NCR Voyix Corp (VYX) 2023 Q1 法說會逐字稿

Good day, and welcome to the NCR Corporation First Quarter Fiscal Year 2023 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎來到 NCR Corporation 2023 財年第一季度收益電話會議。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 Vice President of Investor Relations. Please go ahead.

現在，我想將會議轉交給財務主管兼投資者關係副總裁邁克爾尼爾森先生。請繼續。

Good afternoon, and thank you for joining our first quarter 2023 earnings call. Joining me on the call today are Mike Hayford, CEO; Owen Sullivan, President and COO; Tim Oliver, CFO.

下午好，感謝您參加我們的 2023 年第一季度財報電話會議。今天和我一起參加電話會議的是首席執行官 Mike Hayford；總裁兼首席運營官 Owen Sullivan；蒂姆奧利弗，首席財務官。

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 May 4, 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 財務指標。這些非 GAAP 措施在演示材料、日期為 2023 年 5 月 4 日的新聞稿以及我們網站的投資者關係頁面上進行了描述，並與 GAAP 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, including our recent announcement of our leadership team. Tim will then review our financial performance, 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，包括我們最近宣布的領導團隊。蒂姆隨後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 5 with some highlights from the first quarter. First, NCR delivered strong performance that included solid top line revenue growth and significant margin expansion, and delivered over $200 million of free cash flow, which puts us on track to delever prior to the spin. Second, we are on track to separate NCR into 2 public companies in the fourth quarter of 2023. Following Tim's comment on our financial results, I will provide an update on those separation activities.

讓我們從幻燈片 5 開始，介紹第一季度的一些亮點。首先，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增長，並提供了超過 2 億美元的自由現金流，這使我們有望在分拆前去槓桿化。其次，我們有望在 2023 年第四季度將 NCR 拆分為 2 家上市公司。在蒂姆對我們的財務業績發表評論後，我將提供這些拆分活動的最新情況。

Third, we delivered 4% year-over-year total revenue growth on a constant currency basis and 7% recurring revenue growth also on a constant currency basis in the quarter. I think it's important to note that the 4% growth would have been 7% without the impact of shifting to subscription.

第三，本季度我們在固定匯率基礎上實現了 4% 的總收入同比增長，在固定匯率基礎上實現了 7% 的經常性收入增長。我認為重要的是要注意，如果沒有轉向訂閱的影響，4% 的增長率將達到 7%。

Fourth, adjusted EBITDA increased 19% on a constant currency basis from the first quarter of 2022. Adjusted EBITDA margin expanded to 16% this quarter, which represents a 150 basis point increase over the first quarter of 2022.

第四，調整後的 EBITDA 按固定匯率計算比 2022 年第一季度增長 19%。本季度調整後的 EBITDA 利潤率擴大至 16%，比 2022 年第一季度增長 150 個基點。

Fifth, NCI generated $209 million in free cash flow in the quarter. Over the past 2 quarters, we have generated over $400 million of free cash flow, allowing us to reduce financial leverage ahead of the separation.

第五，NCI 在本季度產生了 2.09 億美元的自由現金流。在過去的兩個季度中，我們產生了超過 4 億美元的自由現金流，使我們能夠在拆分之前降低財務槓桿。

And finally, I want to provide an update on the cybersecurity incident we experienced. On April 13, we determined that a single data center outage that impacted some functionality for a subset of our commerce customers was caused by cyber ransomware incident. At this time, we are well on our way of recovering the majority of the most critical functions impacting our customers. None of our ATM, digital banking, all point payments or other retail products were impacted by this incident. And while this was contained to a relatively limited set of our overall customer base, we absolutely understand how difficult this incident has been for those impacted customers. We take their business extremely seriously, and we sincerely apologize for any disruption this has caused.

最後，我想提供我們所經歷的網絡安全事件的最新情況。 4 月 13 日，我們確定影響我們部分商業客戶的某些功能的單個數據中心中斷是由網絡勒索軟件事件引起的。目前，我們正在恢復影響客戶的大部分最關鍵功能。我們的 ATM、數字銀行、所有積分支付或其他零售產品均未受到此次事件的影響。雖然這僅限於我們整體客戶群中相對有限的一組，但我們絕對理解這一事件對那些受影響的客戶來說有多困難。我們非常重視他們的業務，對於由此造成的任何干擾，我們深表歉意。

Now moving to the business update on Slide 6. We have strong momentum across all 5 of our business segments with progress against our strategic initiatives along all of our KPIs. In retail, we continue to deliver on our strategy to be the retail platform company of choice. During the first quarter, NCR expanded its relationship with the second biggest retailer in the U.K. The customer committed to increasing the number of NCR self-checkout units while also signing a special services agreement to a multiyear subscription model to help transform their in-store solutions.

現在轉到幻燈片 6 上的業務更新。我們所有 5 個業務部門都有強勁的勢頭，我們所有 KPI 的戰略計劃都取得了進展。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。在第一季度，NCR 擴大了與英國第二大零售商的關係。該客戶承諾增加 NCR 自助結賬單元的數量，同時還簽署了一項針對多年訂閱模式的特殊服務協議，以幫助轉變其店內解決方案.

In hospitality, we continue to experience strong demand across the enterprise and SMB customers. In SMB, our payment attachment for new customers remained roughly 90%, driving a 50% increase of payment site. In enterprise, we expanded our relationship with the world's largest food -- fast-food chain to be the sole provider for digital menu boards in the U.S.

在酒店業，我們繼續感受到企業和 SMB 客戶的強勁需求。在SMB，我們對新客戶的支付附件保持在90%左右，帶動支付站點增加50%。在企業方面，我們擴大了與世界上最大的食品快餐連鎖店的關係，成為美國數字菜單板的唯一供應商。

In digital banking, we continue to have positive momentum in the first quarter. Digital banking sales activity was strong with 12 new customer deals and 12 digital banking renewals. Last week, NCR signed an agreement with North Carolina State Employees Credit Union, SECU, the second largest credit union in the U.S. with over 2.7 million members and more than $50 billion in assets to transform its members' digital banking experience. This new partnership will help deliver more modernized banking -- digital banking capabilities for SECU's members and employees. This will deliver a modernized digital technology platform for the credit union and will advance NCR's digital-first market position in the large regional financial institution segment.

在數字銀行方面，我們在第一季度繼續保持積極勢頭。數字銀行銷售活動強勁，有 12 筆新客戶交易和 12 筆數字銀行續約。上週，NCR 與北卡羅來納州僱員信用合作社 SECU 簽署了一項協議，SECU 是美國第二大信用合作社，擁有超過 270 萬會員和超過 500 億美元的資產，以改變其會員的數字銀行體驗。這種新的合作夥伴關係將有助於為 SECU 的成員和員工提供更加現代化的銀行業務——數字銀行業務功能。這將為信用合作社提供一個現代化的數字技術平台，並將提升 NCR 在大型區域金融機構領域的數字優先市場地位。

In payments and network, we are making progress against both merchant acquiring and the Allpoint network. North America ATM withdrawals and cash dispense are at a 6-plus year high. International market expansion continues to accelerate with over 100 merchant contracts signed in Portugal and over 50 merchant contracts signed in Greece. During the first quarter, we added new payment transaction capability to our Pay360 platform through a partnership with Payfare, which allows gig workers to access cash in their accounts with a simple, secure code via Payfare's digital banking app.

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。北美 ATM 取款和自動取款機處於 6 年多以來的最高水平。國際市場拓展繼續加速，在葡萄牙籤署了100多個商戶合同，在希臘簽署了50多個商戶合同。在第一季度，我們通過與 Payfare 的合作為我們的 Pay360 平台增加了新的支付交易功能，允許零工工作者通過 Payfare 的數字銀行應用程序使用簡單、安全的代碼訪問他們賬戶中的現金。

In self-service banking, we continued momentum in our ATM-as-a-Service solution. There has been concern from our investors regarding the potential impact of NCR in the current banking prices. We had a strong first quarter in self-service banking and do not expect a slowdown given the current macro environment. Interest in our offering is accelerating from both community banks and large FIs globally. In the first quarter, we signed 6 ATM-as-a-Service deals, including First Citizens Bank with over $100 billion in total assets and over 500 ATMs and full end-to-end management ATM solution. And we partnered with Members ATM Alliance, where NCR is now the exclusive provider of ATM-as-a-Service solutions for the Alliance's credit union members.

在自助銀行業務方面，我們繼續推動 ATM 即服務解決方案的發展。我們的投資者一直擔心 NCR 對當前銀行業價格的潛在影響。我們在第一季度的自助銀行業務表現強勁，鑑於當前的宏觀環境，預計不會放緩。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。第一季度，我們簽署了 6 項 ATM 即服務交易，其中包括總資產超過 1000 億美元的 First Citizens Bank 和超過 500 台 ATM 以及完整的端到端管理 ATM 解決方案。我們還與 Members ATM Alliance 合作，NCR 現在是該聯盟信用合作社成員的 ATM 即服務解決方案的獨家供應商。

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 just summarized, in the first quarter, we drove substantial growth in recurring revenue, expanded our profit margins, particularly at gross margin and generated over $200 million of free cash flow.

謝謝邁克，也感謝大家今天加入我們。正如邁克剛剛總結的那樣，在第一季度，我們推動了經常性收入的大幅增長，擴大了我們的利潤率，尤其是毛利率，並產生了超過 2 億美元的自由現金流。

A year ago, we were faced with a series of unanticipated geopolitical and macroeconomic challenges that had a significant impact on our business in the first quarter and it compounded across the remainder of the year. At that time, we outlined our efforts to control the things that we could: productivity, price, cost efficiency, and customer support level. Those efforts enabled the recovery of our reported financial metrics and insulated our customers from our supply chain disruption and our labor challenges. And those early 2022 actions have now been augmented with further cost productivity actions in both Q4 and in this Q1 to generate incremental savings to offset any dis-synergies arising from the planned separation into 2 separate public companies.

一年前，我們面臨著一系列意想不到的地緣政治和宏觀經濟挑戰，這些挑戰在第一季度對我們的業務產生了重大影響，並且在今年剩餘時間裡更加複雜。當時，我們概述了我們努力控制我們可以控制的事情：生產力、價格、成本效率和客戶支持水平。這些努力使我們報告的財務指標得以恢復，並使我們的客戶免受供應鏈中斷和勞動力挑戰的影響。這些 2022 年初的行動現在已經在第四季度和第一季度通過進一步的成本生產率行動得到加強，以產生增量節省，以抵消因計劃拆分為 2 個獨立的上市公司而產生的任何協同效應。

This quarter's results are demonstrative of an exceptional effort of our teams to simultaneously drive financial results, accelerate our strategic plan and ready the company for a pending separation transaction.

本季度的業績證明了我們的團隊為同時推動財務業績、加快我們的戰略計劃並為公司準備好待定的分離交易所做的非凡努力。

I'll start on Slide 7 with a top-level overview of our first quarter, which for every guided metric, we painted the high end of the ranges we provided back in February. Starting in the top left, revenue was $1.9 billion, up 1% year-over-year as reported and up 4% on a constant currency basis. Recurring revenue was up 4% year-over-year and up 7% adjusted for FX.

我將從幻燈片 7 開始，對我們的第一季度進行頂級概述，對於每個指導指標，我們繪製了我們在 2 月份提供的範圍的高端。從左上角開始，收入為 19 億美元，同比報告增長 1%，按固定匯率計算增長 4%。經常性收入同比增長 4%，經匯率調整後增長 7%。

We continue to have success transitioning from onetime perpetual sales into multiyear subscription-based revenue stream. The nature of these contracts shifted $60 million of high profit revenue from what would have been previously recognized upfront to recurring revenue that will convert over the next several years. This intentional deferral of upfront revenue to recurring revenue lowered total revenue growth by 3 full points. The strong U.S. dollar compared to the year ago period had an unfavorable impact of $45 million primarily within our retail and self-service banking segment. Adjusted then for FX and the shift to recurring revenue, total revenue growth would have been about 7%.

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 6000 萬美元的高利潤收入從以前預先確認的收入轉移到將在未來幾年內轉化的經常性收入。這種有意將前期收入推遲到經常性收入的做法使總收入增長降低了 3 個百分點。與去年同期相比，強勢美元主要在我們的零售和自助銀行業務部門產生了 4500 萬美元的不利影響。然後針對外彙和向經常性收入的轉變進行調整後，總收入增長將約為 7%。

In the top right, adjusted EBITDA increased $31 million year-over-year to $302 million, up 11% year-over-year as reported and up 19% on a constant currency basis. Foreign currency exchange rates had an unfavorable impact of $18 million. Adjusted EBITDA margin expanded 150 basis points from the first quarter of 2022 to 16%. The increase in margin was driven by lower direct costs such as reductions in fuel, shipping and component costs, as well as the impact of indirect cost mitigation actions and a higher-margin revenue mix. The benefit of lower direct costs similarly added to a 190 basis points increase in adjusted gross margin rate.

在右上角，調整後的 EBITDA 同比增長 3100 萬美元至 3.02 億美元，報告同比增長 11%，按固定匯率計算增長 19%。外幣匯率產生了 1800 萬美元的不利影響。調整後的 EBITDA 利潤率比 2022 年第一季度擴大了 150 個基點，達到 16%。利潤率的增長是由較低的直接成本推動的，例如燃料、運輸和零部件成本的降低，以及間接成本緩解措施的影響和更高利潤率的收入組合。降低直接成本的好處同樣使調整後的毛利率增加了 190 個基點。

On the bottom left, reported non-GAAP EPS was $0.56, up $0.03 or 6% year-over-year as reported and up 27% on a constant currency basis. The strength of the U.S. dollar reduced EPS by $0.09. The non-GAAP tax rate was 27.4% versus 24.8% in the prior year, that reduced EPS by about another $0.02.

在左下角，報告的非 GAAP 每股收益為 0.56 美元，同比增長 0.03 美元或 6%，按固定匯率計算增長 27%。美元走強使每股收益減少 0.09 美元。非美國通用會計準則稅率為 27.4%，而上一年為 24.8%，每股收益又減少了約 0.02 美元。

And finally, we generated $209 million of free cash flow from both higher profitability and the anticipated improvements in our working capital. Back in October, we described our desire to generate at least $500 million of free cash flow before the separation transaction to reduce our financial leverage. In the first 2 quarters, of those $500 million, we've already generated $400 million of that bogey.

最後，我們從更高的盈利能力和預期的營運資本改善中產生了 2.09 億美元的自由現金流。早在 10 月份，我們就表示希望在分離交易之前產生至少 5 億美元的自由現金流，以降低我們的財務槓桿。在前兩個季度，在這 5 億美元中，我們已經產生了 4 億美元的利潤。

Moving to Slide 8, which shows our retail segment results. Starting in the top left, retail revenue increased 1% year-over-year as reported and increased 4% adjusted for FX, driven by growth in services and point-of-sale hardware. We also shifted roughly $15 million of high profit revenue that would have previously occurred upfront to recurring revenue that will be recognized over the next 4 to 7 years. This intentional deferral of upfront revenue to recurring revenue lowered revenue growth in retail by 3 points. Adjusted for FX and the shift to recurring revenue, retail revenue would have grown at 7%.

轉到幻燈片 8，它顯示了我們的零售部門結果。從左上角開始，在服務和銷售點硬件增長的推動下，報告的零售收入同比增長 1%，經匯率調整後增長 4%。我們還將大約 1500 萬美元的高利潤收入轉移到將在未來 4 到 7 年內確認的經常性收入中。這種有意將預付收入推遲到經常性收入的做法使零售收入增長降低了 3 個百分點。根據匯率和向經常性收入的轉變進行調整後，零售收入將增長 7%。

First quarter adjusted EBITDA increased 45% year-over-year and 70% adjusted for constant currency, resulting from improvements in component, labor and freight costs as well as other cost mitigation and pricing actions taken in the latter part of 2022 and even again in early 2023. The adjusted EBITDA rate was 17.6%, up 530 basis points over the prior year.

第一季度調整後的 EBITDA 同比增長 45%，按固定匯率調整後增長 70%，這是由於組件、勞動力和貨運成本的改善以及 2022 年下半年甚至 2020 年採取的其他成本降低和定價措施2023 年初。調整後的 EBITDA 率為 17.6%，比上年增長 530 個基點。

The bottom of the slide shows retail segment key performance indicators. On the left, platform lane, 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 33,000 lanes or 125% year-over-year. At the time of conversion, platform lanes drives an incremental $400 of ARR for an increase of $12 million versus last year.

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化為基於平台的訂閱模型的戰略的成功。我們的站台車道數量增加了 33,000 條，同比增長 125%。在轉換時，平台車道推動 ARR 增加 400 美元，比去年增加 1200 萬美元。

The platform lane increase was driven by rollouts in major convenience and fuel customers. While platform lanes currently represent less than 5% of our total lanes, we see accelerating momentum for the conversion of our traditional lanes and have a substantial lane conversion backlog. And once on the platform, the opportunity to upsell and cross-sell new features and functionality drives further ARPU expansion.

平台車道的增加是由主要便利和燃料客戶的推出推動的。雖然平台車道目前占我們總車道的比例不到 5%，但我們看到傳統車道轉換的勢頭正在加速，並且有大量車道轉換積壓。一旦進入平台，追加銷售和交叉銷售新特性和功能的機會將進一步推動 ARPU 擴展。

In the center bottom is our self-checkout revenue. Self-checkout revenue was flat year-over-year on a trailing 12-month basis. And ARR was flat year-over-year. Similar to the impact on revenue, currency rates did affect all of our ARR calculations, including this one.

中間底部是我們的自助結賬收入。過去 12 個月，自助結賬收入同比持平。 ARR 同比持平。與對收入的影響類似，匯率確實影響了我們所有的 ARR 計算，包括這一計算。

Hospitality segment results. This chart shows results and illustrates the momentum across this business. Hospitality revenue increased $12 million or 6% year-over-year as reported and 7% adjusting for currency, driven by an increase in services and software revenue, including cloud services and payment processing. Adjusted EBITDA was up 29% year-over-year. Adjusted EBITDA margin rate expanded 440 basis points to 24%. A richer mix of software and services revenue, pricing and cost reductions, all helped push margin rate higher.

酒店部門的結果。此圖表顯示了結果並說明了該業務的發展勢頭。據報告，酒店收入同比增長 1200 萬美元或 6%，經貨幣調整後增長 7%，這是受服務和軟件收入（包括雲服務和支付處理）增長的推動。調整後的 EBITDA 同比增長 29%。調整後的 EBITDA 利潤率擴大 440 個基點至 24%。軟件和服務收入、定價和成本降低的更豐富組合，都有助於推高利潤率。

Hospitality's key strategic metrics on the bottom of this slide includes platform sites, payment sites and ARR. Platform sites increased 16%, payment sites increased 50%, and ARR was up 12% year-over-year on higher ARPU at both platform and new payment sites.

本幻燈片底部的酒店業關鍵戰略指標包括平台網站、支付網站和 ARR。平台網站增長 16%，支付網站增長 50%，ARR 同比增長 12%，原因是平台和新支付網站的 ARPU 均有所提高。

The average conversion to platform sites currently drives an incremental $7,000 a year in ARR, while the average conversion to payment site currently drives an incremental $4,000. Combined, the additional platform sites and payment sites contributed an incremental $35 million in ARR year-over-year.

目前，平台網站的平均轉化率每年推動 ARR 增加 7,000 美元，而支付網站的平均轉化率目前推動 4,000 美元的增量。合併後，額外的平台網站和支付網站貢獻了 3500 萬美元的 ARR，同比增長。

We continue to see strategic momentum in this business as enterprise clients transition to the platform and expand their functionality and SMB clients attach payments.

隨著企業客戶過渡到該平台並擴展其功能以及 SMB 客戶附加付款，我們繼續看到該業務的戰略勢頭。

Turning to Slide 10, which shows our digital banking segment. Digital banking revenue was flat year-over-year. The 2/3 of our revenue that is driven by user count increased in this quarter on higher used accounts and led to higher recurring revenue. This increase was offset, however, by lower nonrecurring revenue that can be lumpy. Adjusted EBITDA was down 13% year-over-year due to lower nonrecurring software revenue and enhanced investment in sales, marketing and R&D to grow this business faster. Adjusted EBITDA margin rate was 36%.

轉到幻燈片 10，它顯示了我們的數字銀行部門。數字銀行收入同比持平。我們收入的 2/3 是由用戶數量驅動的，本季度由於使用率較高的帳戶而增加，並導致經常性收入增加。然而，這一增長被可能不穩定的非經常性收入減少所抵消。調整後的 EBITDA 同比下降 13%，原因是非經常性軟件收入減少以及銷售、營銷和研發投資增加以加快該業務的增長。調整後的 EBITDA 利潤率為 36%。

Digital banking's key strategic metrics on the bottom of this slide include registered users, active users and annual recurring revenue. Registered users increased 8%, active users increased 6% year-over-year, and digital banking's core business growth is evident in our year-over-year increase of 7% in ARR.

本幻燈片底部的數字銀行關鍵戰略指標包括註冊用戶、活躍用戶和年度經常性收入。註冊用戶增長 8%，活躍用戶同比增長 6%，我們的 ARR 同比增長 7% 體現了數字銀行核心業務的增長。

On Slide 11, we do some easy math to help you evaluate the combined segment of retail, hospitality and digital banking. These segments will form NCR RemainCo after the separation transaction. This roll-up is for directional indications only. The eventual financials for this company will be impacted by currently unallocated corporate costs by revenue and profit adjustments that reflect the planned perimeter of the transaction and by synergies or dis-synergies that result from the spin. The combined adjusted EBITDA was up 29% year-over-year adjusted for FX, with an adjusted EBITDA margin rate of 22%.

在幻燈片 11 上，我們做了一些簡單的數學運算，以幫助您評估零售、酒店和數字銀行的組合部分。這些分部在分離交易後將組成 NCR RemainCo。此匯總僅用於方向指示。該公司的最終財務狀況將受到當前未分配的公司成本、反映交易計劃範圍的收入和利潤調整以及分拆產生的協同效應或協同效應的影響。綜合調整後的 EBITDA 經外匯調整後同比增長 29%，調整後的 EBITDA 利潤率為 22%。

Let's move to Slide 12. This is our payments and network segment. Starting in the top left. Payment and network revenue increased $24 million or 8% year-over-year and 11% adjusted for FX, driven by higher transaction volumes and an increase in payment processing. Adjusted EBITDA declined $15 million or 15% year-over-year and 14% adjusted for FX. More than all of this decline was caused by 10 interest rate hikes aggregating 5 full points over the last 3 quarters, raising our APM cash rental costs this quarter by approximately $40 million on a gross basis and $22 million on a net basis after our mitigation efforts. Adjusted EBITDA margin rate was 26%, down compared to the previous year on the same cash rental costs.

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。支付和網絡收入同比增長 2400 萬美元或 8%，經外匯調整後增長 11%，這主要得益於交易量的增加和支付處理量的增加。調整後的 EBITDA 同比下降 1500 萬美元或 15%，經匯率調整後下降 14%。造成這一下降的主要原因是過去 3 個季度的 10 次加息共計 5 個百分點，在我們採取緩解措施後，本季度的 APM 現金租金成本總額增加了約 4000 萬美元，淨額增加了 2200 萬美元.調整後的 EBITDA 利潤率為 26%，低於上一年相同的現金租金成本。

Our cash rental costs are calculated using short-term interest rates, which have been and will continue to affect our results. That said, the hedging program, algorithm and operational optimization, and pricing adjustments or protection mitigates some of the impact of interest rates. As a result, interest rate net impact during the quarter was $22 million, and we project an additional impact of $20 million across the rest of the year.

我們的現金租金成本是使用短期利率計算的，短期利率已經並將繼續影響我們的業績。也就是說，對沖程序、算法和操作優化以及定價調整或保護減輕了利率的一些影響。因此，本季度的利率淨影響為 2200 萬美元，我們預計今年剩餘時間將產生 2000 萬美元的額外影響。

The bottom of this slide shows payments and network key strategic metrics. On the bottom left, endpoints increased 2% year-over-year. In the center bottom, our transaction, a KPI that illustrates payment process across all of our Allpoint network and across our merchant acquiring network. Transactions were up 2% year-over-year on a trailing 12-month basis, fueled by ATM withdrawal growth of 6%. The rise in both the frequency withdrawals and the amount withdrawn per transaction led to a 13% year-over-year increase in the total amount of cash dispensed globally. Annual recurring revenue in this business increased 8% year-over-year.

這張幻燈片的底部顯示了支付和網絡關鍵戰略指標。在左下角，端點同比增長 2%。在中心底部，我們的交易是一個 KPI，它說明了我們所有 Allpoint 網絡和我們的商家收單網絡的支付流程。在過去 12 個月的基礎上，交易量同比增長 2%，這得益於 ATM 取款增長 6%。取款頻率和每筆交易取款金額的增加導致全球現金分配總額同比增長 13%。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 revenue was flat as reported and up 4% on a constant currency basis, primarily due to growth in recurring revenue, which was up 10% on an FX-adjusted basis over the prior year. We continue to have success transitioning our self-service banking business from onetime perpetual sales into a multiyear subscription-based revenue stream.

幻燈片 13 顯示了我們的自助銀行業務部門的業績。自助銀行業務收入與報告持平，按固定匯率計算增長 4%，這主要是由於經常性收入增長，經外匯調整後比上年增長 10%。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。

During the quarter, we shifted roughly $38 million in revenue that would have been upfront previously to recurring revenue. Intentional deferral of upfront revenue from recurring revenue lowered revenue growth by 6 points. Adjusted for FX and the shift to recurring revenue, self-service banking revenue growth would have been 10%.

在本季度，我們將之前預付的大約 3800 萬美元收入轉為經常性收入。有意推遲經常性收入中的預付收入使收入增長降低了 6 個百分點。根據匯率和向經常性收入的轉變進行調整後，自助銀行收入增長將達到 10%。

While a quarter ago, our outlook for this business suggested a full year 2023 decline in revenue, strong results and strong demand in Q1 suggests that this business could now deliver full year revenue similar to that in 2022, even after $150 million or nearly 6 points of growth is shifted to recurring revenue as part of our ATM-as-a-Service offering. Adjusted EBITDA increased 23% year-over-year and was up 33% FX consistent basis. Adjusted EBITDA margin rate was 23%. The remarkable margin expansion from the previous year can be credited to the reduction in direct costs, particularly in expenses related to fuel and components as well as the increase in the higher-margin recurring revenue stream.

一個季度前，我們對該業務的展望顯示 2023 年全年收入下降，第一季度的強勁業績和強勁需求表明該業務現在可以實現與 2022 年相似的全年收入，即使在 1.5 億美元或近 6 個百分點之後作為我們的 ATM 即服務產品的一部分，增長的一部分轉移到了經常性收入上。調整後的 EBITDA 同比增長 23%，與外匯一致的基礎上增長 33%。調整後的 EBITDA 利潤率為 23%。與上一年相比，利潤率的顯著增長可歸功於直接成本的減少，特別是與燃料和零部件相關的費用，以及利潤率較高的經常性收入流的增加。

The bottom of the slide shows our self-service banking segment key metrics. On the left, software and services revenue mix was flat. ATM-as-a-Service units increased 293% year-over-year to 17,000 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 5% year-over-year.

幻燈片的底部顯示了我們的自助銀行業務部門的關鍵指標。在左側，軟件和服務收入組合持平。 ATM 即服務單位同比增長 293% 至 17,000 台。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 5%。

On Slide 14, similar to the view presented on Slide 10 for NCR RemainCo and with similar caveats, this slide showcases the combined segment results for payments and network and self-service banking, which are the segments that will comprise NCR ATMCo after the separation transaction. As I said before, the unallocated revenue and corporate costs are not reflected here. The combined revenue for these segments increased $24 million or 3% year-over-year as reported and 6% adjusted for currency. The combined adjusted EBITDA was up 10% year-over-year adjusted for FX, with an adjusted EBITDA margin rate of 23%.

在幻燈片 14 上，類似於幻燈片 10 上 NCR RemainCo 的視圖和類似的警告，這張幻燈片展示了支付和網絡和自助銀行業務的合併部門結果，這些部門將在分離交易後組成 NCR ATMCo .正如我之前所說，未分配收入和公司成本未在此處反映出來。據報告，這些部門的總收入同比增長 2400 萬美元或 3%，並根據貨幣調整後增長 6%。綜合調整後的 EBITDA 經外匯調整後同比增長 10%，調整後的 EBITDA 利潤率為 23%。

Turning to Slide 15, which describes free cash flow, net debt and adjusted EBITDA metrics to facilitate leverage calculations. As we said before, we generated $209 million of free cash flow in the quarter, driven by higher profitability and an improvement in working capital with the cash conversion cycle improving by 2 days. Our goal to generate $500 million in free cash flow before the separation transaction to reduce financial leverage has been well communicated. We have now generated $400 million of free cash flow over the last 2 quarters and are positioned well to meet our targeted leverage.

轉到幻燈片 15，它描述了自由現金流、淨債務和調整後的 EBITDA 指標，以促進槓桿計算。正如我們之前所說，我們在本季度產生了 2.09 億美元的自由現金流，這得益於更高的盈利能力和營運資本的改善，現金轉換週期縮短了 2 天。我們的目標是在分離交易之前產生 5 億美元的自由現金流以降低財務槓桿，這一目標已得到充分傳達。在過去的兩個季度中，我們現在已經產生了 4 億美元的自由現金流，並且能夠很好地滿足我們的目標槓桿率。

The slide also displays our net debt to adjusted EBITDA metric, which has improved to a leverage ratio of 3.6x, down from 4.1 in Q1 of 2022, driven by higher profitability and cash generation. We remain well within our debt covenants and have significant liquidity with over $875 million available under our revolving credit facility. We possess a robust balance sheet, ample liquidity and strong financial stability to support our growth and the spin transaction.

該幻燈片還顯示了我們的淨債務與調整後 EBITDA 指標的比值，在更高的盈利能力和現金生成的推動下，該指標的槓桿率已從 2022 年第一季度的 4.1 提高到 3.6 倍。我們仍然遵守我們的債務契約，並擁有大量流動資金，我們的循環信貸額度下有超過 8.75 億美元的可用資金。我們擁有穩健的資產負債表、充足的流動性和強大的財務穩定性來支持我們的增長和分拆交易。

On Slide 16, we present our second quarter outlook and reaffirm our full year 2023 guidance. For Q2 2023, we expect revenue of $1.9 billion to $2.0 billion, adjusted EBITDA of $340 million to $360 million, and non-GAAP EPS of $0.70 to $0.76. We anticipate generating free cash flow of approximately $50 million. For the quarter, we have assumed a tax rate of 27% to 29%, a share count range of 153 million to 154 million shares, and interest expense of $88 million. For the remaining 2 quarters of 2023, we expect relatively linear sequential quarterly improvements across most financial metrics.

在幻燈片 16 中，我們展示了第二季度展望並重申了我們的 2023 年全年指引。對於 2023 年第二季度，我們預計收入為 19 億美元至 20 億美元，調整後的 EBITDA 為 3.4 億美元至 3.6 億美元，非 GAAP 每股收益為 0.70 至 0.76 美元。我們預計產生約 5000 萬美元的自由現金流。對於本季度，我們假設稅率為 27% 至 29%，股票數量範圍為 1.53 億至 1.54 億股，利息支出為 8800 萬美元。對於 2023 年剩下的兩個季度，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。

With that, back to you, Mike.

有了這個，回到你，邁克。

Thanks, Tim. And I'm going to continue on Slide 17 with the NCR separation roadmap. Our go-to-market teams are organized by industry under our general manager unit. These teams are ready and have been ready for the spin. Additionally, there are areas of shared service functions, such as legal, tax, HR, treasury, IT and others that are well underway in the process of preparing for the separation.

謝謝，蒂姆。我將繼續在幻燈片 17 上介紹 NCR 分離路線圖。我們的上市團隊按行業組織在我們的總經理單位之下。這些團隊已經準備好並且已經為旋轉做好了準備。此外，還有一些共享服務職能領域，如法律、稅務、人力資源、財務、IT 等，這些領域正在為分離做準備。

We are planning on submitting our Form 10 registration statement very shortly and then the timing of the separation will be largely dependent on the SEC process and the state of the capital markets. We have already submitted a letter with the internal revenue service regarding the tax-free nature of the separation. We intend to delever through the generation of free cash flow between now and the separation, which is expected to occur in the fourth quarter of 2023. At this time, we're expecting the timing to be early in the fourth quarter. This, of course, is dependent on clearing the SEC process and a favorable capital markets environment.

我們計劃很快提交我們的 Form 10 註冊聲明，然後分離的時間將在很大程度上取決於美國證券交易委員會的程序和資本市場的狀況。我們已經就分居的免稅性質向國稅局提交了一封信。我們打算通過從現在到預計在 2023 年第四季度發生的分離之間產生自由現金流來去槓桿化。目前，我們預計時間會在第四季度初。當然，這取決於 SEC 程序的清算和有利的資本市場環境。

In closing, on Slide 18, looking forward, our key priorities are clear. First, we are on track to separate NCR into 2 public companies in the fourth quarter. Upon separation, we believe each company will benefit from increased operating and financial flexibility in pursuit of respective and distinct opportunity set. We believe that spinning of NCR's ATMCo in a tax-free distribution is the best path to unlock shareholder value. But if other alternative options become available in the future that could deliver superior value, such as a whole or partial company sale of NCR, the Board continues to remain open to considering these alternative scenarios.

最後，在幻燈片 18 上，展望未來，我們的主要優先事項很明確。首先，我們有望在第四季度將 NCR 拆分為 2 家上市公司。分離後，我們相信每家公司都將受益於增加的運營和財務靈活性，以追求各自獨特的機會集。我們認為，在免稅分配中剝離 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其他替代方案，例如整個或部分公司出售 NCR，董事會將繼續對考慮這些替代方案持開放態度。

Second, we expect the cybersecurity recovery to be mostly behind us in the near future. While our recovery process is ongoing, we quickly established a recovery path, which included building out a new cloud environment. At this time, our most critical applications have been brought fully back online, safely and securely and the majority of customer functionality has been restored. Over the next 6 months, we will redouble our efforts to protect our system from cyber attacks.

其次，我們預計網絡安全復甦將在不久的將來基本結束。在我們的恢復過程中，我們快速建立了恢復路徑，其中包括構建新的雲環境。此時，我們最關鍵的應用程序已安全可靠地完全恢復在線，大部分客戶功能也已恢復。在接下來的 6 個月裡，我們將加倍努力保護我們的系統免受網絡攻擊。

Third, our teams are focused on our customers and executing our plan for 2023. As our success in the first quarter shows, we are off to a good start in 2023 and expect to drive sequential quarterly operating and financial improvement throughout the remainder of the year.

第三，我們的團隊專注於我們的客戶並執行我們的 2023 年計劃。正如我們在第一季度的成功所表明的那樣，我們在 2023 年有了一個良好的開端，並期望在今年剩餘時間內推動連續的季度運營和財務改善.

And finally, I want to congratulate our CEO Designate post separation, Tim Oliver and David Wilkinson. Tim and David have contributed greatly to NCR and are highly qualified to lead the 2 companies. On separation, Tim will assume the CEO leadership role of NCR ATMCo SpinCo, while David will assume the CEO role of NCR RemainCo. Until the separation, Tim will continue in his role as CFO of NCR, and David will continue as well as President of NCR Commerce. I look forward to working with both of them to execute a smooth and effective transition as the companies take their final form.

最後，我要祝賀我們的候任首席執行官離職後，蒂姆奧利弗和大衛威爾金森。 Tim 和 David 為 NCR 做出了巨大貢獻，非常有資格領導這兩家公司。離職後，Tim 將擔任 NCR ATMCo SpinCo 的 CEO 領導職務，而 David 將擔任 NCR RemainCo 的 CEO 職務。在離職之前，Tim 將繼續擔任 NCR 的首席財務官，而 David 將繼續擔任 NCR Commerce 的總裁。我期待著與他們一起工作，在公司最終形成時執行平穩有效的過渡。

On a personal note, I couldn't be more excited for both Tim and David, taking our companies forward and creating 2 great NCRs. I also want to congratulate Joe Reece, who was elected the Chair of NCR Board earlier this week. And then last, a special thanks to Frank Martire, who retired on Tuesday as Executive Chair after 5 years in that role at NCR.

就個人而言，我對 Tim 和 David 感到非常興奮，他們帶領我們的公司向前發展並創造了 2 個偉大的 NCR。我還要祝賀本週早些時候當選為 NCR 董事會主席的 Joe Reece。最後，特別感謝 Frank Martire，他在 NCR 擔任執行主席 5 年後於週二退休。

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

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，請打開問題線路。

(Operator Instructions) And our first question comes from Paul Chung with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Paul Chung。

Nice execution here. So just on digital banking, are you seeing pressure on your active user base kind of given some of the tough macro backdrop, I guess, across regional banks? And then are you seeing any emerging trends developing? And then can you also expand on the kind of the new deals that were signed, were they competitive wins, renewals and any nice momentum you're seeing there?

這裡執行得很好。因此，僅在數字銀行方面，我想，鑑於一些艱難的宏觀背景，跨地區銀行，您是否看到您的活躍用戶群面臨壓力？然後你看到任何新興趨勢的發展嗎？然後你能不能擴展一下已經簽署的新交易的種類，它們是否有競爭力的勝利、續約以及你在那裡看到的任何良好勢頭？

Yes. Thanks, Paul. On the first question around some of the impacts taking place in regional bank, I think we did this a couple of months ago when some of these things first hit. We literally looked across all of our businesses, including digital banking, self-service banking and based on the banks that were at risk are being impacted, it's really not a material number to us. On the digital banking side, at least what we've seen so far, it's not an impact at all. So there's a little bit here and there, but it's not -- doesn't even add up to anything meaningful.

是的。謝謝，保羅。關於區域銀行受到的一些影響的第一個問題，我認為我們在幾個月前就這樣做了，當時其中一些事情第一次發生。我們從字面上查看了我們所有的業務，包括數字銀行業務、自助銀行業務以及基於受到影響的風險銀行，這對我們來說真的不是一個實質性的數字。在數字銀行方面，至少到目前為止我們所看到的，它根本沒有影響。所以這里和那裡有一點點，但它不是 - 甚至沒有加起來任何有意義的東西。

We'll watch it like we have in prior years, but we always look at a situation like this, even what's going on. Those accounts are still out there for small businesses, consumers and they're going to end up somewhere. We have such a strong market share that we would expect even with some shifts that we'll end up in a good place. So at this stage, we're not concerned about that at all.

我們會像往年一樣關注它，但我們總是關注這樣的情況，甚至是正在發生的事情。這些賬戶仍然存在於小企業和消費者手中，它們最終會在某個地方結束。我們擁有如此強大的市場份額，我們預計即使有一些轉變，我們最終也會處於一個好的位置。所以在這個階段，我們根本不關心這個。

On your second question, competitive nature, yes, everything we do right now is competitive. The nice one for us is SECU. It's not that the rest weren't nice, but that is a very large one, very competitive, second largest credit union in the country, over 2.5 million accounts. So very meaningful. We're excited to help them on their digital journey, and really change how they engage with their clients. And I think everybody showed up to compete there. We're very excited that we won on that particular deal.

關於你的第二個問題，競爭性，是的，我們現在所做的一切都是競爭性的。對我們來說最好的是 SECU。並不是說其他人不好，而是說這是一個非常大、非常有競爭力的全國第二大信用合作社，擁有超過 250 萬個賬戶。所以很有意義。我們很高興能幫助他們踏上數字化之旅，並真正改變他們與客戶互動的方式。而且我認為每個人都出現在那裡競爭。我們很高興我們贏得了那筆特別的交易。

Okay. Great. And then on the ATM side, are you still seeing regional kind of remain engaged and then given some pressures going on with your nearest competitor, can you expand on kind of the competitive environment there? And then separately, what is spurring some of these larger ATM-as-a-Service deals from some of these customers as well?

好的。偉大的。然後在 ATM 方面，您是否仍然看到區域性的保持參與，然後考慮到與您最近的競爭對手的一些壓力，您能否擴大那裡的競爭環境？然後分別地，是什麼促使這些客戶中的一些更大的 ATM 即服務交易？

Yes. I mean I think in the first part, competitively and maybe what's happened with some of our competitors in the self-service banking, we chose a number of years ago to invest for growth, to build out our products, build out our services to be the best in the industry, build out our software to be the best and have industry-leading hardware. And it's showing up. As Tim said, it's a little stronger than we anticipated so far this year. We expect it to be strong for the full year. And we're continuing to win in the marketplace on the ATMs. .

是的。我的意思是，我認為在第一部分，競爭以及我們在自助銀行業務中的一些競爭對手所發生的事情，我們在多年前選擇投資增長，打造我們的產品，打造我們的服務業內最好的，將我們的軟件打造成為最好的，並擁有行業領先的硬件。它正在出現。正如蒂姆所說，它比我們今年迄今為止的預期要強一些。我們預計它全年都會表現強勁。我們將繼續在 ATM 機市場上取勝。 .

The ATM-as-a-Service strategy that we embarked on almost 2 years ago, where we said we do believe that this is a leverage business where if you can do it at a better price point and you can do it at scale, not only across the country but across the globe, that there's an opportunity here to drive a really strong business and take a business that maybe is a little bit lower growth and turn into a pretty high-growth business.

我們大約 2 年前開始實施的 ATM 即服務戰略，我們說過我們確實相信這是一個槓桿業務，如果你能以更好的價格點做到這一點並且你可以大規模地做到這一點，而不是不僅在全國范圍內，而且在全球範圍內，這裡都有機會推動真正強大的業務，並將增長速度可能稍慢的業務轉變為相當高增長的業務。

And we really are seeing that, the desire to outsource and have somebody else who can deliver at a better quality and better service level, which we believe we can, again, because of scale, because of the Allpoint network, because of our capabilities, coupled with Cardtronics. It seems to be playing on the market. I think the team is very excited. Every year, they clear up -- every quarter, they clear up a bunch of their sales pipeline and turn it into deals and then they build more backlog in the marketplace with demand. So we're excited about another good quarter. And quite frankly, I think we're looking forward to the whole year here with ATM-as-a-Service continuing to expand.

我們確實看到了外包的願望，並希望有其他人可以提供更好的質量和更好的服務水平，我們相信我們可以，再次，因為規模，因為 Allpoint 網絡，因為我們的能力，加上Cardtronics。好像是在市面上玩。我認為團隊非常興奮。每年，他們都會清理——每個季度，他們都會清理一堆銷售渠道並將其轉化為交易，然後他們會根據需求在市場上建立更多的積壓訂單。所以我們對另一個好的季度感到興奮。坦率地說，我認為我們期待著整年的 ATM 即服務繼續擴展。

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。

Tim, David, congrats on the appointment. So I wanted to ask about the capital structure. You talked about refinancing a couple of your notes recently, and I know the credit markets are a huge variable, but could you speak to your intentions with regard to the capital structure going forward?

蒂姆，大衛，祝賀你的任命。所以我想問一下資本結構。你最近談到為你的幾張票據再融資，我知道信貸市場是一個巨大的變數，但你能談談你對未來資本結構的打算嗎？

Sure. As we -- we've talked a lot about delevering, getting ready for the spin. We've not deployed that cash yet. We've used to pay the revolver down thus far because the revolver rate is not that different from our long-term rate. That said, there are -- as you know, there are 2 bonds we will have to take out. If those trade at a point we think that's a -- it's a good trade for us to go take them out in advance of the transaction and we feel sanguine about the transaction, we're likely to go out and buy some of those bonds in the open market.

當然。正如我們 - 我們已經談了很多關於去槓桿化，為旋轉做好準備。我們還沒有部署那筆現金。到目前為止，我們習慣於支付左輪手槍，因為左輪手槍利率與我們的長期利率沒有太大區別。也就是說，如您所知，我們必須取出 2 個債券。如果這些交易在我們認為的某個點進行——這對我們來說是一個很好的交易，我們可以在交易之前將它們取出，並且我們對交易感到樂觀，我們很可能會出去購買其中的一些債券公開市場。

I'd love to go after some of the converts. As you'll recall, we have $275 million of converts out there still. They're expensive. We've just not yet seen anybody show us and ask to make economic sense. So all of the cash you're generating now is to delever to get us ready for the spin.

我很想追隨一些皈依者。您會記得，我們仍有 2.75 億美元的皈依者。它們很貴。我們還沒有看到任何人向我們展示並要求具有經濟意義。因此，您現在產生的所有現金都用於去槓桿化，讓我們為旋轉做好準備。

Got it. And just as a follow-up, if I was to think about the range of cash flow guidance, in your mind, what are the biggest variables that would take you either from the high end of the range to the low end of the range? I know there's a lot of moving parts in the business, but just curious how you think about the variables with respect to cash flows.

知道了。作為後續行動，如果我要考慮現金流指導的範圍，在您看來，將您從範圍的高端帶到範圍的低端的最大變量是什麼？我知道業務中有很多變動的部分，但只是好奇您如何看待與現金流相關的變量。

Working capital was the biggest one coming into this quarter, but we did a hell of a job. We generated $150 million in working capital in a singular quarter and it allowed us to outpace the $500 million high end of this range. So having done fully half of the low end of the range in the first quarter of the year, I feel very good about the high end of this range. .

營運資金是本季度最大的資金，但我們做得非常出色。我們在一個季度內產生了 1.5 億美元的營運資金，這使我們能夠超過該範圍的 5 億美元上限。因此，在今年第一季度完成了該範圍低端的整整一半後，我對該範圍的高端感到非常滿意。 .

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

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

A couple of questions. Tim, you mentioned some numbers around ATM transactions, withdrawals, et cetera. If you could maybe go over those again, I couldn't write them down fast enough. And maybe talk about what you feel is driving that? Because I would imagine that comes to many as being a bit counterintuitive to see that kind of growth in that kind of resurgence.

幾個問題。蒂姆，你提到了一些關於 ATM 交易、取款等的數字。如果你能再复習一遍，我就不能足夠快地把它們寫下來。也許談談你的感受是什麼在推動它？因為我認為對於許多人來說，看到這種複蘇中的那種增長有點違反直覺。

We've been a big believer in cash all along. Others have tried to talk us out of it. We felt good about the volume of transactions for some time. In this quarter, ATM withdrawals and cash expense were at a 6-year high. ATM withdrawals were up 6% year-over-year. And importantly, the amount of cash withdrawn per transaction was up another 13% year-over-year. So think about almost a 20% increase in the amount of cash we spent in the quarter.

我們一直堅信現金。其他人試圖說服我們放棄它。一段時間以來，我們對交易量感覺良好。本季度，ATM 取款和現金支出均創 6 年來新高。 ATM 取款同比增長 6%。重要的是，每筆交易提取的現金金額同比又增長了 13%。因此，考慮一下我們在本季度花費的現金量增加了近 20%。

So we feel very good about both our fleet and the efficiency of that fleet and the behavior, the consumer behavior we're seeing. And certainly...

因此，我們對我們的車隊和車隊的效率以及我們所看到的行為和消費者行為感覺非常好。當然...

Then, as a follow-up...

然後，作為後續...

As things get -- I'm sorry, as things get tighter from an economic perspective and if we go into a recession, things like cash and debit cards are inferior goods, and you'll see much more use of those rather than credit cards.

隨著事情的發展——我很抱歉，從經濟的角度來看，事情變得更加緊張，如果我們陷入衰退，現金和借記卡之類的東西就是劣質商品，你會看到更多人使用這些東西而不是信用卡.

Yes. I completely concur with everything you said there. Maybe spend if you guys could, a few minutes on the self-service banking business. Can you kind of do a regional walk-through between the 4 parts of the world, what you're seeing on the ground from a demand standpoint, maybe where you're seeing greater uptake from an as a service standpoint? And then maybe just comment on self-checkout flat. I think it was an LTM metric that you guys shared. What's your view on that business for the full year?

是的。我完全同意你在那裡所說的一切。如果你們可以的話，也許花幾分鐘時間在自助銀行業務上。您能否在世界 4 個地區之間進行區域演練，從需求的角度來看，您在當地看到了什麼，也許從服務的角度來看，您在哪些地方看到了更大的吸收？然後也許只是評論自助結賬公寓。我認為這是你們共享的 LTM 指標。您對全年的業務有何看法？

Let me -- this is Mike. I'll start with self-service, and I want -- Tim can jump in with any color. I think, again, just overall, as Tim pointed out, the first quarter started out a little stronger than we had anticipated. And as we look at the outlook for the year, it feels a little firmer, a little stronger than maybe he had even anticipated what he shared with you last quarter. And that's self-service banking in total and also our shift to ATM as a Service. Our shift to ATM as a Service, as I point out mine numbers, that cost us 3 points of growth across the board on the shift to subscription. So not only ATM as a Service, but the others shift to subscription. So we would have been at 7% adjusted growth instead of 4%.

讓我——這是邁克。我將從自助服務開始，我希望 Tim 可以加入任何顏色。我再次認為，正如蒂姆指出的那樣，總體而言，第一季度的開局比我們預期的要強一些。當我們審視今年的前景時，感覺比他上個季度與您分享的內容所預期的要更加堅定、更加強大。這就是自助銀行業務，也是我們向 ATM 即服務的轉變。我們向 ATM 即服務的轉變，正如我指出的我的數字，這使我們在向訂閱的轉變中全面增長了 3 個百分點。因此，不僅 ATM 即服務，其他服務也轉向訂閱。所以我們的調整後增長率應該是 7%，而不是 4%。

Regionally, I don't know that there's a region that's more or less impacted. They're all doing pretty well. We've seen pretty good strength in North America. The ATM-as-a-Service uptake, we had a couple of nice deals in India last year. We did a really nice deal in the U.K. with Santander. We're seeing a lot of movement in the U.S., a lot of deals, a lot of pipeline activity. We had anticipated to be more of muni banks and credit unions, and we're seeing quite a few super community and regional banks that we have conversations with and then again some very large global banks like Santander. So again, I think that business is doing better than we anticipated, but everything we expected in terms of that shift to ATM as a Service.

在區域方面，我不知道有一個區域或多或少受到了影響。他們都做得很好。我們在北美看到了相當不錯的實力。 ATM 即服務的採用，去年我們在印度有幾筆不錯的交易。我們在英國與桑坦德銀行達成了一筆非常好的交易。我們在美國看到很多動作，很多交易，很多管道活動。我們曾預計會有更多的市政銀行和信用合作社，我們看到了很多我們與之交談的超級社區和地區銀行，然後又是一些非常大的全球銀行，如桑坦德銀行。因此，我再次認為，業務做得比我們預期的要好，但在向 ATM 即服務的轉變方面，我們所期望的一切。

Yes, I think the -- this is Owen. The other comment I'd make is all of the regions to Mike's point, are really performing well. We're seeing a pretty significant uptake in the North American market, which for us is our strongest margin market. And so we're seeing really good momentum there. Our pipeline stepped up as fast as -- faster than we anticipated. And as we have closed a number of deals we announced several of them, including things like First Citizens Bank, which was an $80 million plus deal, we are keeping the pipeline -- sales pipeline as big as it's been throughout all of last year.

是的，我認為 - 這是歐文。我要發表的另一個評論是邁克認為所有地區都表現良好。我們在北美市場看到了相當大的增長，對我們來說這是我們最強大的保證金市場。因此，我們在那裡看到了非常好的勢頭。我們的管道加快了速度——比我們預期的要快。由於我們已經完成了一些交易，我們宣布了其中的幾筆交易，包括 First Citizens Bank 之類的交易，這是一筆超過 8000 萬美元的交易，我們正在保持渠道——銷售渠道與去年全年一樣大。

So we're converting the pipeline. We're getting really good backlog but we're also -- we benefited. A year ago, we had a tough quarter, everybody did supply chain cost escalated, but our teams did a great job in value engineering expensive parts out. We have renegotiated a lot within our supply chain. And as you all recall, we did not miss a customer commitment throughout all of last year. The supply chain that we're operating with has held up. We are seeing costs come back down into the ranges pre first quarter of last year. So we have a very healthy supply chain partnership. We're getting margins. You'll see that in the gross margins. And as we continue to convert to the as-a-service model, despite the headwinds that they create on revenue, we're really building a very, very strong recurring business with the ATM as a Service. So we're feeling pretty bullish across all the shifts and the ATM as a Service.

所以我們正在轉換管道。我們得到了非常好的積壓，但我們也 - 我們受益了。一年前，我們度過了一個艱難的季度，每個人的供應鏈成本都在上升，但我們的團隊在將昂貴的零件進行價值工程方面做得很好。我們在供應鏈中進行了很多重新談判。大家都記得，我們在去年全年都沒有錯過客戶承諾。我們與之合作的供應鏈一直在運轉。我們看到成本回落到去年第一季度之前的範圍內。所以我們有一個非常健康的供應鏈合作夥伴關係。我們得到利潤。你會在毛利率中看到這一點。隨著我們繼續轉換為即服務模式，儘管它們對收入造成不利影響，但我們確實正在通過 ATM 即服務建立非常非常強大的經常性業務。因此，我們對所有班次和 ATM 即服務都感到非常樂觀。

And so if you run that math out, from what we thought just 90 days ago when we gave you guidance for the full year, we presumed $150 million of impact from shifting hardware to as a service over the course of the year, which would have been about 7 points of growth on that total business. So we talked about 3% decline in revenue for the full year for that business. I actually now think we'll not only exceed the $150 million, which would put more pressure on top line, but we're also going to get back to flat for the full year. So order book is strong, business is doing great, and the outlook is better.

因此，如果你算出這個數字，根據 90 天前我們為你提供全年指導時的想法，我們假設在這一年中將硬件轉變為服務會產生 1.5 億美元的影響，這將有總業務增長了大約 7 個百分點。所以我們談到了該業務全年收入下降 3%。實際上，我現在認為我們不僅會超過 1.5 億美元，這會給收入帶來更大的壓力，而且我們也將在全年恢復平穩。因此訂單強勁，生意興隆，前景更好。

And our next question will come from Ian Zaffino with Oppenheimer.

我們的下一個問題將來自 Ian Zaffino 和 Oppenheimer。

Great job on the cash flow side this quarter. How do we now think about the cash flow cadence because typically, you get it mainly in the back half, now you're seeing it earlier on. Maybe walk us through how you're thinking about the cadence Were there levers that you pulled in this quarter that you may not be able to pull again? Let me just trying to understand it because it's, like I said, fantastic free cash flow in the quarter. I'm just trying to get my arms around it.

本季度現金流方面做得很好。我們現在如何考慮現金流節奏，因為通常情況下，你主要在後半部分得到它，現在你更早地看到它。也許向我們介紹一下您是如何考慮節奏的？您在本季度拉動的槓桿是否可能無法再次拉動？讓我試著理解它，因為就像我說的那樣，本季度的自由現金流非常好。我只是想擁抱它。

Yes. We -- some of the line items and free cash flow are zero-sum, right? You can only reduce working capital so far. We underperformed in working capital last year. And so we had some dry powder coming into the year, and we suggested we were likely to overachieve in the first quarter on a more linear -- against a more linear expectation for some.

是的。我們——一些項目和自由現金流是零和的，對吧？到目前為止，您只能減少營運資金。去年我們在營運資金方面表現不佳。因此，今年我們有一些幹火藥，我們建議我們可能會在第一季度以更線性的方式取得超額成績——與某些人的更線性預期相反。

I think the second quarter is -- I've given guidance of $50 million of free cash flow on some $4 billion of working capital out there in various forms. $50 million isn't a huge percentage. I feel good about that number, and we could be on either side of it a little bit. But think about being halfway to the $500 million goal at the midpoint of the year with considerably more profitability in the latter half of the year than the first half of the year, and similar spending levels, I think we'll be able to do very well in the second half of the year. So I think we'll be halfway home through the first half, and we'll have a good second half as well.

我認為第二季度是——我已經給出了 5000 萬美元自由現金流的指導，其中約 40 億美元的營運資金以各種形式存在。 5000 萬美元並不是一個很大的比例。我對這個數字感覺很好，我們可以站在它的任何一邊。但考慮到在今年年中達到 5 億美元目標的一半，下半年的盈利能力比上半年高得多，而且支出水平相似，我認為我們將能夠做得很好下半年就好了。所以我認為我們將在上半場回家的路上完成一半，下半場我們也會有一個很好的表現。

Okay. Great. Great job there. And then also on the dis-synergies, I know you touched about it a little bit. I mean if you were to kind of think about it or maybe bucket the dis-synergies or maybe quantify kind of what dis-synergies are. I don't know if you could address that right now. Or is that something we have to wait for as you get the Form 10 filed? But any additional color that you could give us even though you did give us some good color in the prepared remarks.

好的。偉大的。那里幹得好。然後還有關於協同效應的問題，我知道你稍微提到了一點。我的意思是，如果你想考慮一下，或者可能會考慮不協同作用，或者可能量化不協同作用是什麼。我不知道你現在是否可以解決這個問題。還是在您提交 Form 10 時我們必須等待？但是你可以給我們任何額外的顏色，即使你在準備好的評論中給了我們一些好的顏色。

Right. I think that the numbers that we had talked about even as early as last December was we were looking at $80 million to $100 million of dis-synergy costs, that cost actions that we set in motion last fall, we believe will offset those. We also have -- we'll benefit from those actions, and you're starting to see that come through in the margin, especially the gross profit margin. So we feel pretty good as we're going through this.

正確的。我認為我們早在去年 12 月就討論過的數字是我們正在考慮 8000 萬到 1 億美元的協同效應成本，我們相信我們去年秋天啟動的成本行動將抵消這些成本。我們也有——我們將從這些行動中受益，你開始看到利潤率，尤其是毛利率。所以我們在經歷這一切時感覺很好。

We've talked a lot about where we are in the separation process. And we are a long way into that process. So we're getting even better color and visibility into those dis-synergies. And I would say that ballpark we gave you is holding up as are the offsetting cost savings.

我們已經談了很多關於我們在分離過程中所處的位置。我們在這個過程中還有很長的路要走。因此，我們對這些協同效應有了更好的了解和可見性。我想說的是，我們為您提供的概況與抵消成本節約一樣有效。

For sure. The parking lot of ideas that can be acted upon, let's say, day 2 of the separation gets longer every day. We're not going to make a tremendous amount of change in it as we go into the spin. But once separate, there are cost actions on both sides of the house that ought to be accretive at that point in time. So I agree with Owen, $80 million to $100 million of what we thought, that seems to be coming true. And we don't anticipate that being additive to the cost structure of the 2 companies going forward. We'll have ways to offset that.

一定。可以採取行動的想法的停車場，比方說，分離的第 2 天每天都在變長。當我們進入旋轉時，我們不會對其進行大量更改。但一旦分開，房子兩邊的成本行為應該會在那個時間點增加。所以我同意歐文的觀點，我們認為的 8000 萬到 1 億美元似乎正在實現。而且我們預計這不會增加兩家公司未來的成本結構。我們將有辦法抵消這一點。

(Operator Instructions) And our next question will come from Matthew Roswell with RBC Capital Markets.

（操作員說明）我們的下一個問題將來自 RBC Capital Markets 的 Matthew Roswell。

It's Matt Roswell here in for Dan Perlin. I guess if we could take -- if we look at the hospitality unit, any thoughts on kind of trends through the quarter into April and then what's been the recent demand for Aloha given that some of your competitors have been aggressive, especially at kind of the lower end of the market.

丹·佩林 (Dan Perlin) 是馬特·羅斯威爾 (Matt Roswell)。我想我們是否可以——如果我們看一下酒店部門，對整個季度到 4 月份的趨勢有什麼想法，然後考慮到你的一些競爭對手一直很激進，特別是在某種程度上，最近對 Aloha 的需求是什麼市場的低端。

Most of the growth in that business actually was in recurring revenue, which suggests that Aloha is competing very well, both at SMB and enterprise level. That business was a little challenged on the hardware side that the post-COVID balance we experienced last year on POS in hospitality really void revenue last year. In the absence of that, we're still growing through it. And more than all of the growth this quarter came from recurring revenue streams.

該業務的大部分增長實際上是經常性收入，這表明 Aloha 在中小企業和企業層面的競爭非常激烈。該業務在硬件方面面臨一些挑戰，因為我們去年在酒店業的 POS 上經歷了 COVID 後的平衡，去年確實沒有收入。在沒有它的情況下，我們仍在通過它成長。本季度的增長絕大部分來自經常性收入流。

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

這確實結束了問答環節。我現在將會議轉回 Mike Hayford 先生，聽取任何補充或結束語。

Just a couple of closing thoughts. First, we're off to a really good start in 2023, and we're excited in particular as we head into a very important year for us. The cash flow success in the first quarter, coupled with the cash flow that we drove in the fourth quarter, so $400 million in 2 quarters against the target we had of $500 million to delever, creates a lot of confidence in our team that we can get to the spin with the balance sheet at the right leverage ratio.

只是幾個結束的想法。首先，我們在 2023 年有了一個非常好的開端，我們特別興奮，因為我們將進入對我們來說非常重要的一年。第一季度的現金流成功，加上我們在第四季度推動的現金流，因此兩個季度達到 4 億美元，而我們的目標是 5 億美元去槓桿化，這讓我們的團隊充滿信心，我們可以以正確的槓桿率調整資產負債表。

Secondly, the activities around the spin that is planned to be completed early in the fourth quarter of this year are on schedule and on track. The teams are performing well. And lastly, as you saw from the announcement today, we've announced the leadership of the spin. Again, I want to add my congratulations to Tim and David. I know Owen will join me in this. We're excited that they're going to take over the reins and take us forward to execute the strategy and take care of us as shareholders. So we're really excited about you guys taking over and again, congratulations.

其次，計劃於今年第四季度初完成的圍繞旋轉的活動正在按計劃進行。球隊表現良好。最後，正如您從今天的公告中看到的那樣，我們已經宣布了旋轉的領導層。我想再次向蒂姆和大衛表示祝賀。我知道歐文會加入我的行列。我們很高興他們將接管並帶領我們執行戰略並照顧我們作為股東。所以我們真的很高興你們一次又一次地接手，恭喜。

So with that, we'll give you an update next quarter. Thank you.

因此，我們將在下個季度為您提供更新。謝謝。

Thanks all.

謝謝大家。

Thanks.

謝謝。

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

嗯，謝謝。這確實結束了今天的電話會議。我們非常感謝您的參與。祝你有美好的一天。