash flow, net debt and adjusted EBITDA metrics to facilitate leverage calculations.

幻燈片底部顯示了自助銀行業務部門的關鍵戰略指標。在左邊，我們的軟件和服務收入組合與去年相似，為 68%。 ATM 即服務單位同比增長 226% 至 14,000 多個單位。我們在印度經歷了顯著增長，在美國經歷了增量增長。向經常性收入的轉變繼續獲得牽引力，ARR 同比增長 4%。幻燈片 14 描述了自由現金流、淨債務和調整後的 EBITDA 指標，以促進槓桿計算。

As I said earlier, we generated $202 million of free cash flow in the quarter which represented more than all of the cash we generated in 2022. While the quarter results were solid, the full year results were insufficient. Looking forward, the combination of higher profitability further working capital improvements, particularly at inventory and the lapse of the timing issues and compensation and benefits, we expect $400 million to $500 million of free cash flow generation in 2023, with a significant proportion of that cash coming in the first half of the year.

正如我之前所說，我們在本季度產生了 2.02 億美元的自由現金流，這比我們在 2022 年產生的所有現金都要多。雖然季度業績穩健，但全年業績不足。展望未來，更高的盈利能力將進一步改善營運資本，特別是在庫存和時間問題以及薪酬和福利方面，我們預計 2023 年將產生 4 億至 5 億美元的自由現金流，其中很大一部分現金今年上半年到來。

We have been clear about our intention to reduce total company leverage by at least $500 million, before we complete our contemplated spin transaction later this year. Beyond the operating activities described in the segment discussions, we're looking at other ways to generate cash that can aid in reducing leverage. In Q4, a concentrated effort to repatriate overseas cash was actioned and delivered some early results.

在我們今年晚些時候完成我們預期的旋轉交易之前，我們已經明確表示我們打算將公司總槓桿率降低至少 5 億美元。除了分部討論中描述的經營活動外，我們還在尋找其他產生現金的方法，以幫助降低杠桿率。四季度，集中實施境外資金回流，初見成效。

We also importantly completed our first nonrecourse financing arrangement for ATM as a service, which is crucial to funding this growth strategy. And finally, we made a $50 million voluntary contribution to the U.S. pension program to address underfunding and push out any mandatory contributions.

我們還重要地完成了 ATM 即服務的第一個無追索權融資安排，這對於為這一增長戰略提供資金至關重要。最後，我們向美國養老金計劃自願捐款 5000 萬美元，以解決資金不足問題並取消任何強制性捐款。

This slide also shows our net debt to adjusted EBITDA metric with a leverage ratio of 3.8x, down from 4.1x in Q4 2021 due to higher profitability. We remain well within our debt covenants and have significant liquidity with over $750 million available under our revolving credit facility. We have a strong balance sheet, 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 指標的比值，槓桿率為 3.8 倍，低於 2021 年第四季度的 4.1 倍，原因是更高的盈利能力。我們仍然遵守我們的債務契約，並且在我們的循環信貸安排下擁有超過 7.5 億美元的流動資金。我們擁有強大的資產負債表、充足的流動性和財務實力來支持我們的增長戰略。

On Slide 15, we present our first quarter and full year 2023 guidance. After 3 straight years of multi-varied uncertainty, we have proven that our forecast or guidance are only as good as the macro assumptions that underlie them and that they can become dated very soon after they're issued.

在幻燈片 15 上，我們展示了 2023 年第一季度和全年的指導意見。經過連續 3 年的多變不確定性，我們已經證明，我們的預測或指導僅與作為其基礎的宏觀假設一樣好，並且它們在發布後很快就會過時。

That said, for this guidance, we have assumed the following: that interest rates are correctly described by the forward curve on January 1; that the currency exchange rates are also accurately described by the forward rates as January 1; that the global economy will experience a modest consumer-led recession that may constrain growth in our nonrecurring revenue streams; and that our ATM as a Service business defers $150 million of ATM revenue at the accompanying hardware margin rates from 2023 into future years.

也就是說，對於本指南，我們假設如下： 1 月 1 日的遠期曲線正確描述了利率； 1 月 1 日的遠期匯率也準確描述了貨幣匯率；全球經濟將經歷一場由消費者主導的溫和衰退，這可能會限制我們非經常性收入流的增長；我們的 ATM 即服務業務將 1.5 億美元的 ATM 收入按照相應的硬件利潤率從 2023 年推遲到未來幾年。

These assumptions mean that the pernicious effect of interest rates and currency exchange rates will drive tougher reported comparisons in the first half of the year but should ease in the second half. They also mean that our efforts to reduce cost and drive productivity needed to be extended.

這些假設意味著利率和貨幣匯率的有害影響將在今年上半年推動更嚴格的報告比較，但在下半年應該會有所緩解。它們還意味著我們需要擴大降低成本和提高生產力的努力。

While price and cost actions taken in the first half of 2022 allowed a significant recovery in profitability in that second half, further actions are necessary to offset the wrap effect of 2022's challenges and to preemptively address the dis-synergies that we anticipate from the spin transaction. In the fourth quarter, we initiated additional cost takeout actions that are expected to drive sufficient incremental savings in 2023 to more than offset any dis-synergies resulting from the contemplated spin.

雖然 2022 年上半年採取的價格和成本行動使下半年的盈利能力顯著復甦，但仍需要採取進一步行動來抵消 2022 年挑戰的總結效應，並先發製人地解決我們預期從分拆交易中產生的協同效應失調.在第四季度，我們啟動了額外的成本削減行動，預計將在 2023 年推動足夠的增量節省，以抵消預期分拆造成的任何協同效應。

Before I walk you through the guidance page, I want to highlight that we intend to change our calculation of non-GAAP EPS to exclude the impact of stock-based compensation expense. This change will result in better alignment of our calculation with both our post-spin pure-play peers and with our own calculation of adjusted EBITDA that already excludes stock-based compensation.

在我向您介紹指導頁面之前，我想強調的是，我們打算更改非 GAAP 每股收益的計算，以排除基於股票的補償費用的影響。這一變化將使我們的計算與分拆後的純業務同行以及我們自己的調整後 EBITDA 計算（已排除基於股票的薪酬）更好地保持一致。

After reviewing the intended change with our Board, it was determined that the change should be made at the start of the new fiscal year concurrent with annual guidance rather than waiting until the spin transaction occurs. Because many of you have existing models based on our prior convention, I provided guidance both with and without this change. The impact of stock-based compensation was about $0.70 in 2022 and is expected to be about $0.75 in 2023.

在與我們的董事會審查了預期的變更後，確定變更應在新財政年度開始時與年度指導同時進行，而不是等到分拆交易發生。因為你們中的許多人都有基於我們之前約定的現有模型，所以我提供了有和沒有這種變化的指導。股票薪酬的影響在 2022 年約為 0.70 美元，預計到 2023 年約為 0.75 美元。

So for the full year 2023, we expect revenue of $7.8 billion to $8 billion after the impact of the ATM as a service shift of $150 million, and on a constant currency basis. While forward rates would suggest only a very modest full year impact from FX, it will be a notable drag in the first half of the year and will impact calendarization. We expect adjusted EBITDA to be $1.45 billion to $1.55 billion. Adjusted EBITDA margins are expected to expand to roughly 19%. I'll provide more detail on EBITDA on the next slide.

因此，對於 2023 年全年，我們預計在 ATM 即服務轉移 1.5 億美元的影響之後，收入將達到 78 億美元至 80 億美元，並按固定匯率計算。雖然遠期利率僅表明外匯對全年的影響非常溫和，但這將是今年上半年的一個顯著拖累，並將影響日曆化。我們預計調整後的 EBITDA 為 14.5 億美元至 15.5 億美元。調整後的 EBITDA 利潤率預計將擴大至約 19%。我將在下一張幻燈片中提供有關 EBITDA 的更多詳細信息。

Non-GAAP EPS is expected to be $3.30 to $3.50 under our new convention. That range is comparable to $2.55 to $2.75 under our prior methodology. In calculating EPS guidance for 2023, we assumed interest expense of $330 million, an increase of $45 million or $0.29 a share.

根據我們的新慣例，非 GAAP 每股收益預計為 3.30 美元至 3.50 美元。根據我們之前的方法，該範圍相當於 2.55 美元至 2.75 美元。在計算 2023 年每股收益指引時，我們假設利息支出為 3.3 億美元，增加 4500 萬美元或每股 0.29 美元。

We also assumed a tax rate of 29% versus 28% in 2022 and a share count of 155 million shares versus the 150.4 million shares in 2022. The combination of these 2 impact reported EPS by another $0.11. Obviously, these assumptions have a range of potential outcomes, and we will provide update quarterly as necessary.

我們還假設 2022 年的稅率為 29% 和 28%，股票數量為 1.55 億股，而 2022 年為 1.504 億股。這兩個影響的組合報告的每股收益又增加了 0.11 美元。顯然，這些假設有一系列潛在結果，我們將根據需要每季度提供更新。

As I discussed earlier, we expect to generate $400 million to $500 million of free cash flow on a more linear basis than 2022. To assure alignment with your quarterly models, I also want to provide some thoughts on Q1 and the calendarization of the full year 2023. For Q1 2023, we expect reported revenue of $1.8 billion to $1.9 billion, up $50 million on a currency-neutral basis from the last Q1. We expect adjusted EBITDA of approximately $300 million. We expect non-GAAP EPS of $0.55 to $0.60 and expect to generate free cash flow between $100 million and $200 million. For the quarter, we have assumed a tax rate of 29%, a share count of 152 million shares and interest expense of $85 million.

正如我之前討論的那樣，我們預計到 2022 年將產生 4 億至 5 億美元的自由現金流，其線性度更高。為確保與您的季度模型保持一致，我還想提供一些關於第一季度和全年日曆化的想法2023 年。對於 2023 年第一季度，我們預計報告的收入為 18 億至 19 億美元，在貨幣中性基礎上比上一季度增加 5000 萬美元。我們預計調整後的 EBITDA 約為 3 億美元。我們預計非 GAAP 每股收益為 0.55 美元至 0.60 美元，並預計將產生 1 億美元至 2 億美元的自由現金流。本季度，我們假設稅率為 29%，股票數量為 1.52 億股，利息支出為 8500 萬美元。

For the remainder of 2023, we expect relatively linear sequential quarterly improvement across most financial metrics, ultimately aggregating to the results described in our annual guidance.

在 2023 年的剩餘時間裡，我們預計大多數財務指標將出現相對線性的連續季度改善，最終匯總到我們年度指南中描述的結果。

Slide 16 -- finally, Slide 16 provides a high-level illustration of our EBITDA drivers, juxtaposing 2022 realized impacts against our 2023 expectations for the same bucket. I will walk you through the relative impacts for 2022 and our outlook for 2023.

幻燈片 16——最後，幻燈片 16 提供了我們 EBITDA 驅動因素的高級說明，將 2022 年實現的影響與我們 2023 年對同一桶的預期並列。我將帶您了解 2022 年的相關影響以及我們對 2023 年的展望。

In the first red bar, we have aggregated the discrete items that we had talked about prior under external impacts, including in order of magnitude, component costs and expedited freight, exchange rate translation, interest expense, war in the Ukraine and finally, the last wave of the pandemic. Taken together, these effects totaled about $200 million in 2022.

在第一個紅色條中，我們匯總了我們之前在外部影響下討論過的離散項目，包括數量級、組件成本和加急運費、匯率換算、利息支出、烏克蘭戰爭，最後，大流行的浪潮。總的來說，這些影響在 2022 年總計約 2 億美元。

The next red bar labeled inflation includes both material and labor cost increases across our global cost structure that was nearly 6%. This bucket includes NCR labor, contractor labor, fuel and commodities, planned freight, parts, raws, et cetera. To address these 2 bars together, there were close to $500 million of impact, we launched similarly sized actions in Qs 2 and 3 that reduced our overall spend on improved pricing. In aggregate, our actions totaled about $400 million.

下一個標記為通貨膨脹的紅色條包括我們全球成本結構中的材料和勞動力成本增加近 6%。此桶包括 NCR 勞動力、承包商勞動力、燃料和商品、計劃貨運、零件、原材料等。為了同時解決這兩個問題，產生了近 5 億美元的影響，我們在問題 2 和問題 3 中啟動了類似規模的行動，減少了我們在改進定價方面的總體支出。總的來說，我們的行動總額約為 4 億美元。

Most of these actions targeted indirect costs to offset our uncontrollable effects in our direct costs. About 40% of these actions were permanent the remaining 60% were fast but temporal and have since been replaced with more permanent actions that will benefit 2023.

這些行動中的大多數都針對間接成本，以抵消我們在直接成本中無法控制的影響。這些行動中約有 40% 是永久性的，其餘 60% 是快速但暫時的，並且已經被更持久的行動所取代，這些行動將有利於 2023 年。

Bringing down the page. In 2023, those same external impacts will be far less impactful. We will have residual wrap effect from interest costs. The other items are either built into the 2022 base like our exit from Russia or have swung to a net positive like premium freight and ship costs. And we expect excess inflation to ease to a more manageable level.

下拉頁面。到 2023 年，這些相同的外部影響將小得多。我們將從利息成本中獲得剩餘包裝效應。其他項目要么像我們從俄羅斯退出一樣內置到 2022 年基地中，要么已經轉為淨正值，如保費運費和船舶成本。我們預計過度通貨膨脹將緩解至更易於管理的水平。

In Q4, we launched another round of cost actions that are more sustainable and anticipate the dis-synergies from the planned spin transaction. These actions were more than sufficient to both replace the 2022 temporal actions and to cover the follow-on impact of last year's shocks. We entered 2023 with almost 7% fewer headcount than we started with in 2022. About half of those reductions were from attrition and the remainder were reductions in force.

在第四季度，我們啟動了另一輪更具可持續性的成本行動，並預計計劃中的分拆交易會產生協同效應。這些行動足以取代 2022 年的暫時性行動並彌補去年沖擊的後續影響。進入 2023 年，我們的員工人數比 2022 年開始時減少了近 7%。其中大約一半的裁員是由於自然減員，其餘是裁員。

And finally, as you read across the remaining columns, you can see that in both years, the volume growth is muted by an acceleration in our shift to recurring revenue and increased pricing is around $150 million.

最後，當您閱讀其餘專欄時，您會發現在這兩年中，由於我們加速轉向經常性收入和增加定價約 1.5 億美元，銷量增長放緩。

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. Moving to Slide 17. Let me provide an update on our thoughts on separating NCR into 2 public companies. We intend to separate NCR's existing payments and network and self-service banking businesses to form a new entity via tax-free spin-off and distribution of shares to existing shareholders.

謝謝，蒂姆。轉到幻燈片 17。讓我提供有關將 NCR 拆分為 2 家上市公司的最新想法。我們打算通過免稅分拆和向現有股東分配股份的方式，將 NCR 現有的支付和網絡以及自助銀行業務分開，形成一個新的實體。

NCR's ATM Co includes NCR's self-service banking. In other words, our traditional ATM hardware, software and services business, and all of our payments and network business, except for the merchant services payment, which is integrated tightly into the retail and hospitality segments of NCR.

NCR 的 ATM Co 包括 NCR 的自助銀行業務。換句話說，我們傳統的 ATM 硬件、軟件和服務業務，以及我們所有的支付和網絡業務，除了商戶服務支付，這些業務都與 NCR 的零售和酒店業務緊密結合。

NCR will include our retail, hospitality, Digital First Banking and our Merchant Services payment business. NCR will continue its transformation to a software-led as a service 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 continue to be positioned to win the business for those upgrade imperatives.

NCR 將包括我們的零售、酒店、Digital First Banking 和我們的商家服務支付業務。 NCR 將繼續轉型為以軟件為主導的服務型成長型公司。這些企業在我們預計會繼續在技術上投入資金來運營商店、餐廳和提供數字優先銀行解決方案的市場中運營。我們相信 NCR 將繼續定位於贏得那些升級需求的業務。

Moving to Slide 18. 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 18。NCR 在過去 5 年中取得了重大進展，將我們的公司轉變為客戶至上的軟件主導型服務公司。我們為使我們的組織圍繞客戶和市場而採取的行動將幫助我們進入 2 個組織。

We believe we are #1 in the markets we serve. They represent enormous opportunity for us, and our goal is to make sure we continue to take advantage of our market-leading position. Our NCR RemainCo on the left side of Page 18, will be the #1 provider of point-of-sale software in the world and the #1 provider of self-checkout, and NCR will be the leading provider of DFB or digital-first banking solutions. NCR RemainCo is anticipated to be a higher-growth company serving markets that have growing demand for integrated platforms to serve retailers, restaurants and banks and enable them to serve their clients with a differentiated experience.

我們相信我們在所服務的市場中排名第一。它們對我們來說代表著巨大的機會，我們的目標是確保我們繼續利用我們的市場領先地位。我們位於第 18 頁左側的 NCR RemainCo 將成為全球第一大銷售點軟件供應商和第一大自助結賬供應商，NCR 將成為 DFB 或數字優先的領先供應商銀行解決方案。 NCR RemainCo 預計將成為一家增長更快的公司，服務於對集成平台需求不斷增長的市場，這些平台可以為零售商、餐館和銀行提供服務，並使他們能夠為客戶提供差異化的體驗。

NCR ATM Co, which is labeled SpinCo on the right-hand side of Page 18, will continue to be the #1 provider of multi-vendor ATM hardware ATM software applications and ATM middleware in the world and will have the largest surcharge-free network.

NCR ATM Co（在第 18 頁右側標記為 SpinCo）將繼續成為世界上多供應商 ATM 硬件 ATM 軟件應用程序和 ATM 中間件的第一供應商，並將擁有最大的免附加費網絡.

We will continue our shift as a service with our ATM as-a-service offering. We believe that we will have a differentiated offering that will continue to drive growth and expanding margins as we capture more share of wallet for delivering ATM solutions.

我們將通過 ATM 即服務產品繼續轉變為服務。我們相信，隨著我們為提供 ATM 解決方案贏得更多錢包份額，我們將提供差異化產品，繼續推動增長和擴大利潤率。

NCR ATMCo 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. We believe that spinning off NCR's ATMCo in a tax-free transaction 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.

NCR ATMCo 預計將成為穩定的經常性收入業務，產生穩定的現金流，使我們能夠通過股息支付向股東返還現金。我們認為，通過免稅交易剝離 NCR 的 ATMCo 是釋放股東價值的最佳途徑。但是，如果未來出現可以提供更高價值的替代方案，例如整個或部分公司出售 NCR，董事會仍然願意考慮替代方案。

Slide 19 provides an overview of our separation road map. We have put together a separation management office and have defined our business separation plan. Operationally, the majority of our teams are organized by industry under a general manager business unit. These teams are ready for the spin. Additionally, there are areas of shared services functions such as legal, tax, HR, treasury, IT and real estate that we are in the process of preparing for separation.

幻燈片 19 概述了我們的分離路線圖。我們組建了一個分離管理辦公室，並製定了我們的業務分離計劃。在運營上，我們的大部分團隊都按行業組織在一個總經理業務部門之下。這些團隊已準備好旋轉。此外，我們正在準備分離的共享服務功能領域，例如法律、稅務、人力資源、財務、IT 和房地產。

We are working on submitting our Form 10 registration statement, and then the timing of separation will be largely dependent on SEC approval and the state of the capital markets. We intend to de-lever through the generation of free cash flow between now and separation is expected to occur by the end of 2023. However, we are working to be in a position to execute the spin as early as late third quarter. This, of course, is dependent on receiving approvals from the SEC and a favorable capital markets environment.

我們正在努力提交我們的 Form 10 註冊聲明，然後分離的時間將在很大程度上取決於 SEC 的批准和資本市場的狀況。我們打算從現在到預計在 2023 年底發生分離，通過產生自由現金流來去槓桿化。但是，我們正在努力能夠最早在第三季度末執行分拆。當然，這取決於獲得美國證券交易委員會的批准和有利的資本市場環境。

In closing, on Slide 20, we are looking forward to our key priorities are clear. First, we have made significant progress executing our strategic growth initiatives. Our strategic KPIs are trending in the right direction, and we will continue to build on the positive momentum in the business. NCR is winning, and we expect to continue to win in the marketplace.

最後，在幻燈片 20 上，我們期待我們的關鍵優先事項是明確的。首先，我們在執行戰略增長計劃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，我們將繼續鞏固業務的積極勢頭。 NCR 正在獲勝，我們希望繼續在市場上取勝。

Second, we will continue to execute our strategy of transforming NCR to a software-led as a service company with higher recurring revenue streams we continue to have momentum in the business.

其次，我們將繼續執行我們的戰略，將 NCR 轉變為一家以軟件為主導的服務公司，擁有更高的經常性收入流，我們繼續保持業務發展勢頭。

Third, we are focused on improving our cost structure. We have identified efficiencies for cost action to streamline our costs in 2023.

第三，我們專注於改善我們的成本結構。我們已經確定了成本行動的效率，以在 2023 年精簡我們的成本。

Fourth, these cost takeout actions, along with positive operating leverage should drive margin expansion.

第四，這些成本削減行動以及積極的經營槓桿應該會推動利潤率的增長。

Fifth, we expect to generate strong cash flow, as Tim had referenced in his section.

第五，正如蒂姆在他的部分中提到的那樣，我們預計會產生強勁的現金流。

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

最後，我們專注於將 NCR 拆分為 2 家上市公司。我們正在研究法律和組織結構，預計在 2023 年底前執行分拆，並能夠在機會出現時提前執行分拆。

This concludes our prepared remarks for the day. With that, we will open the call for questions. Operator, please open the line.

我們今天準備好的發言到此結束。有了這個，我們將打開問題的電話。接線員，請打開線路。

(Operator Instructions) Our first question will come from Paul Chung with JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Paul Chung。

So just on the free cash flow guide, can you talk about some of the puts and takes there? Where do you expect CapEx levels, expectations for working cap? And I would have thought there would be somewhat a more outsized benefit on working cap after a heavy investment year.

那麼就自由現金流指南而言，你能談談那裡的一些看跌期權嗎？您期望資本支出水平在哪裡，對工作上限的期望是什麼？而且我原以為在經過一年的大量投資之後，工作上限會有更大的好處。

And then you guys did a good job of more uniform cash flow over the course of the year back in '20 and '21, 2022 saw a reversion back due to kind of back-end loaded free cash flow. How do we think about cash flow kind of throughout the year this year?

然後你們在 20 年和 21 年的一年中在更統一的現金流方面做得很好，2022 年由於某種後端加載的自由現金流而出現了逆轉。我們如何看待今年全年的現金流量？

Yes. A lot of questions in there. CapEx, I'd expect it -- we have about $400 million this year. I think it's going to be on $400 million is slightly higher. I do expect the cash flow to be much more linear this year. As we said in the script, there was some -- as we took cost out of the organization, the P&L benefit outstripped the cash flow benefit, and we'll see that benefit come back in the first half of this year from a timing perspective.

是的。裡面有很多問題。資本支出，我預計它——我們今年有大約 4 億美元。我認為它將達到 4 億美元，略高一些。我確實預計今年的現金流會更加線性。正如我們在劇本中所說，有一些 - 當我們從組織中扣除成本時，損益收益超過現金流收益，我們將看到從時間角度來看，收益將在今年上半年回歸.

We harvested some of the investment in working capital in Q4. You can see that in our cash flow performance. And I think that we're going to make more progress on inventory in the first quarter. So I think our cash flow guidance is very consistent with what we described a quarter ago, right, that we're going to have a very good fourth quarter.

我們在第四季度收穫了部分營運資金投資。你可以在我們的現金流表現中看到這一點。而且我認為我們將在第一季度在庫存方面取得更多進展。所以我認為我們的現金流量指導與我們一個季度前描述的非常一致，我們將有一個非常好的第四季度。

We're going to have a strong first quarter, and then we'll get back on a more linear path after that. So that's the -- it's not perfectly easy to predict to the dollar, but I guess that we're closer to the high end of the range I described on the guidance page for Q1, which will give us a nice head start in the full year.

我們將有一個強勁的第一季度，然後我們將回到更線性的道路上。所以這就是 - 預測美元並不完全容易，但我想我們更接近我在第一季度指導頁面上描述的範圍的高端，這將為我們提供一個良好的開端年。

Got you. And then just a follow-up on self-check out. So you had a very strong performance in '21, and then some monitoring pace here in '22. Talk about the expectations for '23 and longer term? And where you're seeing momentum across regions, verticals? And then can you talk about the halo product, too, where you showcasing NRF? How impactful can that solution be kind of near term, long term?

明白了然後只是對自助退房的跟進。所以你在 21 年的表現非常出色，然後在 22 年這裡進行了一些監控。談談對 23 年及更長期的期望？你在哪裡看到跨區域、垂直的勢頭？然後你能談談你展示 NRF 的 halo 產品嗎？該解決方案在短期和長期內的影響有多大？

I'll let Mike take the product questions. The 3% growth in SCO this year was on an as-reported basis. There's actually 3 full points of growth that went to currency. So on a constant currency basis, that 6% growth is very much in line with what we would have expected that mid- to high single-digit growth at SCO. And next year, I'd expect about the same.

我會讓 Mike 回答產品問題。今年上海合作組織的 3% 增長是基於報告的基礎上。貨幣實際上有 3 個完整的增長點。因此，在固定匯率的基礎上，6% 的增長非常符合我們對 SCO 中高個位數增長的預期。明年，我預計大致相同。

Yes, Paul, on the Halo product, which you saw at NRF, we're pretty excited about it. It kind of does the best of both worlds. It has the vision-based ability to scan items and identify what they are.

是的，保羅，關於您在 NRF 看到的 Halo 產品，我們對此感到非常興奮。它有點兩全其美。它具有基於視覺的能力來掃描物品並識別它們是什麼。

But it also has a capability for those that can't scan appropriately, which is one of the challenges that, that technology has. You can still scan the UBC code. So it's easy to use. A lot of the growth we've seen in self-checkout is in convenience stores and fast food restaurants, and it's a perfect fit for that environment.

但它也為那些無法正確掃描的人提供了一種能力，這是該技術面臨的挑戰之一。您仍然可以掃描 UBC 代碼。所以它很容易使用。我們在自助結賬方面看到的很多增長是在便利店和快餐店，它非常適合這種環境。

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

我們的下一個問題來自 D.A. 的 Matt Summerville。戴維森。

A couple of questions. Obviously, you're baking in, it sounds like some level of moderate recession into your outlook for '23. Can you talk maybe about incoming order rates and what you may be seeing there relative to your guidance framework? Are you seeing things indicative of a slowdown? Are your go forward look at the funnel suggesting some whom perhaps becoming more pronounced in that regard? And then I have a follow-up.

幾個問題。顯然，你正在接受，這聽起來像是你對 23 年前景的某種程度的溫和衰退。您能否談談新訂單率以及您可能在那裡看到的與您的指導框架相關的內容？您是否看到表明經濟放緩的跡象？您對漏斗的展望是否暗示了一些人可能在這方面變得更加明顯？然後我有一個後續行動。

No. I think the order book is strong. It's about as strong as we would hope it would be at the beginning of the year. The uptake on our as-a-service efforts have been very strong. So we've not yet seen any rollback of the order book. Let me give you some color on the total growth for the year because I think if you think about a 2% growth rate across the total company as reported.

不，我認為訂單簿很強大。它與我們希望在年初時一樣強勁。我們的即服務工作得到了非常強烈的接受。所以我們還沒有看到訂單簿的任何回滾。讓我給你一些關於今年總增長的顏色，因為我認為如果你考慮報告的整個公司 2% 的增長率。

Self-service banking is likely to be down 4% reported. Now that's up 2% if you add back the shift to recurring revenue, but we're accelerating the shift in recurring revenue in that business. And so it's going to be a 4% decline, we think, with really nice margin expansion. I think there's probably 3 to 4 points of margin expansion in that business.

據報導，自助銀行業務可能下降 4%。現在，如果你把這種轉變加回經常性收入，那將增加 2%，但我們正在加速該業務經常性收入的轉變。因此，我們認為這將下降 4%，利潤率增長非常好。我認為該業務的利潤率可能有 3 到 4 個百分點的增長。

We've got 2 businesses, payments and network and digital banking that are both going to grow nearly 10%. Both those businesses are going to invest back into growth. And so their margin rates are likely to come down a little bit, maybe a couple of points there as they invest in growth, which then leaves the retail and hospitality businesses that will grow low single digits each hospitality coming off a rip roaring year.

我們有 2 項業務，支付和網絡以及數字銀行業務都將增長近 10%。這兩家企業都將投資回增長。因此，他們的利潤率可能會下降一點，可能會下降幾個百分點，因為他們投資於增長，然後零售和酒店業務將以低個位數的速度增長，每一家酒店業都將經歷強勁的一年。

And retail, really, when we think about building in a consumer-led recession into our model. We took a little bit of -- if you think about where the nonrecurring revenue streams occur, it's in hardware. It's in POS and self-checkout and it's in ATMs. And so we moderate our expectations for our hardware revenue in the year. If we're wrong and there isn't a recession and our customers aren't affected by it or don't adjust for it, there could be upside to this plan.

當我們考慮將消費者主導的衰退納入我們的模型時，實際上是零售業。我們採取了一些 - 如果你考慮非經常性收入流發生的地方，那就是硬件。它在 POS 和自助結賬中，在 ATM 中。因此，我們降低了對今年硬件收入的預期。如果我們錯了並且沒有經濟衰退並且我們的客戶沒有受到它的影響或者沒有針對它進行調整，那麼這個計劃可能會有好處。

Yes, Matt, just to add to Tim's comments, so specifically, have we seen a moderation in demand to date. The simple answer is no. And as you look at Tim walking through the numbers, so some of the growth impact is literally the ability for us to execute our strategic plan and to shift our revenue streams to subscription.

是的，馬特，我想補充一下蒂姆的評論，具體來說，我們是否看到迄今為止的需求有所緩和。簡單回答是不。當你看蒂姆瀏覽這些數字時，一些增長影響實際上是我們執行戰略計劃並將我們的收入流轉移到訂閱的能力。

And so we're -- it's taken off the fastest a little faster than maybe we anticipated. It was ATM as a service in that backlog. The sales success in 2022 was very strong. The backlog continues to be very strong into 2023. And so that will portend for the future to have a very, very strong business there, but we've got get through 2023 since have payments and network, strong business outlook.

所以我們——它的起飛速度比我們預期的要快一點。它是 ATM 即積壓中的一項服務。 2022 年的銷售成績非常強勁。到 2023 年，積壓訂單將繼續非常強勁。因此，這預示著未來在那裡會有非常非常強大的業務，但自從有了支付和網絡，業務前景強勁以來，我們已經度過了 2023 年。

Digital Banking had an extremely strong fourth quarter, a lot of renewals, a lot of new logos continues to have a very strong backlog in terms of potential I say, backlog sales pipeline. And then recon hospitality, the migration to platform lanes and platform sites. So we haven't seen that yet. We look at the outlook for the marketplace probably a little more concerned about banking, just as banks taking advantage of some margin spread, interest margin spread in '22. I think they're all looking at the same risk. And so later on in the year, will they start to slow down in capital spending. But again, to date, we haven't seen that. And I think our outlook for the year is just trying to be cautious based on the economic outlooks that we are reading.

數字銀行第四季度表現非常強勁，有很多續約，很多新標識在我說的潛在銷售渠道方面繼續有非常強大的積壓。然後偵察招待，遷移到站台通道和站台站點。所以我們還沒有看到。我們看市場的前景可能更關心銀行業，就像銀行在 22 年利用一些保證金利差和利差一樣。我認為他們都在考慮同樣的風險。所以在今年晚些時候，他們會開始放緩資本支出嗎？但是，到目前為止，我們還沒有看到這一點。我認為我們對今年的展望只是試圖根據我們正在閱讀的經濟前景保持謹慎。

Got it. And then just as a follow-up, and I only had a quick second to look at this, just given the timing of the call. But in Payments and Network, it looked like on a quarter-over-quarter basis. So it's not in your current slide deck, I had to go back and look at but it looked like endpoints were down a little bit quarter-on-quarter. Transactions appeared to be down a little bit quarter-on-quarter as was ARR. I realize there's an FX dynamic perhaps driving ARR. But if you can just kind of speak to that, that would be helpful.

知道了。然後作為後續行動，考慮到通話時間，我只有一秒鐘的時間看這個。但在支付和網絡方面，它看起來是一個季度環比的基礎。所以它不在你當前的幻燈片中，我不得不回去看看，但看起來端點環比下降了一點。與 ARR 一樣，交易量環比略有下降。我意識到可能有一個 FX 動態驅動 ARR。但如果你能就此發表意見，那將很有幫助。

Yes. That's a typical seasonality in what we do. You're going to see a nice pickup in Q1 as tax season comes around. So the end points are moving in the right direction annually. I don't know if there's a modest downdraft in Q4, I can't remember. The transaction numbers are higher. They will go higher. There's a seasonality to them. That's why we moved the key -- the transaction numbers to full year because it takes the seasonality out.

是的。這是我們所做工作的典型季節性。隨著稅收季節的到來，你將在第一季度看到一個不錯的回升。因此，終點每年都在朝著正確的方向發展。我不知道第 4 季度是否有小幅下滑，我不記得了。交易數量更高。他們會走得更高。他們有季節性。這就是為什麼我們將關鍵 - 交易數字移至全年，因為它消除了季節性。

But good transaction growth and the fact that we're going to be able to deliver that 9% top line growth in that business is heavily dependent on more endpoints and more transactions.

但良好的交易增長以及我們將能夠在該業務中實現 9% 的收入增長這一事實在很大程度上取決於更多的端點和更多的交易。

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 wanted to drill into the segments a little more. First of all, within payments, if you were to take out LibertyX what would the organic growth rate look like for the fourth quarter? And then secondly, as far as digital banking goes, I know in the past, you referred to it as a double-digit grower. Is it fair to still think of that as a trajectory for that business on the top line?

只是想更深入地研究這些細分市場。首先，在支付方面，如果你去掉 LibertyX，第四季度的有機增長率會是什麼樣子？其次，就數字銀行業務而言，我過去知道，你將其稱為兩位數的增長者。仍然將其視為該業務的頂線軌跡是否公平？

Yes. Let me start with Digital Banking. Absolutely. It was a little light in the fourth quarter. We -- again, we had an extremely high renewal quarter, which drove extending our terms with our customers, which may be impacted revenue a little bit in the fourth quarter. But I don't think that there's anything in the trends to cause us concern. I do think, as Tim referenced, high single digit, low double digit in 2023 based on what we're seeing for digital banking. I think the overall -- without LibertyX, what do you get in mind.

是的。讓我從數字銀行開始。絕對地。第四節有點亮。我們 - 再一次，我們有一個非常高的續訂季度，這推動我們延長了與客戶的條款，這可能會在第四季度對收入產生一點影響。但我不認為趨勢中有什麼值得我們擔心的。我確實認為，正如蒂姆所提到的那樣，根據我們對數字銀行業務的觀察，2023 年的高個位數、低兩位數。我認為總體而言——如果沒有 LibertyX，您會想到什麼。

LibertyX is about $15 million to $20 million a quarter.

LibertyX 每個季度的收入約為 1500 萬至 2000 萬美元。

Got it. Got it. And then just as a quick follow-up, if I could refer back to some of your guidance from the prior quarter when you talked about $200 million in cost takeouts for $23 and $80 million to $100 million in dis-synergies. Is that still a ballpark range of thinking about $23 million?

知道了。知道了。然後作為快速跟進，如果我可以回顧一下你上一季度的一些指導意見，當時你談到 2 億美元的成本支出為 23 美元，以及 8000 萬至 1 億美元的協同效應。這仍然是大約 2300 萬美元的大概思考範圍嗎？

Yes. I think if you get your ruler out and that EBITDA, it's supposed to say causal walk, it says casual block. The calls a walk in the deck on Page 16. I tried to kind of roll all of these different efforts at cost takeout as they played out across this year and next because they don't necessarily calendarize to any 1 fiscal year.

是的。我想如果你拿出你的尺子和 EBITDA，它應該說是因果步行，它說是休閒街區。在第 16 頁上，這些電話在甲板上散步。我試圖將所有這些不同的努力以成本外賣的方式進行，因為它們在今年和明年都在發揮作用，因為它們不一定會日曆化到任何一個財政年度。

We did see $500 million or so of pressure from both the discrete items we called out, external forces and then inflation in aggregate. And we've got about $400 million of cost actions or permanent actions -- total actions done in 2022. About 60% of those were more temporal in nature. So training and discretionary spending hard not backfilling positions that have been opened, and we need to add back some costs there and about 40% of that cost out was permanent.

我們確實看到了 5 億美元左右的壓力，來自我們提出的兩個離散項目、外部力量和通貨膨脹。我們有大約 4 億美元的成本行動或永久性行動——在 2022 年完成的總行動。其中大約 60% 的性質是臨時性的。因此，培訓和可自由支配的支出很難填補已經空缺的職位，我們需要在那裡增加一些成本，其中大約 40% 的成本是永久性的。

Moving into '23 then, since we expect the external impacts and the inflation to moderate really considerably and in fact, a couple of the items turned around in our net benefits to us this year. We simply need to then cover the $100 million or so of wrap effect from the negative impacts last year and cover those temporal actions.

然後進入 23 年，因為我們預計外部影響和通貨膨脹會真正顯著緩和，事實上，今年我們的淨收益中有幾個項目發生了逆轉。然後，我們只需要覆蓋去年負面影響產生的 1 億美元左右的包裝效應，並覆蓋這些臨時行動。

So if you add those together, it looks like in aggregate, about $350 million of permanent actions in 2023, which will then allow us to hit the numbers on this page. If there's -- we have talked about $80 million to $100 million of let's call it, negative synergies, dis-synergies associated with the spin transaction. We've presumed across this model that it will be when we split, it will be $80 million, about $40 million on each side of the NewCo.

因此，如果將這些加在一起，看起來總計 2023 年將有大約 3.5 億美元的永久性行動，這將使我們能夠達到此頁面上的數字。如果有 - 我們已經討論了 8000 萬到 1 億美元的負面協同效應，與分拆交易相關的協同效應。我們假設在這個模型中，當我們拆分時，它將是 8000 萬美元，NewCo 的每一側大約 4000 萬美元。

We think as we -- as the year plays out, we'll be able to keep that cost down and offset it across the year. So we found several opportunities for efficiency beyond the actions that we've described here to help keep that from being a negative at the time of the launch of the 2 companies.

我們認為我們 - 隨著這一年的結束，我們將能夠降低成本並在全年抵消它。因此，除了我們在此描述的行動之外，我們發現了幾個提高效率的機會，以幫助避免在兩家公司成立時產生負面影響。

And we'll take a question from Erik Woodring with Morgan Stanley.

我們將與摩根士丹利一起回答 Erik Woodring 的問題。

You look at 2023, and it looks like you plan to do more with less, I guess. Meaning your revenue guide is flat to up 2%, and we talked through some of the factors there. EBITDA is up much nicer kind of around 9% at the midpoint. Can you maybe just talk us through, Tim, I know you've talked about kind of like high level, but maybe walk us through how you're thinking about gross margins and the puts and takes there in 2023 versus OpEx just to help us maybe where the leverage in the model comes from next year? And then I have a follow-up next.

你看看 2023 年，我猜你似乎計劃事半功倍。這意味著您的收入指南持平至 2%，我們討論了其中的一些因素。 EBITDA 在中點時增長了 9% 左右。蒂姆，你能不能給我們講講，我知道你談的有點像高水平，但也許可以告訴我們你是如何考慮毛利率和看跌期權的，並在 2023 年與 OpEx 相比，只是為了幫助我們也許明年模型中的槓桿來自哪裡？然後我接下來要跟進。

Yes, that's a good question because you'll remember that this year, most of the savings came at OpEx, right? It came from indirect costs because that was more quickly act there. It's going to be nearly entirely gross margin savings this year.

是的，這是一個很好的問題，因為您會記得今年，大部分節省都來自運營支出，對嗎？它來自間接成本，因為在那裡可以更快地採取行動。今年將幾乎完全節省毛利率。

The actions that we took to requalify parts and to diversify our supply chain, the efforts we've made to reduce our transportation costs and other direct cost efficiencies are going to help pay back nicely in 2023. So I would expect most of the recovery to be in gross margin rather than OpEx.

我們為重新認證零件和實現供應鏈多元化而採取的行動，我們為降低運輸成本和其他直接成本效率所做的努力，將在 2023 年帶來可觀的回報。因此，我預計大部分複蘇將是毛利率而不是運營支出。

Okay. Super. That's really helpful. And then as a follow-up, I just want to make sure I get some of these items, right? So I'm obviously guiding to some nice year-over-year improvements in EBITDA and free cash flow. EPS has held back a bit more regardless of the kind of change in disclosures. Is that mostly tax rate, interest rate -- sorry, tax rate, interest expense and share count. Was there anything else that I'm missing? I just want to make sure I kind of understand why that measure maybe as much as the other.

好的。極好的。這真的很有幫助。然後作為後續行動，我只想確保我得到其中一些物品，對嗎？因此，我顯然正在指導 EBITDA 和自由現金流的同比改善。無論披露的變化如何，每股收益都有所保留。主要是稅率、利率——對不起，稅率、利息支出和股份數量。還有什麼我想念的嗎？我只是想確保我有點理解為什麼該措施可能與其他措施一樣多。

You're exactly right. There's $0.29 associated with interest expense and there's a little more than $0.10 associated with both share count and tax rate. That's what that $0.40, $0.40 in aggregate.

你完全正確。與利息支出相關的費用為 0.29 美元，與股票數量和稅率相關的費用略高於 0.10 美元。這就是 0.40 美元，總計 0.40 美元。

Thank you. And that does conclude the question-and-answer session. I'll now turn the call back over to Mr. Mike Hayford for any additional or closing remarks.

謝謝。這確實結束了問答環節。我現在將把電話轉回 Mike Hayford 先生，聽取任何補充或結束語。

Thank you. Thanks, everybody, for joining us today. I think our team is pretty excited about a strong finish to 2022. Obviously, we had some challenges at the start of the year and is a great big thank you to our whole team for working through the last 3 quarters and delivering a very solid 2022. We look forward to 2023, we expect it to be, again, a modestly challenging environment. This what's going on out there, but we feel very good about our products. We feel very good about our strategic initiatives, and we're looking forward to executing the spin-off later in 2023. Again, thank you for joining us today.

謝謝。謝謝大家今天加入我們。我認為我們的團隊對 2022 年的強勁表現感到非常興奮。顯然，我們在年初遇到了一些挑戰，非常感謝我們整個團隊在過去 3 個季度的辛勤工作，並在 2022 年取得了非常穩固的成績. 我們期待著 2023 年，我們希望它再次成為一個充滿挑戰的環境。這就是外面發生的事情，但我們對我們的產品感覺非常好。我們對我們的戰略舉措感到非常滿意，我們期待著在 2023 年晚些時候執行分拆。再次感謝您今天加入我們。

Well, thank you. And that does conclude today's conference. We do thank you for your participation. Have an excellent day.

嗯，謝謝。今天的會議到此結束。我們非常感謝您的參與。祝你有美好的一天。